Global Loyalty Management Market 2020-2025: Opportunities in the Growing Importance of Customer Insights to Predict Customer Intents & Increasing Investment in Customer Success Platform Start-Ups
DUBLIN, March 29, 2021 /PRNewswire/ -- The "Loyalty Management Market by Component (Solutions and Services), Organization Size (Large Enterprises and SMEs), Deployment Type, Operator (B2B and B2C), Application (Web and Mobile), Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Loyalty Management Market Size Is Expected To Grow from USD 7.6 Billion in 2020to USD 15.5 Billion by 2025, at a CAGR of 15.3%
Increasing adoption of omnichannel and advanced technologies to drive the loyalty management market
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.
Large Enterprises segment to dominate the market during the forecast period
Organizations with over 1,000 employees are categorized as large enterprises. The adoption of customer engagement solutions in large enterprises is higher as compared to small & medium enterprises, and this trend is expected to continue during the forecast period. Large enterprises deploy loyalty management solutions to improve customer retention rate, decrease customer attrition, boost customer re-purchase, and mostly enhance their customer experience and satisfaction.
Large enterprises encompass distributed data related to customers scattered across different departments and are, hence, opting for robust loyalty management solutions to manage the loyalty lifecycle of a wider customer base and gain valuable insights from this data. Large enterprises are keen on investing in new and latest technologies such as AI, ML, and Big Data to automate the loyalty management process.
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.
COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
The following key vendors are profiled in the report:
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SOURCE Research and Markets