Loyalty Management Market to Reach USD 9753.3 Million by 2027 at a CAGR of 16.9% | Valuates Reports
BANGALORE, India, Nov. 22, 2021 /PRNewswire/ -- The Loyalty Management Market is Segmented by Type (Customer Loyalty, Employee Retention and Channel Loyalty), by Application (BFSI, Travel & Hospitality, Consumer Goods & Retail). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Consumer Resources Category.
The global Loyalty Management market size is projected to reach USD 9753.3 Million by 2027, from USD 3269.3 Million in 2020, at a CAGR of 16.9% during 2021-2027.
Major factors that are driving the growth of the Loyalty management market are:
The Loyalty management market is projected to be driven by an increase in the use of loyalty programs by various organizations. Due to their benefits, many businesses are focusing their spending on loyalty programs. Expansion of coverage to everyday consumer spending, new rewards that boost the scope for consumer reaction and retention, and partnership potential for enhanced services are among the options.
Furthermore, the loyalty management market is likely to be driven by factors such as the rising adoption of omnichannel and multi-channel programs, technological advances, and a growing need for competitive differentiation.
TRENDS INFLUENCING THE GROWTH OF LOYALTY MANAGEMENT MARKET
The loyalty management market is predicted to develop in response to increased demand for enhanced solutions to track customer ratings, improve customer engagement and reduce customer acquisition cost . Customers that are experiencing churn or who want to extend their customer base use loyalty management solutions to acquire real-time visibility into their health by employing algorithms and rules to estimate the likelihood of subscription renewal. Customers' behavior is used to construct profiles of them, which are then analyzed to determine consumer engagement, frequency of use, and subscription usage. As a result of the analysis, Customer Service Managers (CSMs) can build campaigns and plans to target specific consumers in order to increase customer engagement, retention, and satisfaction. It also aids in raising revenue and the economic worth of a company's investment.
The global pandemic of COVID-19 had a beneficial impact on the loyalty management market in terms of software adoption. Almost all industries, including transportation, retail, hotel, and banking, were interrupted as a result of the nationwide lockdown. During the epidemic, customers' purchasing habits changed dramatically. According to a survey, 45 percent of American buyers changed their brand preferences as a result of the crisis. Customers have switched to larger e-commerce firms such as Amazon, Target, Aldi, Walmart, and others for basic things, according to the survey. As a result, loyalty management solutions were adopted by merchants across the board.
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LOYALTY MANAGEMENT MARKET SHARE ANALYSIS
Based on type, the Customer Loyalty segment held the largest sales value of approximately 1330.99 million USD in 2017, with 66.76% of global sales volume. Customer loyalty is defined as an ongoing emotional bod between an organization and its customer, manifested by a customer's willingness to engage with and purchase from the organization over and over again, as opposed to the competition.
Based on application, the retail segment is expected to be the most lucrative. The retail industry's severe rivalry is encouraging the adoption of customer-rewarding solutions. Furthermore, because the business is increasingly transaction-oriented and purchases are made more frequently, the loyalty program aids in increasing sales and revenue growth.
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LOYALTY MANAGEMENT MARKET SEGMENTATION
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- The global Retail Bank Loyalty Program market size is projected to reach USD 1435.4 Million by 2027, from USD 1022.4 Million in 2020, at a CAGR of 5.0% during 2021-2027.
- The global Customer Experience Management market size is projected to reach USD 27790 Million by 2027, from USD 9500.4 Million in 2020, at a CAGR of 16.6% during 2021-2027.
- The global Complaint Management Software market size is projected to reach USD 2853.9 Million by 2027, from USD 1798.2 Million in 2020, at a CAGR of 6.4% during 2021-2027.
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