Loyalty Management Market by Component (Solutions and Services), Deployment Mode (Cloud and On-Premise), and Application (Automotive, BFSI, Aviation, Hospitality, Retail & Consumer Goods, Media & Entertainment, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026895 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Oct 2022 | Type: Global

The loyalty management market crossed US$ 9.7 billion mark in 2022 and is expected to hit US$ 25.58 billion by 2030, recording a CAGR of 12.8% during the forecast period.

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Loyalty management market has been significantly growing with rising penetration of loyalty management applications globally.

The development of mobile applications has been a boon for loyalty management market. Before the advent of the same, customers either had to check their loyalty details in a web portal or had to gather details from a customer representative. Owing to such drawbacks, customers often neglected loyalty programs. Either there was a loss of interest from the customer or the benefits were not fully utilized. Hence, the intended purpose of loyalty programs often failed, and the entire expenditure of a company on such programs would return negative values. With the advent of mobile applications for loyalty programs, customers are having better access to their account details, can easily track the gain or expenditure of points and can utilize accrued points for various purchases. Additionally, such applications are aiding enterprises to retain their customers effectively, fulfilling the main purpose of creating such programs. Enrolment to a loyalty program has also become easier, as customers can scan a QR code to download the app and enter their own details. Such advantages of mobile applications are propelling the loyalty management market growth.

The loyalty management market is segmented within the report into component, deployment type, application, and geography. Based on component, the loyalty management market is segmented into solutions and services. Based on deployment, the loyalty management market is bifurcated into cloud and on-premise. Based on application, the loyalty management market is segmented into automotive, BFSI, aviation, hospitality, retail & consumer goods, media & entertainment, and others. Geographically, the loyalty management market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Artificial Intelligence (AI) is expected to empower the growth of futuristic innovations.

Loyalty management is a combination of tools, strategy and tactics, used by enterprises to obtain, engage and retain customers. It also aids enterprises to promote their brands and target the right customers, aiding in improving the efficiency of a promotional activity. The challenge of reaching the right customers through e-commerce is increasing each day. Additionally, brand awareness and brand loyalty are witnessing a decline globally. Hence, artificial intelligence (AI) and deep learning is increasingly being used for understanding the behavior of a customer better. Deep learning utilizes input data for predicting an outcome. It is being utilized for maximizing personalization of products or services, thus attracting customers better. Application of AI and deep learning can enable better profiling of customers, creation of customer cohorts and personalized offerings.  AI and deep learning can also be utilized for receipt data aggregation. In that process, the purchase records of a customer are analyzed for gaining deep insights into purchasing behavior. Amazon.com, Inc. was one of the first enterprises to utilize the same. Integration of AI and deep learning into customer loyalty solutions can strongly aid in retention of customers and creating a better experience for the loyalist. Such technological advancements are expected to widen the growth opportunities for loyalty management market.

Digital transformation is a major factor accelerating the loyalty management market growth.

Digital transformation of enterprises is increasing at a rapid pace. It is changing how marketeers interact with the customers and devise plans for retaining the same. Additionally, rising digital transformation is also promoting the usage of cloud and big data analytics, through which enterprises are leveraging technology to achieve efficient marketing campaigns and customer retention programs among others. Loyalty management market players are offering their enterprise customers with a unified platform, that integrates AI and deep learning into the customer loyalty program. Personalized emails are also been sent, allowing for better data collection, based on the customers interaction with the e-mail. Such trends are expected to promote the loyalty management market strongly.

 

Recent strategic developments in the Loyalty Management Market

The loyalty management market has undergone several significant developments, and a few of these have been mentioned below:

  • In September 2022, Razorpay announced the acquisition of PoshVine, a payments-linked loyalty and engagement solutions provider. The acquisition was targeted at foraying into rewards and loyalty management market.
  • In September 2022, African Bank partnered with Loylogic Rewards FZE, a leading engagement and loyalty solutions provider, for introducing loyalty programs intended to improve the financial well-being of customers.

The loyalty management market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Brierley & Partners, Inc.; Epsilon Data Management, LLC; Loylogic Rewards FZE; Oracle Corporation; and Punchh, Inc. are among the prominent players operating in the loyalty management market.

Target audience for the report:

  • Loyalty management solution providers
  • Loyalty management service providers
  • Loyalty management-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the loyalty management market has been segmented on the basis of:

  • Component:
    • Solutions
    • Services
  • Deployment
    • Cloud
    • On-Premise
  • Application
    • Automotive
    • BFSI
    • Aviation
    • Hospitality
    • Retail & Consumer Goods
    • Media & Entertainment
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Brierley & Partners, Inc.
    • Epsilon Data Management, LLC
    • Loylogic Rewards FZE
    • Oracle Corporation
    • Punchh, Inc.

The List of Companies
- Brierley & Partners, Inc.
- Epsilon Data Management, LLC
- Loylogic Rewards FZE
- Oracle Corporation
- Punchh, Inc.

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