Loyalty management market size [2022-2029] Exhibitions 23.5%

Pune, India, Nov. 22, 2022 (GLOBE NEWSWIRE) — The global Loyalty management market size was valued at $4.54 billion in 2021. The market is projected to grow from $5.57 billion in 2022 to $24.44 billion by 2029, at a CAGR of 23.5% during the period of prediction.

This information is provided by Fortune Business Insights, in its report entitled “Loyalty Management Market Forecast, 2022-2029”.

KEY SECTOR DEVELOPMENTS:

August 2021 – Antavo Limited has partnered with Emakina, a digital agency company, to provide next-generation loyalty solutions to malls, stores and brands. The company’s solutions are available in North America, the Middle East and Europe.

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Report scope and segmentation

Report coverage Details
Forecast period from 2022 to 2029
CAGR forecast period from 2022 to 2029 23.5%
Value projection 2029 USD 24.44 billion
Reference year 2021
Loyalty Management Market Size in 2021 USD 4.54 billion
Historical data for from 2018 to 2020
No. of pages 150
Segments covered Component, distribution, company size, end use, and geography
Loyalty Management Market Growth Driver Increased consumer demand for customized solutions to fuel market expansion

Investments in Growth in Research and Development in Loyalty Management Growth

The COVID-19 pandemic has adversely affected the markets of various sectors due to mandatory closures, government restrictions and the closure of consumer electronics stores and malls. However, various semiconductor component manufacturers wanted to capitalize on R&D efforts for emerging IP products during the pandemic. This has produced a colossal demand for loyalty management products during the pandemic.

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Drivers and Restrictions-
Increased consumer demand for customized solutions to fuel market expansion
Loyalty and customer experience are closely linked to each other. The incorporation of advanced technologies, such as machine learning and artificial intelligence, further amplifies the accuracy of your loyalty management software. Their growing adoption to improve processes is expected to fuel the growth of the global loyalty management market.
Furthermore, the growing demand for customized solutions is likely to boost market development in the coming years. To enhance the consumer experience, companies are implementing personalized and personalized features to attract and retain customers. For example, Flooid Hub partnered with HTK Limited in October 2020 to provide a bespoke incentive scheme for digital and in-store retail.
However, strict government laws may hamper the market expansion during the forecast period.

Report coverage

It showcases a meticulous study of the COVID-19 pandemic.

Embrace insights into the crucial drivers and constraints of market expansion.

It provides in-depth analysis of the growth rate and market size in regional and global markets.

It offers insights into the latest developments in the industry.

It includes a detailed description and analysis of various segments of the loyalty management market.

Segments-
Strongly growing software segment due to growing demand for customized programs
Based on components, the market is forked into services and software. The growing demand for customized and customized programs is expected to drive growth of the software segment in the coming years.

The cloud segment will see strong growth due to cost-effective program design solutions
Based on deployment, the market is split into cloud and on-premises. The growing deployment of cloud-based services through affordable program design solutions is expected to support the development of the segment.

The large enterprise segment is expected to dominate due to the high emphasis on customer retention
Based on company size, the market is segmented into large enterprises and small and medium-sized enterprises. Increasing purchase frequency and large customer bases are expected to fuel the growth of the large enterprise segment.

The retail segment will show immense growth due to increased competition
Based on end use, the loyalty management market is fragmented into Media & Entertainment, Manufacturing, Hospitality, Retail, Transportation, IT & Telecom, BFSI, and others. Increasing competition in the retail sector due to increased frequency of purchases is expected to drive growth in the retail segment.

Geographically, the market is categorized into North America, Europe, Latin America, Asia Pacific & Middle East and Africa.

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Regional Insights-
North America dominates the global market due to the increase in software adoption
North America is expected to achieve the highest growth in the global loyalty management market share. The growing adoption of advanced software in the retail industry is a key factor driving market expansion in North America.
Asia Pacific is expected to achieve rapid growth due to the growing emphasis of organizations and merchants on improving customer experience. China is expected to lead the region’s market growth.

List of Major Market Players-

  • Antavo Limited
  • Capillary technologies
  • Bond brand loyalty
  • Comarch SA
  • Epsilon Data Management, LLC
  • IBM company
  • Salesforce.com, Inc.
  • Target Brands, Inc.
  • TIBCO Software, Inc.
  • VeriPark

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