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Global Loyalty Management Market Growth Prospects, Future Industry Landscape 2033
Loyalty Management Global Market Report 2024
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Investing in analytics and business intelligence tools for relevant rewards and incentive schemes is gaining popularity in loyalty management programs. Companies in loyalty management are investing in analytics and business intelligence tool for a targeted customer approach. Collecting engagement data throughout a company's clients' buying journeys can help the company gain a better understanding of how they behave and how to communicate with them most effectively. For instance, in May 2021, a US-based software company, Salesforce introduced new CDP (Customer Data Platform) improvements to guarantee that customer data becomes smarter and more linked, making it simpler for businesses to act on it in a more trustworthy manner. CDPs guarantee that all addressable channels have access to a uniform profile, and that personalization and relevance are implemented.
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Major Key Players of the Market:
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
Loyalty Management Market 2024 Key Insights:
• 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%.
• Surge In Cardholders And Reward Point Utilization Fuels Expansion Of Loyalty Management Market
• Strategic Integration Of Analytics And Business Intelligence In Evolving Loyalty Management Programs
• North America was the largest region in the loyalty management market in 2023
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