DUBLIN, Feb. 23, 2024 /PRNewswire/ — The “Loyalty Management – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Loyalty Management Market to Reach $13.7 Billion by 2030
The global market for Loyalty Management estimated at US$7.3 Billion in the year 2022, is projected to reach a revised size of US$13.7 Billion by 2030, growing at a CAGR of 8.2% over the analysis period 2022-2030. Customer Loyalty, one of the segments analyzed in the report, is projected to record 7.9% CAGR and reach US$8.9 Billion by the end of the analysis period. Growth in the Employee Retention segment is estimated at 9.4% CAGR for the next 8-year period.
The report begins with influencer market insights, offering perspectives from key figures shaping the loyalty management market. It then outlines the trajectories of the world market, considering factors such as the impact of COVID-19 and the potential implications of a looming global recession. In terms of competition, it provides the global key competitors’ percentage market share in 2022 for loyalty management. Additionally, it categorizes the competitive market presence of players worldwide in 2022 as strong, active, niche, or trivial.
Customer relationship management (CRM) is introduced as a fundamental concept, emphasizing the importance of loyalty management programs within CRM strategies. The report highlights loyalty management programs as vital tools for effective CRM. Looking ahead, the outlook for the global loyalty management market is described as steady long-term growth. Standalone programs are identified as the most widely used loyalty management programs, with segments such as cloud, customer analytics, and B2C solutions expected to lead the market.
The U.S. Market is Estimated at $2.1 Billion, While China is Forecast to Grow at 10% CAGR
Geographically, the US and Europe are noted to dominate the global loyalty management market, with the Asia-Pacific region expected to witness gains.
The Loyalty Management market in the U.S. is estimated at US$2.1 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2030 trailing a CAGR of 10% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.5% and 6.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 8.3% CAGR.
The competitive landscape and recent market activity are analyzed, providing insights into the current state of the market and recent developments. Finally, the report considers the impact of COVID-19 and the potential effects of a looming global recession on the loyalty management industry.
MARKET TRENDS & DRIVERS
Transition from Product- to Customer-Centric Strategy Takes Centerstage
Adoption of Mobile Applications Spurs Market Growth
Smartphone Users as % of Global Population for the Period 2018-2022
Increasing Adoption of Omnichannel and Multichannel Programs
Emergence of Advanced Technologies to Foster Market Expansion
Increased investments in Loyalty System Technology
Growing Need for Competitive Differentiation Drives Organization to Adopt Loyalty Management
Growing Role of Big Data and Analytics in Loyalty Management
AI, Blockchain, and IoT: Emerging Technologies with Tremendous Potential for Loyalty Management Market
Rising Sophistication of Online Reward Management Solution
Rising Prominence of Loyalty Management for E-Commerce Businesses
Global E-Commerce Market as a % of Retail Sales for the Period 2017-2023
Banking & Financial Services Enterprises Prioritize Loyalty Management Adoption
Insurance Agencies Seek CRM Capability for Effective Collaboration
Select Recent Launches in the Loyalty Management Space
Salesforce: One of the Best CRM Platforms with Several Loyalty Management Solutions
FOCUS ON SELECT PLAYERS (Total 92 Featured)
Annex Cloud
Apex Loyalty
Bond Brand Loyalty Inc.
Brierley+Partners
Comarch SA
Jakala S.p.A.
Kangaroo Rewards
Kobie Marketing
Loopy Loyalty
Paystone
Smile, Inc.
SumUp Inc.
Yotpo, Inc.
Zinrelo
For more information about this report visit https://www.researchandmarkets.com/r/z2cxvo
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SOURCE Research and Markets
