MarketsandMarkets forecasts the a new market researchreport “Global Loyalty Management Marketsize to grow from USD 6.8 billion in 2019 to USD 10.9 billion by 2024, at aCompound Annual Growth Rate (CAGR) of 10.1% during 2019–2024. The increasingadoption of Omni channel and multi-channel programs, advancements intechnologies, and a growing need for competitive differentiation are majorgrowth drivers for the loyalty management market.
Browse 60 market data Tables and 32 Figures spread through 83Pages and in-depth TOC on "Loyalty Management Market by Delivery Type (Standalone Programand Managed Platform), Organization Size, Deployment Mode, End-User Vertical(BFSI, Aviation, Automotive, Media and Entertainment, and Hospitality), andRegion - Global Forecast to 2024"
The driving factors for growth of the loyalty managementmarket are the increasing adoption of Omni channel and multi-channel programs.Omni-channel programs enable brands to connect with their clients across touchpoints and helps customers in grabbing the opportunities rewarded for spend andengagement across channels. The programs also provide personalizedcommunications and better customer experiences. The emergence of advancedtechnologies such as blockchain and artificial intelligence (AI) is alsodriving the loyalty management market.
The managed platform segment is expected to grow at a higherCAGR during the forecast period. The standalone program is the most preferreddelivery type by SMEs, but the managed platform continues to contribute thehighest market share owing to its enhanced capabilities. Large enterprises’high dependency on managed/outsourced services to manage customer loyalty makesthem rely on vendors, such as Comarch, ICF Next, and Capillary.
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The cloud deployment of loyalty management is expected togrow at a significant rate, owing to enhanced features, capabilities, and valueprepositions. The solution providers focus on the development of robustcloud-based solutions for their clients, as several organizations have migratedto either a private or a public cloud. Moreover, cloud-as-a-service is enablingorganizations to manage not only costs but also achieve better agility. Ascloud-based solutions are budget-friendly and to deploy, most of the SMEsprefer them.
The loyalty management market has been witnessing significantgrowth in China, Japan, and India. These APAC countries witness high adoptionof loyalty management solutions and services that resolve the complex queriesby customers. APAC countries have enormous potential to grow further, due tothe fast adoption of technologies. To enhance their growth and expand customerbase, organizations have started implementing loyalty management solution. SMEsand large enterprises in APAC have become more aware of government regulationsand compliances, and started adopting AI-based solutions, proactively.
The adoption of loyalty management across verticals such asBFSI, hospitality, and retail has also created significant growth opportunitiesfor the market. The businesses following the customer-centric model are afrontrunner in adopting loyalty management solutions for improving customerretention. The media and entertainment vertical is also leveraging the benefitsof loyalty management solutions using its high-end capabilities. The customercentric verticals that are based on customer behavior offer personalizedsolutions with the help of loyalty management solutions. The key players arefocusing on inorganic strategies such as partnerships and acquisitions to tapthe untapped market and drive business revenue.
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