DUBLIN, March 29, 2021 /PRNewswire/ — The “Loyalty Management Market by Component (Solutions and Services), Organization Size (Large Enterprises and SMEs), Deployment Type, Operator (B2B and B2C), Application (Web and Mobile), Vertical, and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The Global Loyalty Management Market Size Is Expected To Grow from USD 7.6 Billion in 2020to USD 15.5 Billion by 2025, at a CAGR of 15.3%
Increasing adoption of omnichannel and advanced technologies to drive the loyalty management market
The growing need for enhancing customer experience and gaining competitive advantage is a key growth factor for the loyalty management market. However, stringent government regulations may affect the growth of loyalty management market.
Customer loyalty is one of the most important factors among organizations offering similar products or services. It provides a crucial product and brand differentiation for organizations when a differentiation through price becomes secondary. Organizations know that loyal customers would promote their brand to new customers by sharing their positive experiences. Effective customer loyalty programs ensure customers engaged and there is successful utilization of products and services.
It increases customer retention, brand recall, and opportunities to carry out business with them. Hence, organizations with an efficient loyalty management strategy can record growth in revenue and profitability. Currently, customers are opting for simple, portable, and easy-to-use smart devices, such as smartphones; hence, mobile-based solutions for loyalty management are gaining traction.
Among deployment modes, the cloud segment to grow at a higher CAGR during the forecast period
Owing to an increasing awareness of the benefits of cloud-based solutions, the cloud deployment for loyalty management solutions is expected to grow at a significant rate. The solution providers focus on the development of robust cloud-based solutions for their clients, as organizations have migrated to either a private or a public cloud. Moreover, cloud-as-a-service is enabling organizations to manage not only costs but also achieve better agility. As cloud-based solutions are budget-friendly and easy to deploy, it is highly preferred by Small and Medium-sized Enterprises (SMEs).
Large Enterprises segment to dominate the market during the forecast period
Organizations with over 1,000 employees are categorized as large enterprises. The adoption of customer engagement solutions in large enterprises is higher as compared to small & medium enterprises, and this trend is expected to continue during the forecast period. Large enterprises deploy loyalty management solutions to improve customer retention rate, decrease customer attrition, boost customer re-purchase, and mostly enhance their customer experience and satisfaction.
Large enterprises encompass distributed data related to customers scattered across different departments and are, hence, opting for robust loyalty management solutions to manage the loyalty lifecycle of a wider customer base and gain valuable insights from this data. Large enterprises are keen on investing in new and latest technologies such as AI, ML, and Big Data to automate the loyalty management process.
Asia Pacific to grow at the highest CAGR during the forecast period
Organizations across the APAC opting for omnichannel marketing to achieve customer loyalty. Advancements of mobile technology and applications in APAC countries, such as Japan, China, and India. Travel and hospitality, retail, and banking are the major verticals driving the loyalty management market in APAC.
China, Japan, and Australia have a high adoption rate of the loyalty management solution and services that resolve the complex queries by customers. APAC countries have enormous potential to grow further, due to the fast adoption of technologies. To enhance their growth and broaden the customer base, organizations have started implementing loyalty management solutions.
Market Dynamics
Drivers
- Need to Decrease Customer Churn Rates
- Demand for Advanced Solutions to Monitor Customer Scores and Enhance Customer Engagement
- Rising Adoption of Omnichannel Customer Loyalty Strategy
- Growing Adoption of Advanced Technologies, Such as Artificial Intelligence and Machine Learning
Restraints
- Stringent Government Regulations
Opportunities
- Growing Importance of Customer Insights to Predict the Customer Intents
- Increasing Investment in Customer Success Platform Start-Ups
- Increasing Use of Ecommerce and Mcommerce
Challenges
- Data Synchronization Complexities
- Data Security and Privacy Issues
COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
- Drivers and Opportunities
- Restraints and Challenges
Industry Trends
- Advanced Technologies
- Use Cases
- Use Case 1: Aviation Vertical
- Use Case 2: Real Estate Vertical
- Use Case 3: Retail Vertical
- Use Case 4: Travel Vertical
The following key vendors are profiled in the report:
- Aimia (Canada)
- Annex cloud (US)
- Apex Loyalty (US)
- Apptivo (US)
- Bond Brand Loyalty (Canada)
- Brierley+Partners (US)
- Capillary (Singapore),
- Comarch (Poland)
- Epsilon (US)
- FiveStars (US)
- Hashtag Loyalty (India)
- ICF Next (US)
- Kangaroo (Canada)
- Kobie Marketing (Russia)
- Loyalty Gator (Canada)
- LoyaltyLion (England)
- Maritz Motivation (US)
- Merkle (US)
- Oracle (US)
- Smile.io (Canada)
- SpotOn (US)
- TIBCO (US)
- Yotpo (US)
- SailPlay (US)
- Lacek (US)
- Paystone (UK)
For more information about this report visit https://www.researchandmarkets.com/r/8sbly0
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