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Loyalty Management Market to Hit USD 24.44 Billion by 2029; Rising Consumer Demand for Personalized Solutions to Fuel Market Expansion

June 22, 2022 | Information & Technology

The global loyalty management market size is expected to reach USD 24.44 billion by 2029. Fortune Business InsightsTM, in its report titled, “Loyalty Management Market Size, Share and COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (On-Premise and Cloud), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End-use (BFSI, IT and Telecommunications, Transportation, Retail, Hospitality, Manufacturing, Media & Entertainment, and Others), and Regional Forecast, 2022-2029”, observes that the market size stood at USD 4.54 in 2021 and USD 5.57 billion in 2022, and is predicted to exhibit a CAGR of 23.5% between 2022 and 2029. The mounting demand for personalized and customized solutions is likely to be a key factor bolstering the loyalty management market growth.


The dynamic variation in consumer purchasing behavior has considerably supported the market’s expansion. The huge adoption of online shopping due to movement restrictions and strict lockdowns amplified the demand for loyalty management software. Many businesses switched to online sales to cater to the altering market dynamics. The market is likely to witness monumental growth in the coming years.


Expansion of Antavo Limited’s Partnership with MullenLowe Profero and Acxiom to Incite Development


In June 2021, Antavo Limited extended its partnership with Axciom and MullenLowe Profero to offer loyalty programs to its clients. The partnership includes loyalty interactions, integration services, design concepts, and customer intelligence as offerings. The three company’s partnership aims to provide powerful solutions to the U.K. retailers and brands’ design & execution services and loyalty program strategy.


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. 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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/loyalty-management-market-101166


Key Players Launch New Products to Uptick Market Positions


The major market players adopt ingenious strategies, including expansions, acquisitions, contracts, mergers, partnerships, collaborations, and others to magnify their global reach. They conduct extensive research & development activities to launch new products. For instance, rDialogue was purchased by Bond Brand Loyalty in February 2020. The purchase is aimed to boost the company’s growth plan in loyalty offerings and customer connections.


Key Industry Development-



  • June 2021: Antavo Limited extended its partnership with Axciom and MullenLowe Profero to offer loyalty programs to its clients.


List of Key Market Players-



  • Antavo Limited (U.K.)

  • Capillary Technologies (India)

  • Bond Brand Loyalty (Canada)

  • Comarch SA (Poland)

  • Epsilon Data Management, LLC (U.S.)

  • IBM Corporation (U.S.)

  • Salesforce.com, Inc. (U.S.)

  • Target Brands, Inc. (U.S.)

  • TIBCO Software, Inc. (U.S.)

  • VeriPark (U.K.)


Further Report Findings-


North America garnered the highest global loyalty management market share in 2021. The surging adoption of advanced software across the retail industry is a key factor driving the market expansion in North America.


According to the segmentation based on end-use, the retail segment is predicted to garner to highest growth in the market.


Table of Segmentation-


























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



By Component, Deployment, Enterprise Size, End-use, and Region



By Component




  • Software

  • Services



By Deployment




  • On-Premise

  • Cloud



By Enterprise Size




  • Large Enterprises

  • Small & Medium Enterprises (SMEs)



By End-use




  • BFSI

  • IT and Telecommunications

  • Transportation

  • Retail

  • Hospitality

  • Manufacturing

  • Media & Entertainment

  • Others (Consumer Electronics, Grocery)



By Region




  • North America (By Component, By Deployment, By Enterprise Size, By End-use, and By Country)

    • U.S. (By End-use)

    • Canada (By End-use)



  • Europe (By Component, By Deployment, By Enterprise Size, By End-use, and By Country)

    • U.K. (By End-use)

    • Germany (By End-use)

    • France (By End-use)

    • Rest of Europe



  • Asia Pacific (By Component, By Deployment, By Enterprise Size, By End-use, and By Country)

    • China (By End-use)

    • Japan (By End-use)

    • India (By End-use)

    • Southeast Asia (By End-use)

    • Rest of Asia Pacific



  • Middle East & Africa (By Component, By Deployment, By Enterprise Size, By End-use, and By Country)

    • GCC (By End-use)

    • South Africa (By End-use)

    • Rest of Middle East & Africa



  • Latin America (By Component, By Deployment, By Enterprise Size, By End-use, and By Country)

    • Brazil (By End-use)

    • Mexico (By End-use)

    • Rest of Latin America




Loyalty Management Market
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  • 2021
  • 2018-2020
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