Loyalty Management Market worth $22.8 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 24, 2023 /PRNewswire/ -- The global Loyalty Management Market is estimated at USD 10.2 billion in 2023 and is projected to reach USD 22.8 billion by 2028, at a CAGR of 17.5% during the forecast period, according to a new report by MarketsandMarkets™. The growing importance of customer retention and customer insights to predict customer intents is offering growth opportunities for the Loyalty Management Market in the future.
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By organization size, large enterprises are estimated to account for the largest market share in 2023.
The adoption of loyalty management solutions in large enterprises is comparatively high for SMEs, and this trend is expected to continue during the forecast period. Loyalty management solutions are deployed by large enterprises to decrease customer attrition, boost customer re-purchase, and improve the overall customer retention rate, experience, and satisfaction. Also, as compared to SMEs, loyalty management solutions were adopted earlier by large enterprises, which became a driving factor in the growth of the market.
By component, services are expected to register the fastest growth rate during the forecast period.
With the growing adoption of loyalty management solutions, their services ensure the proper implementation and integration of different solutions. Their services also assist end users in reducing overall costs, increasing overall revenues, and improving business performance, thus helping organizations to track, evaluate, and analyze the demands of their business to make appropriate decisions.
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Asia Pacific likely to emerge as fastest-growing market during forecast period
APAC is expected to have the highest growth rate in the Loyalty Management Market among all regions. Growing social media usage, increasing internet penetration, and expanding the eCommerce industry are major factors driving the adoption of loyalty programs in Southeast Asia. Vietnam and Thailand are the major driving nations, followed by Malaysia, the Philippines, Singapore, and Indonesia. The growth of SMEs in this region has led to an increase in their spending on advanced technologies, such as AI and data analytics, to compete in the Loyalty Management Market and capture further opportunities.
Market Players
The major vendors covered in the Loyalty Management Market include Giift Management (Singapore), 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), Sumup (UK), Kangaroo (Canada), LoyaltyLion (England), Smile.io (Canada), Yotpo (US), SailPlay (US), Zinrelo (US), Punchh (US), Ebbo (US), Preferred Patron (US), Loopy Loyalty (China), Paystone (UK), and SessionM (US).
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