The Loyalty Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Loyalty Management Global Market Report 2024, The loyalty management market size has grown rapidly in recent years. It will grow from $9.55 billion in 2023 to $11 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to customer retention focus, card-based loyalty programs, competitive differentiation, data-driven insights, e-commerce growth, customer experience enhancement, globalization of markets.
The loyalty management market size is expected to see rapid growth in the next few years. It will grow to $20.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to sustainability and ethical practices, real-time engagement, gamification elements, voice and conversational interfaces, environmental and social responsibility. Major trends in the forecast period include personalization and ai, blockchain for loyalty programs, subscription-based models, digital wallet integration, cross-industry collaboration, voice and conversational interfaces.
The rise in the number of cardholders and the use of reward points is driving the growth of the loyalty management market. Businesses utilize customer loyalty cards to encourage clients to return to their stores for repeat business. Customer loyalty cards also provide insight into customer purchasing habits, allowing businesses to evaluate customized incentives. For instance, according to a 2022 Customer Loyalty Data Survey conducted on 1,276 U.S. consumers by Clarus Commerce, 61% of customers reported that after obtaining better incentives, they’ve switched from a brand they regularly use to a brand that offered better incentives. Also, in India, the banking system reported nearly 1.1 million new credit card additions in September 2021, with a 57% increase in credit card spending over the previous year. Therefore, a rise in the number of cardholders and the use of reward points is driving the growth of the loyalty management market.
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The loyalty management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Organization Type: Small & Medium-Sized Enterprises, Large Enterprises
4) By End Use: BFSI, IT, Telecommunication, Transportation, Retail, Hospitality, Media And Entertainment, Other End-Users
Major companies operating in the loyalty management market are developing innovative solutions such as global loyalty programs to gain a competitive edge in the market. Global loyalty programs refer to structured initiatives designed by businesses or organizations that span international markets and aim to build and maintain customer loyalty. For instance, in April 2022, InterContinental Hotels Group, a UK-based hospitality company, launched IHG One Rewards, supported by an enhanced mobile app. The program introduces a new tier and bonus-point earning structure, aiming to accelerate point accumulation for members and expedite reward redemption. The benefits include free breakfast for Diamond Elite members, exclusive access to reward night discount promotions, and enhanced privileges for Elite members, such as early check-in, late checkout, and room upgrades. Additionally, IHG One Rewards features Milestone Rewards, allowing members to choose rewards every 10 nights, starting from 20 nights stayed. The program is part of IHG's significant investment in enhancing guest experiences and loyalty offerings.
The loyalty management market report table of contents includes:
1. Executive Summary
2. Loyalty Management Market Characteristics
3. Loyalty Management Market Trends And Strategies
4. Loyalty Management Market - Macro Economic Scenario
5. Global Loyalty Management Market Size and Growth
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31. Loyalty Management Market Other Major And Innovative Companies
32. Global Loyalty Management Market Competitive Benchmarking
33. Global Loyalty Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Loyalty Management Market
35. Loyalty Management Market Future Outlook and Potential Analysis
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