Latest News
Loyalty Management Market worth $25.4 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, April 26, 2024 /PRNewswire/ — Blockchain technology, sustainability-focused initiatives, subscription-based business models, and digital transformation will all have a significant impact on the Loyalty Management Market in the future. Data analytics will also drive personalised experiences in this market. In order to increase consumer engagement and loyalty, ecosystem collaborations, gamification, and voice-activated loyalty programmes will all be crucial. For firms to adjust to changing market trends and consumer tastes, regulatory compliance and ongoing innovation are crucial.
The Loyalty Management Market is expected to reach USD 25.4 billion by 2029 from USD 11.4 billion in 2024, at a CAGR of 17.3 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “Loyalty Management Market”
326 – Tables
47 – Figures
275 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=172873907
Scope of the Report
|
Report Metrics |
Details |
|
Market size available for years |
2018-2029 |
|
Base year considered |
2023 |
|
Forecast period |
2024–2029 |
|
Forecast units |
Value (USD) Million/Billion |
|
Segments Covered |
By Offering, Solution, Services, Operator, Vertical and Region |
|
Region covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
|
Companies covered |
The major players in the Loyalty Management Market are Epsilon (US), Oracle (US), Comarch (Poland), ICF Next (US), Bond Brand Loyalty (Canada), Merkle (US), Capillary (Singapore), Jakala (Italy), Kobie (US), Giift Management (Singapore), Maritz Motivation (US), Cheetah Digital (US), Collinson (UK), Loyalty One (Canada), Punchh (US), Ebbo (US), Preferred Patron (US), Loopy Loyalty (China), Paystone (UK), LoyLogic (Switzerland), Ascenda (Singapore), Loyalty Juggernaut (US), Gratifii (Australia), SAP SE (Germany), Annex Cloud (US), Apex Loyalty (US), Sumup (UK), Kangaroo (Canada), Smile.io (Canada), SessionM (US), LoyaltyLion (UK), Yotpo (US), SailPlay (US), and Zinrelo (US). |
Loyalty management has evolved into a crucial component of business strategy worldwide. Businesses across various industries are increasingly adopting sophisticated loyalty management solutions to enhance customer engagement, drive repeat purchases, and foster brand loyalty. With the proliferation of digital channels and the rise of personalized customer experiences, loyalty programs have become more targeted and data-driven, leveraging advanced analytics and artificial intelligence to deliver tailored rewards and incentives.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=172873907
The professional services segment contributed the largest market share in the Loyalty Management Market during the forecast period.
Professional service providers manage a part or the entire loyalty management lifecycle for enterprises, thereby comprehending business constraints and providing major insights that help these companies optimally utilize all available resources and make the most of their technological investments. The growth in the professional services segment is governed by the complexity of operations and the deployment of loyalty management solutions. It also provides support services throughout the business tenure and creates a relationship with the organization. These services help the marketing and operations teams enhance customer experience and raise ROIs as they are customized, easily applicable, and assure availability and performance to the maximum extent.
The BFSI vertical segment is estimated to hold the largest market size during the forecast.
The BFSI vertical requires loyalty management solutions to analyze data based on touchpoints, enabling brands to offer a personalized experience. A study by Accenture found that 75% of consumers expect brands to personalize their experiences, highlighting the growing demand for tailored interactions. This is particularly true in the BFSI sector, where customers expect products, services, and communication to be relevant to their individual needs and financial goals. This sector has incorporated data analytics and AI to deliver loyalty programs and increase customer engagement. There has been a continuous technological revolution in the banking sector in the form of Automated Teller Machines (ATMs), core banking, eBanking, and mobile banking, which gave rise to various services, such as Real-Time Gross Settlement (RTGS), Centralized Funds Management System (CFMS), National Electronic Funds Transfer (NEFT), and the use of credit, debit, and smart cards. Hence, banking and financial institutions are expected to invest greater resources in the market to focus on providing better loyalty programs to their customers.
Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.
Asia Pacific, home to nearly 40% of the world’s population, is witnessing diverse implementations of loyalty management technologies. The Asia Pacific region is undergoing a notable surge in adopting loyalty management, driven by the flourishing economies of India, China, Japan, Australia, and New Zealand. The rising prevalence of internet access and the escalating per-user engagement online have prompted organizations to bolster their presence in the loyalty management sector by leveraging digital channels, including social media, websites, emails, virtual assistants, and call centers. Loyalty management solutions are adopted by many companies across industry verticals, whose primary focus is on client retention and further building sustainable customer relationships through these programs. Increasing customer retention also boosts profit margins and brings a stable source of income. Deploying a loyalty program entails an investment; however, strategies aimed at customer retention are more cost-effective than efforts directed at acquiring new customers. The surge in social media usage, the proliferation of internet access, and the expansion of the eCommerce sector constitute significant catalysts propelling the adoption of loyalty programs across Southeast Asia. Vietnam and Thailand emerged as the primary drivers within the region, with Malaysia, the Philippines, Singapore, and Indonesia following suit.
Top Key Companies in Loyalty Management Market:
The report profiles key players such as Epsilon (US), Oracle (US), Comarch (Poland), ICF Next (US), Bond Brand Loyalty (Canada), Merkle (US), Capillary (Singapore), Jakala (Italy), Kobie (US), Giift Management (Singapore), Maritz Motivation (US), Cheetah Digital (US), Collinson (UK), Loyalty One (Canada), Punchh (US), Ebbo (US), Preferred Patron (US), Loopy Loyalty (China), Paystone (UK), LoyLogic (Switzerland), Ascenda (Singapore), Loyalty Juggernaut (US), Gratifii (Australia), SAP SE (Germany), Annex Cloud (US), Apex Loyalty (US), Sumup (UK), Kangaroo (Canada), Smile.io (Canada), SessionM (US), LoyaltyLion (UK), Yotpo (US), SailPlay (US), and Zinrelo (US).
Recent Developments:
- In March 2024, Epsilon launched the next generation of its retail media platform. Epsilon Retail Media applied AI and person-first identity in the ad server, unlocking opportunities to drive stronger outcomes with shoppers on retailers’ properties, across the open web or in tandem.
- In May 2023, Bond Brand Loyalty announced a strategic investment in its business from Colorado-based private equity firm, Mountaingate Capital. The announcement followed a substantial period of growth for Bond and reflected the potential for further expansion in both reach and offerings to serve clients better.
- In April 2023, Capillary Technologies acquired Brierley to expand its portfolio.
- In January 2023, Giift acquired a strategic majority interest in InTouch, a loyalty solutions provider based in Indonesia.
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=172873907
Loyalty Management Market Advantages:
- By rewarding consumers for their recurring business, fostering brand loyalty, and lowering attrition rates, loyalty management solutions assist companies in keeping customers.
- By providing customers with individualised offers, incentives, and prizes based on their preferences and behaviour, loyalty programmes encourage greater customer engagement and increase repeat business and brand advocacy.
- With the help of loyalty management tools, businesses can make well-informed decisions and effectively target their marketing efforts by gaining vital insights about consumer behaviour, preferences, and spending habits.
- By providing individualised prizes, exclusive benefits, and VIP treatment, loyalty programmes raise customer satisfaction and foster enduring connections with clients.
- By encouraging consumers to spend more, upsell and cross-sell goods, and recommend the brand to others, loyalty management solutions generate more sales and income and boost profitability and business expansion.
- By providing distinctive benefits, experiences, and value-added services that customers find appealing, loyalty programmes assist companies in standing out from the competition and enhancing customer loyalty and market placement.
Report Objectives
- To determine and forecast the global Loyalty Management Market by offering, solution, services, operator, vertical, and region from 2024 to 2029, and analyze the various macroeconomic and microeconomic factors affecting market growth.
- To forecast the size of the market segments concerning five central regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Loyalty Management Market.
- Analyze each submarket concerning individual growth trends, prospects, and contributions to the overall Loyalty Management Market.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Loyalty Management Market.
- To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market’s competitive landscape.
- Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
Browse Adjacent Markets: Software and Services Market Research Reports & Consulting
Related Reports:
Event Management Software Market – Global Forecast to 2029
Digital Asset Management Market– Global Forecast to 2029
Cloud ERP Market– Global Forecast to 2028
Marketing Automation Market– Global Forecast to 2027
Blockchain IoT Market– Global Forecast to 2026
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/loyalty-management-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/loyalty-management.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/loyalty-management-market-worth-25-4-billion-by-2029–exclusive-report-by-marketsandmarkets-302128459.html
Revio, a burgeoning fintech startup, has been making waves in the financial technology sector with its innovative solutions and rapid growth. This dynamic company, founded just a few years ago, has successfully garnered the attention and backing of industry giants like Old Mutual and MTN. Their journey from inception to becoming a key player in the fintech space highlights the potential of young startups to disrupt traditional industries and capture significant market share.
Innovative Solutions
Revio’s success can largely be attributed to its cutting-edge financial solutions that address pressing needs within the market. The startup offers a range of services designed to streamline financial processes, enhance security, and improve accessibility for both individuals and businesses. By leveraging advanced technologies such as artificial intelligence and blockchain, Revio has created products that not only solve existing problems but also anticipate future financial trends.
Strategic Partnerships
The partnerships with Old Mutual and MTN are pivotal milestones in Revio’s growth trajectory. Old Mutual, a renowned financial services group, brings a wealth of experience and a broad customer base, providing Revio with an invaluable platform for scaling its operations. On the other hand, MTN, a leading telecom company, offers extensive reach across various markets, particularly in Africa, where fintech solutions are in high demand.
These alliances are more than just financial endorsements; they signify a strong vote of confidence in Revio’s vision and capabilities. By collaborating with established entities, Revio can tap into new customer segments, enhance its technological infrastructure, and accelerate its market penetration.
Market Impact
Revio’s impact on the market is already evident. The company’s solutions are being adopted by a growing number of users, ranging from individual consumers to large corporations. This widespread acceptance is a testament to the practical value and reliability of Revio’s offerings. Moreover, the startup’s commitment to continuous innovation ensures that it stays ahead of the curve, adapting to the evolving needs of the financial sector.
Future Prospects
Looking ahead, Revio’s prospects appear promising. The financial support and strategic guidance from Old Mutual and MTN position the startup for sustained growth and expansion. As Revio continues to innovate and refine its products, it is likely to attract even more interest from investors and partners. The fintech landscape is highly competitive, but Revio’s unique approach and strong backing give it a distinct edge.
In conclusion, Revio’s journey from a fledgling startup to a fintech powerhouse exemplifies the potential for innovation and strategic partnerships to drive success. With the support of industry leaders like Old Mutual and MTN, Revio is well on its way to becoming a dominant force in the financial technology sector, transforming how financial services are delivered and experienced.
Source: theafricareport.com
The post Revio, the young fintech winning over Old Mutual and MTN appeared first on HIPTHER Alerts.
The Basel Committee on Banking Supervision has recently released a comprehensive report detailing the increasing risks associated with the digitalisation of finance. As financial institutions worldwide embrace digital transformation to enhance efficiency and customer experience, the report underscores the need for vigilant risk management and regulatory oversight to address the emerging challenges in this rapidly evolving landscape.
Key Findings
The report identifies several key areas where digitalisation is contributing to heightened risks:
- Cybersecurity Threats: The proliferation of digital banking platforms and online financial services has led to a surge in cybersecurity threats. Cyberattacks, data breaches, and fraud are becoming more sophisticated, posing significant risks to both financial institutions and their customers. The Basel Committee emphasizes the importance of robust cybersecurity measures and continuous monitoring to safeguard sensitive financial data.
- Operational Risks: As banks and financial institutions integrate advanced technologies such as artificial intelligence, blockchain, and cloud computing, they face new operational risks. System failures, software bugs, and technology outages can disrupt services and lead to substantial financial losses. The report recommends that institutions develop comprehensive operational risk management frameworks to mitigate these risks.
- Regulatory Challenges: The rapid pace of digital innovation often outstrips existing regulatory frameworks, creating gaps that can be exploited. The Basel Committee calls for updated regulations that keep pace with technological advancements, ensuring that financial institutions operate within a secure and compliant environment. Harmonized global standards are essential to address the cross-border nature of digital finance.
- Third-Party Dependencies: Financial institutions increasingly rely on third-party service providers for critical functions such as cloud storage, payment processing, and cybersecurity solutions. This dependency introduces additional risks, including vendor lock-in and the potential for service disruptions. The report advises institutions to conduct thorough due diligence and implement robust third-party risk management practices.
- Consumer Protection: Digital finance has made financial services more accessible, but it also exposes consumers to new risks, such as digital fraud and identity theft. The Basel Committee highlights the need for stronger consumer protection mechanisms, including transparent communication, effective dispute resolution processes, and education initiatives to raise awareness about digital risks.
Recommendations
To address these rising risks, the Basel Committee offers several recommendations:
- Enhanced Cybersecurity Protocols: Financial institutions should invest in advanced cybersecurity technologies and adopt best practices to protect against cyber threats. Regular audits and stress testing of cybersecurity systems are crucial to ensure resilience.
- Operational Resilience: Developing and maintaining robust operational resilience frameworks is essential. This includes regular testing of disaster recovery and business continuity plans to minimize the impact of potential disruptions.
- Regulatory Innovation: Regulators need to innovate and adapt to the changing digital landscape. This involves updating existing regulations, fostering collaboration between regulators and the fintech industry, and developing new guidelines that address the unique risks of digital finance.
- Third-Party Risk Management: Financial institutions must implement rigorous third-party risk management policies, including comprehensive vendor assessments, ongoing monitoring, and contingency planning for critical service providers.
- Consumer Education and Protection: Enhancing consumer protection through education programs and transparent communication about digital risks is vital. Financial institutions should also offer robust support systems for customers affected by digital fraud or other issues.
Conclusion
The Basel Committee’s report serves as a critical reminder of the complexities and risks associated with the digitalisation of finance. While digital transformation brings numerous benefits, including greater efficiency and accessibility, it also introduces significant challenges that must be addressed proactively. By implementing the report’s recommendations, financial institutions and regulators can work together to create a secure, resilient, and inclusive digital financial ecosystem.
The post Basel Committee highlights rising risks from finance digitalisation in new report appeared first on HIPTHER Alerts.
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
-
Latest News7 days ago
Al Hassan Ghazi Ibrahim Shaker Co. announces a strong start to FY24, reporting a 12.09% YoY increase in net profit to reach SAR 32.25 million in Q1-FY24
-
Latest News6 days ago
Newgen Recognized in the Gartner® Market Guide for Commercial Banking Cash Management and Trade Finance Solutions 2023 Report
-
Latest News6 days ago
Major Korean pension fund invests in carbon solutions with Stafford Capital Partners
-
Latest News6 days ago
Precisely Showcases Critical Role of Trusted Data in AI at the Gartner® Data & Analytics Summit in London
-
Latest News6 days ago
One United Properties posts a consolidated turnover of 84.3 million euros and a gross profit of 37 million euros in the first three months of 2024
-
Latest News3 days ago
B Lab UK research reveals UK public back change to company law to put people, the planet and profit on more equal footing
-
Latest News4 days ago
Unleash a Wave of Opportunities this May with Bybit
-
Latest News3 days ago
Bankart migrates payment processing to Diebold Nixdorf’s Vynamic Transaction Middleware