Growing usage of mobile phones, substantial growth in the number of cardholders, along with an increasing encouragement for online reward management solutions drives the demand for loyalty management market
Loyalty management market combines planned and effective activities to choose, manage, relate, and govern the customer buying behavior. This process helps to retain a customer by providing rewards on repeated purchases. Such loyal consumers share their experiences within their connections with cloud-based, advocacy-driven, and mobile-delivered programs. The global loyalty management market size is projected to reach USD 26 billion by 2028
The growth in the rivalry in almost every industry vertical has motivated businesses to adopt the customer-centric method. To acquire a new client base without losing the prevailing customers has enforced enterprises to invest in loyalty management solutions. Includes a combination of rewards, lotteries, coupons, or auctions. With the surge of e-commerce platform, the overall loyalty management industry is anticipated to grow at a significant growth rate over the forecast period.
The global loyalty management market contains both software and service segment. The software segment possesses a significant market share within the global loyalty management solution market in 2019. It helps organizations to boost their sales by maintaining a loyal customer base by creating an omnichannel platform to promote the customer to utilize and earn reward points across several channels such as applications, websites, or in-store. However, the services segment is anticipated to grow at a significant growth rate from 2020 to 2028.
The global loyalty management market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The global loyalty management market is a wide range to North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is considered a mature market in loyalty management applications, owing to the outsized presence of an organization with the availability of technical expertise and advanced IT infrastructure. The United States and Canada are the highest contributory countries to the expansion of the loyalty management market in North America.
The major players of the global loyalty management market areAimia, Apex Loyalty, Annex cloud, Apptivo, Brierley+Partners, Capillary, Bond Brand Loyalty, Comarch, FiveStars, Hashtag Loyalty, Epsilon, ICF Next, Kobie Marketing, Kangaroo, and more. The loyalty management market is fragmented with the existence of well-known global and domestic players across the globe.
Segment Overview of Global Loyalty ManagementMarket
Component Overview, 2018-2028 (USD Billion)
Organization Size Overview, 2018-2028 (USD Billion)
- Small & Medium Enterprise
- Large Enterprise
Operator Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Media & Entertainment
- Retail & Consumer Goods
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America