Pune, India, Nov. 22, 2022 (GLOBE NEWSWIRE) -- The global Loyalty Management Market Size was valued at USD 4.54 billion in 2021. The market is projected to grow from USD 5.57 billion in 2022 to USD 24.44 billion by 2029, exhibiting a CAGR of 23.5% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, "Loyalty Management Market Forecast, 2022-2029."
KEY INDUSTRY DEVELOPMENTS:
August 2021 – Antavo Limited teamed up with Emakina, a digital agency firm, to provide next-generation loyalty solutions to shopping malls, shops, and brands. The company's solutions are available throughout North America, the Middle East, and Europe.
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Report Scope & Segmentation
|Forecast Period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||23.5%|
|2029 Value Projection||USD 24.44 Billion|
|Loyalty Management Market Size in 2021||USD 4.54 Billion|
|Historical Data for||2018 to 2020|
|No. of Pages||150|
|Segments covered||Component, Deployment, Enterprise Size, End-use and Geography|
|Loyalty Management Market Growth Drivers||Rising Consumer Demand for Personalized Solutions to Fuel Market Expansion|
Growing Investment in Research and Development in the Loyalty Management Growth
The COVID-19 pandemic has adversely influenced various industries' markets due to obligatory shutdowns, government constraints, and shutdown of consumer electronics shops and malls. Nevertheless, various semiconductor component manufacturers intended to capitalize in research and development activities for emerging IP products during the pandemic. This produced a colossal demand for loyalty management products during the pandemic.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
Drivers & Restraints-
Rising Consumer Demand for Personalized Solutions to Fuel Market Expansion
Loyalty and customer experience are intricately tied to each other. The incorporation of advanced technologies, such as machine learning and artificial intelligence, further amplifies the accuracy of loyalty management software. Their rising adoption to improve the processes is expected to fuel the global loyalty management market growth.
Moreover, the increasing demand for personalized solutions is likely to strengthen the market development in the coming years. To improve consumer experience, companies are implementing customized and personalized features to attract and retain customers. For instance, Flooid Hub partnered with HTK Limited in October 2020 to deliver a tailored incentive system for digital and in-store retail.
However, strict government laws may hinder the market expansion during the forecast period.
It showcases a meticulous study of the COVID-19 pandemic.
It embraces the information on crucial drivers and restraints of the market's expansion.
It provides a thorough analysis of growth rate and market size across regional and global markets.
It offers insights into the latest industry developments.
It includes a detailed description and analysis of various segments of the loyalty management market.
Software Segment to Gain Remarkable Growth Due to Rising Demand for Customized Programs
Based on component, the market is bifurcated into services and software. The rising demand for personalized and customized programs is predicted to favor the software segment's growth in the coming years.
Cloud Segment to Witness Strong Growth Due to Affordable Program Designing Solutions
On the basis of deployment, the market is divided into cloud and on-premise. The rising deployment of cloud-based services due to affordable program designing solutions is anticipated to bolster the segment's development.
Large Enterprises Segment to Dominate Due to High Emphasis on Customer Retention
On the basis of enterprise size, the market is segmented into large enterprises and small & medium enterprises. The escalating purchase frequency and large client bases are predicted to fuel large enterprise segment's growth.
Retail Segment to Showcase Immense Growth Due to Rising Competition
On the basis of end-use, the loyalty management market is fragmented into media & entertainment, manufacturing, hospitality, retail, transportation, IT & telecommunications, BFSI, and others. The rising competition in the retail industry due to increasing purchase frequency is predicted to favor the retail segment's growth.
Geographically, the market is classified into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
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North America to Bestride Global Market Due to Surging Software Adoption
North America is predicted to garner the highest growth in the global loyalty management market share. The surging adoption of advanced software across the retail industry is a key factor driving market expansion in North America.
Asia Pacific is projected to garner swift growth due to the rising emphasis of organizations and merchants in enhancing customer experience. China is predicted to lead the region's market growth.
List of Key Market Players-
- Antavo Limited
- Capillary Technologies
- Bond Brand Loyalty
- Comarch SA
- Epsilon Data Management, LLC
- IBM Corporation
- Salesforce.com, Inc.
- Target Brands, Inc.
- TIBCO Software, Inc.
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