MarketsandMarkets forecasts the a new market research report “Global Loyalty Management Market size to grow from USD 6.8 billion in 2019 to USD 10.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.1% during 2019–2024. The increasing adoption of Omni channel and multi-channel programs, advancements in technologies, and a growing need for competitive differentiation are major growth drivers for the loyalty management market.
Browse 60 market data Tables and 32 Figures spread through 83 Pages and in-depth TOC on "Loyalty Management Market by Delivery Type (Standalone Program and Managed Platform), Organization Size, Deployment Mode, End-User Vertical (BFSI, Aviation, Automotive, Media and Entertainment, and Hospitality), and Region - Global Forecast to 2024"
The driving factors for growth of the loyalty management market are the increasing adoption of Omni channel and multi-channel programs. Omni-channel programs enable brands to connect with their clients across touch points and helps customers in grabbing the opportunities rewarded for spend and engagement across channels. The programs also provide personalized communications and better customer experiences. The emergence of advanced technologies such as blockchain and artificial intelligence (AI) is also driving the loyalty management market.
The managed platform segment is expected to grow at a higher CAGR during the forecast period. The standalone program is the most preferred delivery type by SMEs, but the managed platform continues to contribute the highest market share owing to its enhanced capabilities. Large enterprises’ high dependency on managed/outsourced services to manage customer loyalty makes them rely on vendors, such as Comarch, ICF Next, and Capillary.
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The cloud deployment of loyalty management is expected to grow at a significant rate, owing to enhanced features, capabilities, and value prepositions. The solution providers focus on the development of robust cloud-based solutions for their clients, as several organizations have migrated to either a private or a public cloud. Moreover, cloud-as-a-service is enabling organizations to manage not only costs but also achieve better agility. As cloud-based solutions are budget-friendly and to deploy, most of the SMEs prefer them.
The loyalty management market has been witnessing significant growth in China, Japan, and India. These APAC countries witness high adoption of loyalty management solutions and services that resolve the complex queries by customers. APAC countries have enormous potential to grow further, due to the fast adoption of technologies. To enhance their growth and expand customer base, organizations have started implementing loyalty management solution. SMEs and large enterprises in APAC have become more aware of government regulations and compliances, and started adopting AI-based solutions, proactively.
The adoption of loyalty management across verticals such as BFSI, hospitality, and retail has also created significant growth opportunities for the market. The businesses following the customer-centric model are a frontrunner in adopting loyalty management solutions for improving customer retention. The media and entertainment vertical is also leveraging the benefits of loyalty management solutions using its high-end capabilities. The customer centric verticals that are based on customer behavior offer personalized solutions with the help of loyalty management solutions. The key players are focusing on inorganic strategies such as partnerships and acquisitions to tap the untapped market and drive business revenue.
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