Loyalty Management Market Developments and Analytical Data, Forecast to 2024
MarketsandMarketsforecasts the global loyalty management market size to grow from USD 6.8billion in 2019 to USD 10.9 billion by 2024, at a Compound Annual Growth Rate(CAGR) of 10.1% during 2019–2024. The significant growth in smartphonetechnology and its increasing usage across the globe are expected to drive themarket.
Loyaltymanagement is a series of activities to acquire, engage, and retainstakeholders to strengthen relationships with customers and other stakeholders.Loyalty programs are designed for providing an interactive environment betweena business organization, its customers, employees, and channel partners(distributors, resellers, among others). Loyalty management is one of the keyapplication areas across verticals, such as automotive, retail, banking andfinancial services, healthcare, and telecommunication.
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Inthe loyalty management market, the key and emerging market players include IBM(US), Comarch (Poland), Aimia (Canada), SAP (Germany), Oracle (US), Bond BandLoyalty (Canada), Tibco (US), Salesforce (US), Maritz Holdings Inc. (US),Capillary (Singapore), ICF Next (US), Antavo (Singapore), Blue Ocean (Canada),Kobie Marketing (US), and Epsilon (US). These players have adopted variousstrategies to grow in the global loyalty management market.
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Aimia(Canada) offers 3 types of loyalty management solutions: Aimia loyalty platform– SaaS, Aimia loyalty platform – Enterprise, and Professional services. The loyaltyunits segment brings together the strategy and solutions business forindividual clients, particularly platform-based business with products. Thecompany operates globally through its subsidiaries, such as Aimia Canada Inc.(Canada), Smart Button Associates Inc. (US), Nectar Italia (Italy), AimiaLoyalty Analytics UK Limited (UK), Aimia Proprietary Loyalty (HK) Limited (HongKong), Aimia Proprietary Loyalty Australia Pty Ltd. (Australia), among others.Aimia has adopted systematic approach toward strengthening its loyaltymanagement capabilities. In November 2018, Aimia signed an agreement with AirCanada for the purchase of the Aeroplan Loyalty Business to improve thecustomer retention of Air Canada with the help of Aimia loyalty platform andservices.
Comarch(Poland) is investing in its R&D activities to launch innovative productsand aims to expand its presence across the globe. The company delivers projectsin the important economy sector across verticals. The Comarch LoyaltyManagement (CLM) system helps its clients to enhance marketing strategy andbroaden the customer base with personalized content. CLM is based on AI and MLtechnologies to understand the customer behavior by analyzing the individualpattern of customer preferences toward shopping cart and availing the offers,accordingly. In April 2019, Comarch released the 5.7 version of Comarch LoyaltyManagement system. It has added new features such as near real-time dataexports, promotion budgetary management, and NPS surveys.