Loyalty Management Industry Overview
The global loyalty management market size was valued at USD 7.84 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2030. The loyalty programs aim to establish customer engagement to understand and influence their buying behavior. Factors such as an increasing expansion of the retail and e-commerce market coupled with the shift towards a customer-centric approach by the business organization are primary factors driving the growth of the market. The increasing penetration of smartphones worldwide and enhancing internet services have enabled easy access to the internet, encouraging market expansion across regions.
The growing implementation of Artificial Intelligence (AI), Machine Learning (ML), and big data in loyalty management programs can help assess consumer perception and make effective loyalty programs for all consumer segments. The technology helps analyze a large amount of unstructured and structured data from smartphones, survey forms, wearable devices, and cookies to extract actionable insights, further driving the growth.
Gather more insights about the market drivers, restraints, and growth of the Global Loyalty Management Market
The shift toward personalized loyalty programs providing personalized recommendations which the customer interacts with helps in customer conversion. The inclusion of gamification into loyalty programs helps in increasing the figures for digital engagement, social sharing, and enhanced digital customer journey, further propelling the growth of the loyalty management market.
The COVID-19 pandemic adversely affected the transportation, construction, and hotel industries. The aggressive spread of coronavirus worldwide forced the government to introduce containment measures to curb the spread of the virus. The COVID-19 epidemic has had a moderate influence on the market growth of the market. In turn, the pandemic positively impacted the market growth.
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Loyalty Management Industry Segmentation
Grand View Research has segmented the global loyalty management market based on component, software, deployment, organization, industry vertical, and region:
Loyalty Management Component Outlook (Revenue, USD Million, 2018 - 2030)
- Software
- Service
Loyalty Management Software Outlook (Revenue, USD Million, 2018 - 2030)
- Channel Loyalty
- Customer Loyalty
- Customer Retention
Loyalty Management Deployment Outlook (Revenue, USD Million, 2018 - 2030)
- On-Premise
- Cloud
Loyalty Management Organization Type Outlook (Revenue, USD Million, 2018 - 2030)
- Small & Medium Enterprise
- Large Enterprise
Loyalty Management Industry Vertical Outlook (Revenue, USD Million, 2018 - 2030)
- Transportation
- IT & Telecommunication
- BFSI
- Media & Entertainment
- Retail & Consumer Goods
- Hospitality
- Others
Loyalty Management Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Key Companies profiled:
Some prominent players in the global Loyalty Management Industry include
- AIMIA
- BREIRLEY+PARTNERS
- Comarch
- Fivestars
- ICF Next
- Lacek Group
- Oracle Corporation
- SAP SE
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