Pune, India, Nov. 22, 2022 (GLOBE NEWSWIRE) — The world Loyalty management market size was valued at USD 4.54 Billion in 2021. The market is expected to grow from USD 5.57 Billion in 2022 to USD 24.44 Billion by 2029, growing at a CAGR of 23.5% during the forecast period.
This information is provided by Fortune Business Insights, in its report entitled “Loyalty Management Market Forecast, 2022-2029”.
KEY INDUSTRY DEVELOPMENTS:
August 2021 – Antavo Limited has partnered with Emakina, a digital agency, to provide next-generation loyalty solutions for malls, stores and brands. The company’s solutions are available throughout North America, the Middle East and Europe.
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Report scope and segmentation
|Forecast period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||23.5%|
|2029 value projection||$24.44 billion|
|Size of the loyalty management market in 2021||$4.54 billion|
|Historical data for||2018 to 2020|
|Number of pages||150|
|Segments Covered||Component, deployment, company size, end use, and geography|
|Loyalty Management Market Growth Drivers||Growing consumer demand for customized solutions to fuel market expansion|
Increasing investment in research and development in the growth of loyalty management
The COVID-19 pandemic has negatively impacted the markets of various industries due to mandatory shutdowns, government restraints, and the closure of consumer electronics stores and malls. Nonetheless, various semiconductor component makers intended to capitalize on research and development activities for emerging IP products during the pandemic. This has produced colossal demand for loyalty management products during the pandemic.
Click here for the short and long term impact of COVID-19 on this market:
Drivers and Constraints-
Growing consumer demand for customized solutions to fuel market expansion
Loyalty and customer experience are intimately linked. The integration of advanced technologies, such as machine learning and artificial intelligence, further amplifies the accuracy of loyalty management software. Their increasing adoption to improve processes is expected to fuel the growth of the global loyalty management market.
Moreover, the growing demand for customized solutions is expected to enhance the development of the market in the coming years. To improve the consumer experience, businesses are implementing personalized and personalized features to attract and retain customers. For example, Flooid Hub partnered with HTK Limited in October 2020 to deliver a bespoke incentive system for digital and in-store retail.
However, strict government laws may hamper the expansion of the market during the forecast period.
It presents a meticulous study of the COVID-19 pandemic.
It encompasses the information about the crucial drivers and restraints for market expansion.
It provides in-depth analysis of the growth rate and market size in regional and global markets.
It offers an overview of the latest developments in the industry.
It includes a detailed description and analysis of the various segments of the loyalty management market.
The software segment will experience remarkable growth owing to the growing demand for custom programs
Based on components, the market is divided into services and software. Rising demand for custom and custom programs is expected to drive the growth of the software segment in the coming years.
The cloud segment will see strong growth thanks to affordable program design solutions
Based on deployment, the market is divided into cloud and on-premises. The growing deployment of cloud-based services through affordable program design solutions is expected to bolster the development of the segment.
Large enterprise segment will dominate due to focus on customer retention
Based on enterprise size, the market is segmented into large enterprises and small and medium enterprises. Increasing frequency of purchases and large customer bases are expected to fuel the growth of the large enterprise segment.
The retail segment will show immense growth owing to increasing competition
On the basis of end-use, the loyalty management market is fragmented into media and entertainment, manufacturing, hospitality, retail, transportation, IT and telecommunications, BFSI, and others. Growing competition in the retail industry due to increase in shopping frequency is expected to drive the growth of the retail segment.
Geographically, the market is categorized into North America, Europe, Latin America, Asia-Pacific, Middle East & Africa.
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North America to Dominate the Global Market Due to Growing Software Adoption
North America is expected to register the highest growth in the global loyalty management market share. The increasing adoption of advanced software in the retail industry is a key driver for the expansion of the market in North America.
Asia-Pacific is expected to experience rapid growth due to the growing importance of organizations and merchants in improving customer experience. China is expected to lead the region’s market growth.
List of Major Market Players-
- Antavo Limited
- Hair technologies
- Brand Loyalty
- Comarch SA
- Data Management Epsilon, LLC
- IBM Corporation
- Salesforce.com, Inc.
- Target Brands, Inc.
- TIBCO Software, Inc.
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