Pune, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Loyalty Management Market Size Analysis:
“According to SNS insider report, the Loyalty Management Market is projected to grow from USD 10.8 Billion in 2023 to USD 34.6 Billion by 2032, at a CAGR of 13.8%.”
Rising Consumer Retention Initiatives
The major driver fuelling the growth of the loyalty management market is the rise in consumer retention efforts. As per recent statistics from the U.S. Department of Commerce, the retail sector has witnessed a 12% increase from the previous year to $45 billion in budget allocations to customer retention strategies in 2024. This increased spending is primarily due to businesses’ efforts to enhance customer loyalty and protect their competitive edge in a rapidly changing market. As per the Federal Trade Commission, effective loyalty programs can increase customer retention rates by up to 20%, providing an additional reason for increased allocations in this area. Another critical driver of the loyalty management market is the expansion of digital platforms. The National Telecommunications and Information Administration reports that internet adoption has increased to 92%, up from 87% in 2020. This universal digital engagement has encouraged businesses to implement more sophisticated loyalty management systems that can be easily integrated with digital platforms. Mobile commerce is expected to represent over 60% of all retail sales by the end of 2024, further facilitating the expansion of digital solutions in the realm of loyalty management.
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Major Players Analysis Listed in this Report are:
- Brierley+Partners
- Capillary Technologies
- Gift Management
- Apex Loyalty
- Epsilon
- Oracle
- Preferred Patron
- SailPlay
- Bond Brand Loyalty
- Merkle
- Capillary
- Punchh
- Comarch
- ICF Next
- Maritz Motivation
- Kobie
- Cheetah Digital
- ProKarma
- Annex Cloud
- Sumup
- Kangaroo
- LoyaltyLion
- Smile.io
- Ebbo
- Jakala
- Yotpo
- Zinrelo
- Loopy Loyalty
- Paystone
- SessionM
Loyalty Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 10.8 Billion |
| Market Size by 2032 | USD 34.6 Billion |
| CAGR | CAGR of 13.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The use of AI and machine learning in loyalty programs enables businesses to personalize rewards, leading to enhanced customer engagement and improved program effectiveness. |
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Segment Analysis
Based on the deployment the cloud segment held the highest share. The U.S. Census Bureau and various other reports illustrate the continuing rise in popularity of cloud-based solutions due to their scale benefits, cost, and ease of access. In 2024, cloud deployments held 70% of the total market, while the on-premise segment is growing with a significant CAGR. The significance of cloud solutions has been reinforced by data from the Federal Reserve which suggests that 78% of all businesses that use cloud-based solutions have reported an increase in operational efficiency and a decrease in IT overhead. Additionally, cloud solutions possess the advantage of being continuously updated and scalable, which is significant for an economically developed and continuously changing modern business environment.
On the basis of vertical retail & consumer goods held the highest revenue share more than 20% in 2023. This is due to the frequent focus on personalized client experience and the implementation of more advanced and dedicated loyalty programs that are capable of achieving their intended goal of repeated purchases. Retail businesses are actively investing in various forms of loyalty management systems to increase their notoriety and drive the growth of sales. Over the forecast period BFSI sector is projected to grow with a significant CAGR however, the growth of this sector is significantly slower due to the heavy regulation of financial banks and institutions and their difficulty to adapt to new technology trends in modern commerce ways.
Market Segmentation
By Deployment
- On-premise
- Cloud
By Offering
- Solutions
- Services
By Organization Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By End Use
- BFSI
- IT and Telecommunications
- Transportation
- Retail
- Hospitality
- Manufacturing
- Media & Entertainment
- Others
Regional Insights
The loyalty management market is led by North America, and held 35% share in 2023. This growth is driven by the North America’s highly developed technological infrastructure. It also demonstrates higher rates of the usage and adoption of digital technologies. Moreover, enterprises and businesses in North America spend many resources on customer retention, which means millions of investments in loyalty management strategies. These organizations and firms employ advanced and smart loyalty management systems in order to win the competition and improve customer satisfaction.
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Recent Development
- In 2024, Oracle unveiled its latest loyalty management solution aimed at offering its customers exceptional engagement rates through sophisticated AI analytics, and targeted offers.
- August 2024, SAP revealed a major upgrade to its loyalty management solution, incorporating blockchain technology to ensure greater transparency and security in loyalty transactions.
Key Takeaways
- Rising consumer retention initiatives and digital platform expansion are key drivers of market growth.
- Cloud-based solutions dominate due to their scalability and cost-effectiveness.
- Retail & consumer goods sector leads in market share, with North America maintaining regional dominance.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Loyalty Management Market Segmentation, By Offering
8. Loyalty Management Market Segmentation, By Operator
9. Loyalty Management Market Segmentation, By Deployment
10. Loyalty Management Market Segmentation, By Organization Size
11. Loyalty Management Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profile
14. USE Cases and Best Practices
15. Conclusion
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