Loyalty Management Market | Key Drivers, Business Insights and Future Trends along with Leading Market Players

According to the report published by Allied Market Research, The Loyalty Management Market | Key Drivers, Business Insights and Future Trends along with Leading Market Players. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Rise in the use of mobile phones, lack of awareness about loyalty programs among consumers, a significant increase in the number of card holders, and growth in appreciation for online reward management solutions. In addition, recurrent alteration of end-user demographics, increase in expenditure on loyalty programs from the organizations, stringent government rules & regulations, and rapid growth in applications of big data and machine learning supplement the market growth.

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The global loyalty management market was valued at USD 1,931 million in 2016, and is projected to reach USD 6,955 million by 2023, growing at a CAGR of 20.8% from 2017 to 2023. The customer loyalty segment is anticipated to grow at the highest rate during the forecast period.

The global loyalty management market is segmented based on type, organization size, industry vertical, and geography. As per type, the market is segmented into customer retention, customer loyalty, and channel loyalty. Based on organization size, the market is bifurcated into large and small & mid-size. Industry verticals analyzed in the report include BFSI, retail, travel & hospitality, manufacturing, IT & telecom, media & entertainment, healthcare, and others (Education, oil & gas, energy & utilities). Based on geography, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

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The sales & marketing business segment contributed the highest share in 2016. This segment accounted for USD 8,995 million in 2016 and is projected to grow at the CAGR of 13.1% during the forecast period. However, the loyalty management market for operations segment is projected to grow at the highest rate of 14.2%. The BFSI segment accounted for the highest revenue share in 2016, while the healthcare segment is anticipated to grow at the highest rate of 14.4%.

The loyalty management market is in its growth phase and is expected to grow at a CAGR of 20.8% during the forecast period. Organizations have focused on improving customer satisfaction and implementing strategies for customer retention to reduce their operational costs. North America was the highest shareholder in terms of revenue, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period.

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North America generated the highest revenue in the global loyalty management market in 2016 due to adequate infrastructural development for the adoption of loyalty management. Asia-Pacific loyalty management market is expected to grow at the highest rate during the forecast period, owing to the remarkable economic growth in Southeast Asia, India, & other economies and growing trend of online shopping.

The key players operating in the global loyalty management industry include Oracle Corporation, IBM Corporation, SAP SE, Aimia Inc., Comarch, Bond Brand Loyalty, Tibco Software, Epsilon, ICF International, Inc., and Kobie Marketing, Inc. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.

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Impact of covid-19 on Loyalty Management Market:

● When Covid-19 has imposed significant threat on a number of industry verticals, companies across the world have also initiated to provide excellent value to their customers as they want to get back to their stance as soon as they can after the crisis ends.

● This new drift has led business ventures to take innovative steps into consideration. The new strategies are not only meant to serve customers' needs the best but are also designed to provide momentum into the future.

● By letting customers know they are important, organizations can retain customer loyalty and trust during the pandemic which, in turn, has provided the global loyalty management market a substantial boost.

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