Rise in use of mobile applications drives the growth of the global loyalty management market.

NEW CASTLE, Delaware, March 01, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Loyalty Management Market by Type (Customer Retention, Customer Loyalty and Channel Loyalty), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), and Industry Vertical (BFSI, Retail, Travel & Hospitality, Manufacturing, IT & Telecom, Media & Entertainment, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032” According to the report, the global generated $5.49 billion in 2022 and is estimated to reach $44 billion by 2032, exhibiting a CAGR of 23.5% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities

Rise in use of mobile applications drives the market growth. In addition, recurrent alteration of end-user demographics primarily drives the growth of the market. However, lack of awareness about loyalty programs and strict government regulations are primarily expected to hamper the growth of the market. Furthermore, rapidly growing applications of big data and machine learning is expected to create lucrative growth opportunities for the market.

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The Customer Retention segment generated major share in 2022

By type, the customer retention segment held the major share in 2022 owing to the recognition that retaining existing customers is often more cost-effective than acquiring new one and businesses invest in loyalty programs, personalized communication, and targeted promotions to enhance the overall customer experience. The customer loyalty segment is expected to attain the highest CAGR of 26.6% during the forecast period, owing to the evolving nature of consumer expectations. As customers increasingly seek personalized and rewarding experiences, businesses are adapting by innovating their loyalty strategies.

The large enterprise segment to rule the market

By enterprise size, the large enterprise segment held the major share in 2022, garnering nearly three-fourth of the global loyalty management market revenue, owing to leveraging data analytics and personalized offerings to enhance customer satisfaction. The small and medium-sized segment is expected to attain the highest CAGR of 27.9% during the forecast period, owing to the emergence of more accessible and affordable cloud-based loyalty platforms enables SMEs to implement sophisticated programs without significant upfront investments.

The BFSI segment to dominate by 2032

By application, the retail segment accounted for nearly one-third of the global loyalty management market share in 2022 and is expected to dominate the market during the forecast period, as big data, IoT devices, and interactive mediums have significantly impacted current shopping trends, which has positively affected e-commerce platforms. The BFSI segment is expected to register the highest CAGR of 29.8% during the forecast period, owing to rise in competition and marketing within the banking industry and the growing need for customer centric solutions.

Asia-Pacific garnered the major share in 2032

By region, North America garnered the highest share in 2022, holding nearly one-third of the global loyalty management market revenue in 2022, and is projected to retain its position during the forecast period, owing to numerous existing card loyalty programs as well as high penetration levels with the usual adopter holding two credit card earnings rewards aiding the growth of the loyalty management market. The Asia-Pacific region is expected to register the fastest CAGR of 26.6% during the forecast period, owing to increase in adoption of Internet-connected devices, increase in small & medium size startups, and high Internet penetration.

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Leading Market Players

• Annex Cloud
• Apex Loyalty
• Bond Brand Loyalty
• Brierley+Partners
• Capillary Technologies
• Cheetah Digital
• Comarch
• Epsilon
• Fivestars
• Oracle

The report analyzes these key players in the global loyalty management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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