Global Loyalty Management Market Report 2023: Increasing Need for Client Retention Strategies and Greater Use of Mobile and Social Technologies Bolsters Growth
Global Loyalty Management Market
Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Global Loyalty Management Market by Component (Solutions & Services), Organization Size, Deployment Type, Operator (B2B, B2C), Vertical (BFSI, Aviation, Automobile, Media & Entertainment, Retail & Consumer Goods, Hospitality) & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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%.
Businesses' increasing need for client retention strategies and their greater use of mobile and social technologies, which enable more individualized and engaging loyalty programs, are both driving factors in the market. The growing significance of customer data and analytics also helps companies better understand and interact with their clients.
By Operator, B2C segment to hold largest market size during forecast period
The B2C segment includes businesses that sell directly to consumers, which represents a significant portion of the overall market. Consumers are becoming increasingly demanding when it comes to personalized experiences and rewards, which makes effective loyalty management programs essential for businesses in the B2C sector. Additionally, the B2C segment is characterized by a high level of competition, which makes loyalty management programs a key differentiator for businesses looking to stand out from their competitors. The adoption of mobile and digital technologies has made it easier for businesses in the B2C sector to implement and manage loyalty programs, which is expected to drive growth in this segment.
By Vertical, BFSI segment to hold largest market size during forecast period
The BFSI is highly competitive, and customer loyalty is critical for businesses in this sector. To maintain and grow their market share, this sector has a large and diverse customer base, which makes it important for businesses to offer personalized experiences and rewards to their customers. The BFSI is characterized by complex regulatory requirements and security concerns, which makes it important for loyalty management solutions to be secure and compliant with industry standards. The adoption of loyalty management solutions can help BFSI businesses to streamline their operations, reduce costs, and improve customer satisfaction. The BFSI has also been quick to adopt new technologies, such as mobile and digital solutions, which can be used to deliver more personalized loyalty programs to customers.
Asia-Pacific to register highest growth rate during forecast period
Asia-Pacific's large and growing population, with increasing purchasing power and the rapid adoption of mobile and digital technologies, makes it an attractive market for businesses looking to implement loyalty management programs. Asia-Pacific is home to several emerging economies experiencing rapid growth in sectors such as e-commerce and retail, which can benefit from effective loyalty management programs. Furthermore, there is a growing trend of consumers in Asia-Pacific demanding personalized experiences and rewards from businesses, which makes loyalty management programs essential for companies looking to retain customers and stay competitive.
No. of Pages
2023 - 2028
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Loyalty Management Market, by Offering
6.2 Offering: Recession Impact on the Market
7 Market, by Operator
7.2 Operator: Recession Impact on the Market
8 Loyalty Management Market, by Deployment Type
8.2 Deployment Type: Recession Impact on the Market
9 Loyalty Management Market, by Organization Size
9.2 Organization Size: Recession Impact on the Market
9.4 Large Enterprises
10 Market, by Vertical
10.2 Vertical: Recession Impact on the Market
10.6 Media and Entertainment
10.7 Retail and Consumer Goods
10.9 Others (Education, Healthcare, and Telecom)
11 Loyalty Management Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent and Related Markets
Bond Brand Loyalty
Preferred Patron Loyalty
For more information about this report visit https://www.researchandmarkets.com/r/u9qt6s
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