Global Loyalty Management Market Report 2022-2026 - Opportunities in Increasing Investment in Customer Success Start-Up Platforms & Rising Application of Big Data and Machine Learning
DUBLIN, May 6, 2022 /PRNewswire/ -- The "Loyalty Management Market by Component (Solutions and Services), Organization Size (Large Enterprises and SMEs), Deployment Type, Operator (B2B and B2C), Vertical, and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global loyalty management market size is expected to grow from USD 8.6 billion in 2021 to USD 18.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.3% during 2021-2026.
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 one of the most important 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 type, 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).
Among organization size, Large Enterprise 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.
Among regions, North America to hold the largest market size in 2021
North America to hold the largest market size in 2021. The region constitutes developed economies, such as the US and Canada, which have fairly adopted the latest instruments in domains, such as customer data analytics and real-time reporting, besides incorporating advanced technologies, such as ML and AI, thus making organizations in these economies excel in the loyalty management marketspace.
The region has the highest adoption of loyalty management solutions due to the technological advancements and the presence of a large number of retailers with a wide range of loyalty programs. Loyalty management is an approach utilized by companies to attract and retain customers. It enhances the value of the company or the organization and develops and maintains healthy relationships between customers and companies
Trends/Disruptions Impacting Buyers
Case Study Analysis
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SOURCE Research and Markets