Loyalty Management Market Revenues to expand $10.9 billion by 2024

Loyalty Management Market

The report Loyalty Management Market by Delivery Type (Standalone Program and Managed Platform), Organization Size, Deployment Mode, End-User Vertical (BFSI, Aviation, Automotive, Media and Entertainment, and Hospitality), and Region – Global Forecast to 2024″, The global loyalty management market size is expected to grow from USD 6.8 billion in 2019 to USD 10.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period.

Major growth drivers for the market include the increasing adoption of omnichannel and multi-channel programs, emergence of advanced technologies, and a growing need for competitive differentiation.

The adoption of loyalty management across verticals such as BFSI, hospitality, and retail have also created significant growth opportunities for the market. The businesses following the customer-centric model are a frontrunner in adopting loyalty management solutions for improving customer retention. The media and entertainment vertical is also leveraging the benefits of loyalty management solutions using its high-end capabilities. The customer centric verticals that are based on customer behaviour offer personalized solutions with the help of loyalty management solutions. The key players are focusing on inorganic strategies such as partnerships and acquisitions to tap the untapped market and drive business revenue.

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Key Loyalty Management Market Players

In the loyalty management market, key and emerging market players include IBM (US), Comarch (Poland), Aimia (Canada), SAP (Germany), Oracle (US), Bond Band Loyalty (Canada), Tibco (US), Salesforce (US), Maritz Holdings Inc. (US), Capillary (Singapore), ICF Next (US), Antavo (Singapore), Blue Ocean (Canada), Kobie Marketing (US), and Epsilon (US). These players have adopted various strategies to grow in the global market. They have adopted organic and inorganic growth strategies, such as new product launches, acquisitions, business expansions, and partnerships, to expand their business reach and drive their business revenue growth. Moreover, various loyalty management providers are adopting different strategies, including venture capital funding, funding through Initial Coin Offering (ICO), new product launches, acquisitions, and partnerships and collaborations, to expand their presence in the global market.

Comarch (Poland) is investing in its R&D activities to launch innovative products and aims to expand its presence across the globe. The company delivers projects in the important economy sector across verticals. The Comarch Loyalty Management (CLM) system helps its clients to enhance marketing strategy and broaden the customer base with personalized content. CLM is based on AI and ML technologies to understand the customer behavior by analyzing the individual pattern of customer preferences toward shopping cart and availing the offers, accordingly.

Aimia (Canada) offers 3 types of loyalty management solutions: Aimia loyalty platform – SaaS, Aimia loyalty platform – Enterprise, and Professional services. The loyalty units segment brings together the strategy and solutions business for individual clients, particularly platform-based business with products. The company operates globally through its subsidiaries, such as Aimia Canada Inc. (Canada), Smart Button Associates Inc. (US), Nectar Italia (Italy), Aimia Loyalty Analytics UK Limited (UK), Aimia Proprietary Loyalty (HK) Limited (Hong Kong), Aimia Proprietary Loyalty Australia Pty Ltd. (Australia), among others. Aimia has adopted systematic approach toward strengthening its loyalty management capabilities.

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