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Loyalty Management Market to Reach $18.22 Billion by 2028; Rising AI Application in Innovative Solutions to Propel Market Growth

October 29, 2021 | Information & Technology

The global loyalty management market size is anticipated to exhibit striking growth by hitting USD 18.22 billion by 2028. Fortune Business Insights™ has presented this information 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, Small & Medium Enterprises), By End Use (BFSI, IT and Telecommunications, Transportation, Retail, Hospitality, Manufacturing, Media & Entertainment, and Others), and Regional Forecast, 2021-2028”, and observes that the market size stood at USD 3.65 billion in 2020 and is likely to exhibit a CAGR of 22.4% between 2021 and 2028. The rising Artificial Intelligence (AI) application to develop innovative solutions and the growing investments in customer rewarding solutions by retail, hospitality, BFSI, media & entertainment, and other industries are expected to bolster the growth of the market.


Bond Brand Loyalty’s Acquisition of rDialogue to Foster Market Growth


In February 2020, Bond Brand Loyalty, a global loyalty management and customer experience company, announced the acquisition of rDialogue, an Atlanta-based customer marketing company. Bond Brand Loyalty incorporates a distinct blend of loyalty mechanics, data science, human-centered design, and technology to create a meaningful impact for brands and their customers. The company aims to augment its growth in loyalty services and customer relationships through this acquisition.


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


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


Rising AI Application in Ingenious Solutions to Propel Market Growth


Key players are integrating advanced technologies into their loyalty platforms. The integration of advanced technologies such as machine learning and AI is helping in the transformation of loyalty management solutions. Retailers can get insights that help enhancing experience, interaction, and overall sales. Customers show more interest in personalized promotions, coupons, and recommendations. Moreover, AI can monitor multiple transactions and detect and eliminate fraudulent attacks. Hence, the rising AI application to develop ingenious solutions is anticipated to bolster the global loyalty management market growth.


Key Players Focus on Product Portfolio Expansion to Accumulate Growth


The key players emphasize product portfolio expansion through continuous development. They focus on using advanced technologies such as AI, machine learning, cloud computing, and others to introduce advanced loyalty management solutions to the market. To strengthen their market positions globally, the key players adopt ingenious growth strategies, including technological advancements, patents, new product launches, partnerships, mergers, acquisitions, and others. For instance, in February 2020, Bond Brand Loyalty announced the acquisitions of rDialogue, an Atlanta-based customer marketing company. The company aims to augment its growth in loyalty services and customer relationships through this acquisition.


Industry Developments-



  • June 2021: Antavo Limited announced the extension of its collaboration with Acxiom and MullenLoew Profero to provide loyalty solutions for its clients. The partnership provides combined solutions, including integration services, loyalty engagement, design concepts, and intelligence.


Key Players in this Market are:



  • Antavo Limited (London, U.K.)

  • Capillary Technologies (Bangalore, India)

  • Bond Brand Loyalty (Toronto, Canada)

  • Comarch SA (Kraków, Poland)

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

  • IBM Corporation (New York, U.S.)

  • Salesforce.com, Inc. (California, U.S.)

  • Target Brands, Inc. (Minneapolis, U.S.)

  • TIBCO Software, Inc. (California, U.S.)

  • VeriPark (London, U.K.)


Further Report Findings-



  • The market size in North America stood at USD 1.23 billion in 2020 and is projected to gain the largest portion of the global loyalty management market share. The swift adoption of loyalty platforms over the past decade is anticipated to be the factor responsible for the market's rapid growth.

  • Moreover, product discounts, cashback or rebates, free shipping, and free products are some monetary favors that are highly favored by the populace in the region. According to Oracle’s report for 2020, approximately 72% of millennials redeemed loyalty programs. This is likely to augment the growth in North America in the coming years.

  • According to the segmentation based on components, the software segment is anticipated to witness the highest growth in the global market. The software can identify potential loyal and repeat customers of brands. They can also provide customized rewards based on customer’s purchase patterns and history, which is likely to be a factor driving the growth of the segment.


REPORT SCOPE & SEGMENTATION






















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD billion)



Segmentation



Component, Deployment, Enterprise Size, End Use, and Geography



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, Etc.)



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




  • The 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 the 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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