Press release
Loyalty Management Market 2024: Growth Rate, Sales, Production, Consumption, Manufacturers, and Outlook Forecasted to 2033
loyalty management market
The Business Research Company presents an extensive market research report on the Loyalty Management Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The loyalty management market size has grown rapidly in recent years. It will grow from $9.55 billion in 2023 to $11 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to customer retention focus, card-based loyalty programs, competitive differentiation, data-driven insights, e-commerce growth, customer experience enhancement, globalization of markets.
The loyalty management market size is expected to see rapid growth in the next few years. It will grow to $20.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to sustainability and ethical practices, real-time engagement, gamification elements, voice and conversational interfaces, environmental and social responsibility. Major trends in the forecast period include personalization and ai, blockchain for loyalty programs, subscription-based models, digital wallet integration, cross-industry collaboration, voice and conversational interfaces.
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Key Market Players:
Major companies operating in the loyalty management market report are Kobie Marketing Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Fidelity National Information Services Inc., CF International Inc., ICF International Inc., TIBCO Software Inc., Maritz Holdings Inc., MicroStrategy Inc., Comarch SA, AIMIA Inc., Blue Ocean Systems, VeriPark, The Lacek Group Inc., Annex Cloud, Capillary Technologies, Kognitiv Corporation, Antavo Limited, Paystone Inc., Apex Loyalty, Bond Brand Loyalty Inc., Brierley Partners, FiveStars Loyalty Inc., Lumata Group, Sailplay, Epsilon Data Management LLC
Market Drivers:
The rise in the number of cardholders and the use of reward points is driving the growth of the loyalty management market. Businesses utilize customer loyalty cards to encourage clients to return to their stores for repeat business. Customer loyalty cards also provide insight into customer purchasing habits, allowing businesses to evaluate customized incentives. For instance, according to a 2022 Customer Loyalty Data Survey conducted on 1,276 U.S. consumers by Clarus Commerce, 61% of customers reported that after obtaining better incentives, they've switched from a brand they regularly use to a brand that offered better incentives. Also, in India, the banking system reported nearly 1.1 million new credit card additions in September 2021, with a 57% increase in credit card spending over the previous year. Therefore, a rise in the number of cardholders and the use of reward points is driving the growth of the loyalty management market.
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https://www.thebusinessresearchcompany.com/report/loyalty-management-global-market-report
The loyalty management market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Organization Type: Small & Medium-Sized Enterprises, Large Enterprises
4) By End Use: BFSI, IT, Telecommunication, Transportation, Retail, Hospitality, Media And Entertainment, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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