Loyalty Management Market to Soar at 19.9% CAGR till 2027; Growing Influence of Social Media Platforms among Consumers to Fuel the Market: Fortune Business Insights™

Pune, Dec. 01, 2020 (GLOBE NEWSWIRE) — The global loyalty management market size is projected to reach USD 10.02 billion by 2027, exhibiting a CAGR of 19.9% during the forecast period. Rising importance of loyalty management during the current COVID-19 pandemic will be a crucial factor driving the market growth, states Fortune Business Insights™ in its report, titled “Loyalty Management Market Size, Share and Covid-19 Impact Analysis, By Type (Customer Retention, Customer Loyalty, and Channel Loyalty), By Deployment (On-Premise and Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Industry (Banking, Finance, Security and Insurance (BFSI), IT and Telecommunications, Transportation, Retail, Hospitality, Manufacturing, Media & Entertainment, and Others) and Regional Forecast, 2020-2027”.Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Viewing the on-going crisis as a lucrative opportunity, companies, brands, and retailers across the board are designing attractive loyalty solutions in the form of discounts, free shipping, and virtual proximity to retain customers. For instance, the Italian luxury fashion retailer, LuisaViaRoma modified its return policy, changing it from 30 days to 60 as the coronavirus ravaged the country. In the UK, a beer company called BrewDog converted its bars into virtual pubs to maintain the visibility and closeness of its brand to its loyal customers. The COVID-19 outbreak, therefore, is generating unique opportunities for businesses to launch novel loyalty programs to retain their customers and attract new ones.The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments as well as several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.As per the report, the market value stood at USD 2.47 billion in 2019. The report also shares the following:An exhaustive study of all market segments;Careful analysis of the market drivers, trends, and growth opportunities;Comprehensive assessment of the challenges facing the market; andDetailed examination of the regional developments and competitive landscape of the market.
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Market DriverBlending of Loyalty Programs with Artificial Intelligence to Open New Growth DimensionArtificial Intelligence (AI) and technologies related to it are being rapidly adopted in multiple industries to optimize their most essential processes. The domain of loyalty management occupies central place in most sectors, primarily those where customer interface is frequent. Integration of AI with loyalty platforms is one of the top trends in this market as AI aids companies to analyze customer behavior and predict their purchase patterns. This ability of AI also allows businesses to offer personalized products and services to their customers. For example, UK-based HSBC Holdings leveraged AI to offer reward points for customers, aligned with their purchase behavior. Similarly, the US pharmacy franchise, Walgreens, personalizes its offers based on customers’ purchase history and also keeps them posted about relevant events and discounts of the company. Increasing adoption of AI by brands to ensure customer loyalty is, thus, expected to fuel the loyalty management market growth in the forthcoming years.
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Regional InsightsNorth America to Have a Tight Hold on Market Share; Europe to Display Considerable GrowthNorth America boasted a market size of USD 0.81 billion in 2019 and is expected to lead the loyalty management market share during the forecast period. The foremost reason for the region’s commanding hold on the market is the presence of a robust retail sector in the US and Canada. Retail giants such as Walmart and Costco are actively adopting AI and Machine Learning (ML) to enhance customer satisfaction and ensure customer retention, which is fueling the regional market.In Europe, personalized loyalty management programs are gaining popularity, especially in France, Italy, and the UK, with brands in these countries increasingly investing in AI for improved customer engagement. The market in Asia Pacific is expected to grow at an impressive CAGR as retailers in the region are focused on enhancing customer experience through advanced loyalty programs.Competitive LandscapeLeading Players to Focus on Optimizing Customer SatisfactionKey players in this market are accomplishing the challenging task of retaining loyal customers by launching novel loyalty management programs and offerings. These programs comprise of various discounts, cash-back offers, attractive exchange and return options, and enhanced services for frequent buyers.Industry Developments:April 2020: US-based ACI Worldwide announced the provision of its ACI Issuer solution to financial institutions during the COVID-19 pandemic. The product is card management system that supports all types of card payments and features advanced analytics, along with loyalty management and reporting.September 2019: The US retail bigwig, Target Corp., declared the expansion of its customer loyalty program, Target Circle, across the country. Intended to capitalize the upcoming holiday season, the program is available for free for all customers and offers 1% redemption on purchases, early access to sales, and personalized offers and deals.List of Players Profiled in Loyalty Management Market Report:VeriParkTarget Brands, Inc.Oracle CorporationKobieIBM CorporationComarch SABond Brand LoyaltyAntavoTIBCO Software, Inc.Maritz Motivation, Inc.ICF International, Inc.Epsilon Data Management, LLC.Capillary TechnologiesBlue Ocean Contact Centers, Inc.Aimia, Inc.Quick Buy: Loyalty Management Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101166Detailed Table of ContentIntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints, and OpportunitiesEmerging TrendsKey InsightsMacro and Micro Economic IndicatorsImpact of COVID-19Short-term ImpactLong-term ImpactKey Industry Developments – In Response to the COVID-19 ImpactConsolidated SWOT Analysis of Key PlayersPorter’s Five Force AnalysisGlobal Loyalty Management Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Size and Forecast – By Type (Value)Customer RetentionCustomer LoyaltyChannel LoyaltyMarket Size and Forecast – By Deployment (Value)On PremiseCloudMarket Size and Forecast – By Enterprise Size (Value)Large EnterprisesSmall & Medium EnterprisesMarket Size and Forecast – By End User (Value)BFSIIT and TelecommunicationsRetailTransportationHospitalityManufacturingMedia & EntertainmentOthersMarket Size and Forecast – By Region (Value)North AmericaEuropeAsia PacificMiddle East & AfricaLatin AmericaTOC Continued
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