Loyalty Management Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3726
Loyalty Management Market size is poised to grow at significant rate in the forecast period propelled by the continuously gaining importance of Customer Relationship Management (CRM). In the digital era, customers have the power to select from multiple options for any purchase and retaining customers has become one of the biggest challenges for organizations to overcome. Loyalty management deals with the designing of A reward system for customers based on their past purchases and offering incentives with an objective to motivate the customer for future purchase. These systems consist of several operational parameters such as program design, revenue options, and type of transaction.
Currently, customers are looking for quality even if the price is a little higher than usual as the product’s life increases due to good quality, reducing the repetitive purchase of the customer. Global loyalty management focuses on expanding daily customer spending habits. This is done with the help of innovative rewards, which would eventually increase the scope for customer’s response of repurchase and retention. Loyalty management system suggests organizations whether to opt for a single or multiple loyalty management to retain customers. Multiple types of loyalty management program include a combination of lotteries, rewards, auctions or coupons. With the growth of e-commerce platform, the global loyalty management market is expected to grow.
The increase in the competition in almost every sector has motivated organizations to adopt the customer-centric approach. To acquire new customer base without losing the existing customers has forced organizations to invest in loyalty management programs. This system includes enhancing the customer experience from the point of purchase till the post-purchase service of the product or service. This system focuses on running such campaigns to attract customers toward selecting a particular product over alternative products available in the market.
Based on deployment type, the global loyalty management market is divided into two types, on premise and cloud based. Among these types, the cloud-based loyalty management system is expected to grow at a higher speed due to the increasing awareness about the benefits of cloud-based solutions. Loyalty management solution providers are emphasizing on the development of strong cloud-based solutions for customers. Organizations are transferring to either a public or private cloud platform. Moreover, cloud service is allowing organizations to manage not only expenses on the loyalty management costs but also obtain better agility. Cloud-based solutions are low cost and easy to deploy, making them highly preferable for SMEs.
Among different platform segments, the customer analytics segment is expected to dominate the market over the estimated period. Analyzing customer’s behavior based on their spending or shopping behavior has become a highly essential part for the retailers or business owners to understand customer needs and show them products & offers accordingly. This benefits businesses by getting more customer satisfaction, which leads to retention. Due to these reasons, customer analytics is expected to grow at the highest rate over the forecast period.
North America is expected to grab the largest industry share in the global loyalty management market. The presence of major loyalty management solution providers in the region is serving the major sectors such as retail, consumer goods, BFSI, healthcare, and media & entertainment. Organizations in the region are adopting the loyalty management solution for retaining customers and eventually generating revenues. Many organizations offer multiple loyalty programs, out of which consumers have options to select their preferred program. This makes it essential for organizations to adopt loyalty management solutions, which offer excellent customer experience to raise profitability.
In the Asia Pacific loyalty management market, organizations are adopting omnichannel marketing to achieve customer loyalty due to the rapid advancements in mobile technology in countries including China, Japan, and India. Retail and banking sectors are expected to be the major drivers for the loyalty management market in Asia Pacific. Countries in the region have a strong potential to grow due to the rapid adoption of technologies in various sectors. To enhance growth and increase the customer base, organizations have adopted the implementation of loyalty management systems.
The key players in the global loyalty management market are IBM, Comarch, Aimia, SAP, Oracle, Bond Band Loyalty, Tibco, Salesforce, Maritz Holdings Inc., Capillary, ICF Next, Antavo, Blue Ocean, Kobie Marketing, and Epsilon.
By Solution, 2014-2025 (USD Million)
- Channel loyalty
- Customer Loyalty
- Employee retention
By Deployment type, 2014-2025 (USD Million)
- On cloud
- On premise
By Organization size, 2014-2025 (USD Million)
- Large enterprise
By Application, 2014-2025 (USD Million)
- Healthcare and Life Science
- IT and Telecom
- Media and Entertainment
- Travel and Hospitality
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Aimia Inc.
- Blue Ocean
- Bond Band Loyalty
- Capillary Technologies
- Comarch SA
- Epsilon Data Management LLC
- IBM Corp.
- ICF Next
- Kobie Marketing
- Maritz Holdings Inc.
- Oracle Corp.
- Salesforce Inc.
- SAP AG
- Tibco Software
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