The global loyalty management market size is expected to grow from $7.26 billion in 2021 to $8.44 billion in 2022 at a compound annual growth rate (CAGR) of 16.3%. The global loyalty management market size is expected to grow to $15.58 billion in 2026 at a CAGR of 16.5%.
What is the Global Loyalty Management Market?
The loyalty management market consists of sales of loyalty management services by entities (organizations, sole traders, partnerships) which refers to a set of operations aimed at providing superior customer service. The concept analyzes how businesses may attract, engage, and retain customers. Loyalty management provides benefits, experiences, and rewards that drive long-term engagement with customers.
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What drives the Global Loyalty Management Market?
The rise in the number of cardholders and the use of reward points is driving the growth of the loyalty management market. Businesses utilize customer loyalty cards to encourage clients to return to their stores for repeat business. Customer loyalty cards also provide insight into customer purchasing habits, allowing businesses to evaluate customized incentives. For instance, according to a 2019 survey on Loyalty Programs & Brand Loyalty conducted on 1,049 respondents by Wirecard across the geographic area of the United States, 75% of customers reported that after obtaining any form of incentive, they were more inclined to make another transaction with a brand. Also, in India, the banking system reported nearly 1.1 million new credit card additions in September 2021, with a 57% increase in credit card spending over the previous year. Therefore, a rise in a number of cardholders and the use of reward points is driving the growth of the loyalty management market.
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Global Loyalty Management Market Segments
The global loyalty management market is segmented:
By Component: Software, Services
By Deployment: Cloud, On-Premises
By Organization Type: Small and Medium-Sized Enterprises, Large Enterprises
By End-Use: BFSI, IT, Telecommunication, Transportation, Retail, Hospitality, Media and Entertainment, Others
By Geography: The regions covered in the loyalty management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Loyalty Management Global Market Report 2022provides market size and growth forecasts for the global loyalty management market, global loyalty management market share, loyalty management market segments and geographies, loyalty management market competitive landscape including leading competitors’ revenues, profiles and market shares. The loyalty management market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Loyalty Management Industry Playersinclude AIMIA Inc., Bond Brand Loyalty Inc., IBM Corporation, Oracle Corporation, Comarch SA, SAP SE, Epsilon Data Management LLC, ICF International Inc., Kobie Marketing Inc., TIBCO Software Inc., MicroStrategy Inc., The Lacek Group Inc., Capillary Technologies, Brierley Partners, Fidelity National Information Services Inc., Lumata Group, Fivestars, Maritz Holdings Inc, Antavo Limited, Apex Loyalty, Sailplay, Paystone Inc., Annex Cloud, Blue ocean and Salesforce Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
