Loyalty Management Global Market Report 2024 - By Drivers, Growth, Trends, Demand, Forecast To 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Loyalty Management Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
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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Market Segmentation:
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

Major Driver - Surge In Cardholders And Reward Point Utilization Fuels Expansion Of Loyalty Management Market
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.

Competitive Landscape:
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

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Top Trend - Global Loyalty Programs Transforming The Loyalty Management Market
Major companies operating in the loyalty management market are developing innovative solutions such as global loyalty programs to gain a competitive edge in the market. Global loyalty programs refer to structured initiatives designed by businesses or organizations that span international markets and aim to build and maintain customer loyalty. For instance, in April 2022, InterContinental Hotels Group, a UK-based hospitality company, launched IHG One Rewards, supported by an enhanced mobile app. The program introduces a new tier and bonus-point earning structure, aiming to accelerate point accumulation for members and expedite reward redemption. The benefits include free breakfast for Diamond Elite members, exclusive access to reward night discount promotions, and enhanced privileges for Elite members, such as early check-in, late checkout, and room upgrades. Additionally, IHG One Rewards features Milestone Rewards, allowing members to choose rewards every 10 nights, starting from 20 nights stayed. The program is part of IHG's significant investment in enhancing guest experiences and loyalty offerings.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Loyalty Management Market Characteristics
3. Loyalty Management Market Trends And Strategies
4. Loyalty Management Market - Macro Economic Scenario
5. Loyalty Management Market Size And Growth
…..
27. Loyalty Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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