DUBLIN--(BUSINESS WIRE)--The "Loyalty Management Market by Delivery Type (Standalone Program and Managed Platform), Organization Size, Deployment Mode, End-User Vertical (BFSI, Aviation, Automotive, Media and Entertainment, and Hospitality), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Loyalty Management Market Size is Expected to Grow from USD 6.8 Billion in 2019 to USD 10.9 Billion By 2024, at a CAGR of 10.1%
Increasing adoption of omnichannel and multi-channel programs 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 the most important differentiating factor 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 experience. 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 solution is expected to grow at a significant rage. 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).
Customer analytics segment to dominate the market by managed platform during the forecast period
Owing to a complete dependency on managed/outsourced services to manage customer loyalty, large enterprises continue to rely on vendors, such as Comarch, ICF Next, and Capillary. Analyzing customer behavior through their spending/shopping behavior has become a high requisite by retailers/business owners to understand customer needs and pitch them targeted offers. Thus, customer analytics is expected to record the highest growth rate during the forecast period.
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.
Key Topics Covered:
1.1. Objectives of the Study
1.3. Years Considered for the Study
1.4. Market Scope
1.5. Market Definitions
2 Research Methodology
2.1. Research Flow
2.2. Factor Analysis
2.3. Forecast Model
3 Executive Summary
4 Market Overview
4.1. Market Dynamics
4.2. Use Cases
4.3. Enabling Technologies
5 Loyalty Management Market By Delivery Type
5.1. Standalone Program
5.2. Managed Platform
6 Loyalty Management Market By Organization Size
6.2. Large Enterprises
7 Loyalty Management Market By Deployment Mode
7.2. Cloud Based
8 Loyalty Management Market By End-User Vertical
8.4. Retail and Consumer Goods
8.5. Media and Entertainment
*Others Include Education. Telecom and Healthcare
9 Loyalty Management Market By Region
9.1. Market Growth Rate Outlook
9.2. Market Share Outlook
9.3. North America
9.5. Asia Pacific
9.6. Middle East and Africa
9.7. Latin America
10 Competitive Landscape
10.1. Competitive Leadership Mapping
10.2. Ranking and Scorecard for Key Players
10.3. Competitive Leadership Mapping (Standalone Program Vendors)
11 Company Profiles
11.6 Bond Brand Loyalty
11.7 Tibco Software
11.9 ICF Next
11.14 Kobie Marketing
For more information about this report visit https://www.researchandmarkets.com/r/obw3gm