According to the new market research report ” Loyalty Management Market by Type of Solution (Customer Loyalty, Employee Retention, and Channel Loyalty), Deployment Type (On-Premises and On-Demand), Organization Size (SMEs and Large Enterprises), Vertical, and Region – Global Forecast to 2021″, published by MarketsandMarkets™, the loyalty management market is projected to grow from USD 1.68 Billion in 2016 to USD 4.59 Billion by 2021, at a CAGR of 22.2% during the forecast period, 2016 to 2021.
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Rising need for competitive differentiation among organizations to increase their market shares is one of the major drivers for the growth of the loyalty management market. Other factors driving the growth of the loyalty management market include frequent shift in consumer demographics, increasing focus of loyalty programs on customer segmentations, significant rise in use of mobile technologies, and increase in the number of cardholders.
“Among solutions, the customer loyalty segment is expected to lead the loyalty management market during the forecast period.”
Customer loyalty management solutions measure the success of a supplier in retaining a long-term relationship with its customers. Customer loyalty management solutions incline customers towards choosing a particular product against other products available in the market. Factors, such as need of the companies to obtain high return on investments (ROIs) to increase their profits and achieve competitive advantage over others to win customer loyalty are expected to drive the adoption of customer loyalty management solutions by companies, thereby fueling the growth of the customer loyalty segment of the loyalty management market during the forecast period.
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“Among verticals, the manufacturing segment of the loyalty management market is projected to grow at the highest CAGR between 2016 and 2021.”
Among verticals, the manufacturing segment of the loyalty management market is projected to grow at the highest CAGR during the forecast period. The growth of the manufacturing segment of the loyalty management market is driven by consumer-centric approach followed by the manufacturing companies, along with increased need to retain their existing customers. The manufacturing industry is expected to adopt loyalty management solutions to enhance experience of customers from the point of purchase to post-purchase services. Moreover, manufacturing companies are also expected to invest in loyalty management solutions to retain their existing customers as well as acquire new loyal customers.
“The North American region is estimated to account for the largest share of the loyalty management market during the forecast period.”
On the basis of region, the loyalty management market has been segmented into North America, Asia-Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. The North American region is estimated to account for the largest share of the loyalty management market in 2016. The growth of the North America loyalty management market can be attributed to presence of leading providers of loyalty management solutions in the region that cater to requirements of varied industries, such as BFSI, retail & consumer goods, healthcare & life sciences, and media & entertainment, among others. Presence of key companies, such as Oracle Corporation (U.S.), IBM Corporation (U.S.), Maritz Holdings Inc. (U.S.), Aimia Inc. (Canada), Fidelity Information Services (FIS) (U.S.), ICF International, Inc. (U.S.), Epsilon (U.S.), Brierley+Partners (U.S.), Kobie Marketing, Inc. (U.S.), Bond Brand Loyalty (U.S.), MicroStrategy, Inc. (U.S.), and TIBCO Software (U.S.), among others in the North American region is one of the most significant factors driving the growth of the loyalty management market in the region.
The report also encompasses different strategies, such as mergers & acquisitions, partnerships, collaborations, and new product launches adopted by various key players to increase their shares and strengthen their presence in the loyalty management market.
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