Loyalty Management Market size 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 increasing adoption of omnichannel programs, advancements in technologies, and a growing need for competitive differentiation are major growth drivers for the loyalty management market.
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Increasing adoption of omnichannel programs is a major factor impacting the growth of the loyalty management market is the. Omni-channel programs enable brands to connect with their clients across touch points and helps customers in grabbing the opportunities rewarded for spend and engagement across channels. The programs also provide personalized communications and better customer experiences.
Managed services segment is expected to grow at a higher CAGR during the forecast period. Managed services assist clients in outsourcing the loyalty management solutions to service providers for efficiently managing their key business operations. These services are very useful for companies, which do not have internal budgets or analytical skills to implement and manage the customer experience solution. The managed service providers handle end-to-end deployment and after sales services for the solutions. Managed service providers help clients manage loyalty management operations on-premises as well as on the cloud. The prime responsibility of the managed service providers is to improve the efficiency of inbound and outbound operations cost-effectively for an enterprise.
The loyalty management market has been witnessing significant growth in China and Japan. These countries in APAC witness high adoption of loyalty management solutions and services that resolve the complex queries by customers. APAC countries have enormous potential to grow further, due to the fast adoption of technologies. To enhance their growth and expand customer base, organizations have started implementing loyalty management solution. SMEs and large enterprises in APAC have become more aware of government regulations and compliances, and started adopting AI-based solutions, proactively.
The adoption of loyalty management across verticals such as BFSI, hospitality, and retail and consumer goods have also created significant growth opportunities for the market. The businesses following the customer-centric model are a frontrunner in adopting loyalty management solutions for improving customer retention. The media and entertainment vertical are also leveraging the benefits of loyalty management solutions using its high-end capabilities. The customer centric verticals that are based on customer behaviour offer personalized solutions with the help of loyalty management solutions. The key players are focusing on inorganic strategies such as partnerships and acquisitions to tap the untapped market and drive business revenue.
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Top Key Players
In the loyalty management market, the key and emerging market players include Epsilon (US), Oracle (US) Bond Brand Loyalty (Canada), Kobie (Russia), Brierley+Partners (US), Merkle (US), Capillary (Singapore), Comarch (Poland), ICF Next (US), Maritz Motivation (US), Cheetah Digital (US), ProKarma (US), Jakala (Italy), Annex Cloud (US), Apex Loyalty (US), Fivestars (US), Kangaroo (Canada), LoyaltyLion (England), Smile.io (Canada), Yotpo (US), SailPlay (US), Zinrelo (US), Punchh (US), ClarusCommerce (US), Preferred Patron Loyalty (US), LoopyLoyalty (US), Paystone (UK), and SessionM (US).
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