“Latest Market Overview for Loyalty Management Market Research Report 2018-2023 with CAGR XX%
Global Loyalty Management Market Report 2018 provides actionable intelligence on factors that have been driving demand; key trends that are impacting the Loyalty Management market; challenges that affect the market dynamics along with the market size, a SWOT analysis of the key vendors, and various segments.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Aimia Inc.
- IBM Corporation
- Oracle Corporation
- Comarch SA
- SAP SE
- Epsilon Data Management LLC
- Fidelity Information Services Inc.
- TIBCO Software
- Martiz Holdings Inc.
- Kobie Marketing Inc.
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Description of Loyalty Management Market: The global loyalty management market was valued at USD 2160.06 million in 2017, and is expected to reach a value of USD 6823.01 million by 2023, at a CAGR of 21.13% over the forecast period (2018 – 2023).
Loyalty management is adopted by key companies across various industry verticals, whose primary focus is on client retention and further building of sustainable customer relationships. Moreover, high cost of customer acquisition is forcing companies to develop their own business model, focusing on client retention. The market has been driven by the need for a customer centric strategies as well the increasing number of card holders across the globe. However, the lack of awareness about loyalty programs is expected to hinder the growth of the loyalty management market.
Implementation Of A Customer-Centric Approach Across Businesses
In a shift from product-centric strategies, businesses across major industry verticals are gradually shifting toward customer-centric approaches. It has been observed that, regardless of time, creating customer value and putting customers first—beyond a simple customer focus—generates the greatest and lasting business value. As loyalty management revolves around pleasing/rewarding an organization’s repeat customers, developing customer-centric strategies has become necessary to keep the customer retention rate high, thus driving the demand for loyalty management programs.
One of the examples of customer-centric companies is Amazon, which has 310 million active user accounts, as of 2016. They identify the customers who shop the most from their huge client base. These customers are rewarded as a part of the loyalty program in the form of gift cards and discount on several products.
France To Witness Fastest Growth In The European Region
France has the lowest card penetration in Western Europe, with less than one payment card per person in circulation. However, the emergence of new channels, such as NFC payments, are expected to aid the market for loyalty management. Recently, retailers in the country have launched a pair of pilots with an NFC option, one for loyalty and the other to identify customers when customers pick up purchases after shopping online from home. Also, being the third most popular destination for cross-border online shopping and holiday destination among the European countries, topped only by the United Kingdom and Germany, merchants in this region are adopting loyalty management services to attract more tourists. According to the association, Francaise du Sans Contact Mobile, approximately one million NFC-enabled handsets have been sold, and the figure was estimated at 2.5 million handsets in 2016. Major companies in this region are offering rewards or loyalty points to customers to increase the usage of NFC payments. In 2016, France’s e-Commerce market reached USD 42 billion and is projected to surpass USD 56.45 billion by 2020. The amount of digital buyers in the country is growing steadily, with over 30 million providing opportunities for the market players.
BFSI Sector to Hold a Lion’s Share of the Market
In a highly competitive, complex, and dynamic banking industry, slight differences in financial services and products can matter. This, together with an increasingly demanding customer base, has led to the transformation of the industry toward adopting loyalty management solutions. Reward points programs offered by credit cards are one of the most active zones in the reward and incentive space. Loyalty management has been the stronghold for the banking industry, as vendors look to attain a high customer retention rate. It has been proven that more than 35% of the consumers believe that reward points/cashback incentives, among others, are the major factors that play vital role in influencing consumer preference while choosing among the banks for credit cards. Loyalty programs can be further enhanced through digitization. Most of the customers like to earn points with family and friends, but presently, only around one-fifth of the banks provide this capability. Therefore, banks can focus on providing customers with the ability to send and receive reward points using their mobile banking apps, which may further enhance consumer interest.
The key players in this market include: Aimia Inc., IBM Corporation, Oracle Corporation, Comarch SA, SAP SE, Epsilon Data Management LLC, Fidelity Information Services Inc., TIBCO Software, Martiz Holdings Inc., and Kobie Marketing Inc.
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The Global demand for Loyalty Management Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Following market aspects are enfolded in Global Loyalty Management Market Report:
- A wide summarization of the Global Loyalty Management Market.
- The present and forecasted regional market size data based on applications, types, and regions.
- Market trends, drivers and challenges for the Global Loyalty Management Market.
- Analysis of company profiles of Top major players functioning in the market.
Loyalty Management Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Loyalty Management Market players in detail. Loyalty Management Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Which are the important factors that are mentioned in the Loyalty Management Market report 2023?
- Key Market Dynamics: The Global Loyalty Management Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
- Major Growth Prospects:The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
- Key Market Highlights: The report gives us an in-depth Market analysis on some of the Loyalty Management Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
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The growth of this market worldwide is subjected to various factors; including consumer world-class Loyalty Management Market of many Loyalty Management Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
Conclusively, this report will provide you a clear view of each fact of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.