From $7.60 billion in 2020, the global Loyalty Management market is projected to reach $27.24 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 17.3% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, rising investment in customer success platform start-ups, growing adoption of loyalty programs across industry verticals, and increasing popularity of E-commerce.
Global Loyalty Management Market: Market Dynamics
In the current age, the success of a business is determined by the customer satisfaction. Hence, businesses need appropriate software solutions to monitor customer scores continuously. Customer satisfaction score (CSAT) score helps companies know whether the customers are satisfied with their products/services. Loyalty management solutions create profiles of customers based on their behavior and analyze the same to understand customer engagement, usage frequency, and subscription utilization. Based on this, the business providers create campaigns and strategies to target required customers for increasing customer engagement, customer retention, and customer satisfaction. It further helps in increasing revenue and economic value of the investment of firms. Therefore the rising importance of customer satisfaction is driving the growth of the market.
On the other hand, concerns regarding the safety of personal data are expected to hamper the growth of loyalty management market. In addition, increasing importance of customer insights to envisage the customer preferences will further boost for the market.
Impact of COVID-19 on Loyalty Management
The outbreak of the COVID-19 has a moderate impact on the growth of the global loyalty management market. The pandemic had a significant impact on some sectors while there are some other sectors which were hardly impacted. Banks and financial institutions have witnessed a decrease in number of customers and as a result, the deployment of loyalty management solutions is expected to decline in the next few months. The pandemic has severely impacted the airline operations across the globe and the adoption of loyalty management solutions is expected to significantly fall in this sector. The automotive operations were also declined considerably, which has affected the growth of the solutions in this vertical. Due to strict lockdown regulations, there is a surge in number of online media and entertainment users. This enables the OTT vendors to deliver better loyalty programs.
Business to Customer (B2C) Segment Dominate the Market in 2020
Loyalty management solutions are increasingly being adopted by B2C companies, which are trying to make use of the benefits of customer experience management for their businesses. By collecting customer satisfaction information and maintaining customer experience data, these solutions can accumulate business-critical data to predict and influence potential customer behavior.
North America Region is Leading in the Global Market Place
North America is expected to account for a considerable share of the loyalty management market during the forecast period. The developed economies in the region have adopted latest solutions for loyalty management, besides using advanced technologies such as machine learning and AI. Most customers in the United States prefer monetary benefits, such as price and value, while choosing a loyalty program. Product discounts and free shipping are the major drivers for choosing loyalty programs for specific retailers. This creates a high need for flexible loyalty management software that can roll out special deals to loyal customers during the festive seasons or special days.
List of the Key Players Profiled in the Market Include:
List of the Regions/Countries Profiled in the Market Include:
North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
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