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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
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Scope of the Report
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Report Metrics |
Details |
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Market size available for years |
2018-2029 |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Forecast units |
Value (USD) Million/Billion |
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Segments Covered |
By Offering, Solution, Services, Operator, Vertical and Region |
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Region covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
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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.
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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.
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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.
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Latest News
Wego Introduces WegoBeds, a Hotel Bedbank Connecting Middle East Hotels with Wego’s Global Partner Network
DUBAI, UAE, May 8, 2024 /PRNewswire/ — Wego, the largest online travel marketplace in the Middle East and North Africa region (MENA), has announced the launch of WegoBeds, a specialized B2B accommodation platform designed to meet the growing demand for accommodation solutions in the region.
WegoBeds bridges the gap between Middle East hotels and Wego’s global partner network and it is also the primary hotel supply source for Wego’s own online travel agency (OTA) and corporate travel businesses.
The GCC hospitality industry is projected to reach USD 37.62 billion by 2028, according to research and market’s GCC hospitality report. Deloitte’s findings indicate Dubai boasts a hotel room capacity exceeding 150,000, while Riyadh has added 28,465 rooms, and Doha has doubled its hotel inventory in the past decade to 39,968 rooms. WegoBeds’ launch coincides with this growth, aiming to distribute these rooms to travel agencies worldwide.
WegoBeds offers a comprehensive solution for B2B accommodation bookings with real-time availability and competitive pricing that leverages Wego’s extensive leadership and expertise in the MENA region. Utilizing state-of-the-art technology, WegoBeds offers dynamic and static rates through channel managers and a dedicated extranet.
The company has recruited a team of experienced hotel contractors across the Middle East region to onboard new hotels to the WegoBeds platform and to then provide advice and support to hoteliers with respect to their global distribution strategy.
“The B2B hotel market is relatively fragmented from a B2B perspective and there is a lot of new supply coming onto the market in the next few years”, said Craig Hewett, Wego Co-Founder and Chief Hotels Officer, “With WegoBeds we see an opportunity to create a one-stop-shop for anybody globally who wants to sell Middle East hotels and who wants a best-in-class technology platform.
WegoBeds offers 24×7 customer support in both English and Arabic to ensure resolution of questions raised or issues faced by our distribution partners or hoteliers.
Travel Buyers can access WegoBeds via our XML connectivity, providing them with access to a wide range of accommodation options across the region. With its strategic focus on MENA and its role as a specialized B2B accommodation platform, WegoBeds is well-positioned to capitalize on these favorable market conditions and drive innovation in the hospitality sector.
For queries relating to partnering with WegoBeds, please log on to https://wegobeds.com
About Wego
Wego provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.
Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.
Wego was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.
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Latest News
TXOne Networks, Leader in Cyber-Physical Systems (CPS) Security, Raises $51 Million in Total in Series B Extension Round Funding
Significant funding round validates TXOne Networks’ capabilities and vision for securing industrial control systems (ICS) and operational technology (OT) environments
TAIPEI, May 8, 2024 /PRNewswire/ — TXOne Networks, a leader in Cyber-Physical Systems (CPS) security, today announced a significant achievement of securing $51 million in its Series B extension round of financing. In addition to TGVest Capital, the lead investor of the B round, Pegatron Group, CDIB Capital Group and CDIB-Innolux II L.P. are continuing to invest. New investors include the Taiwania Capital and Applied Ventures ITIC Innovation Fund, L.P. (AVITIC), a joint fund of Applied Ventures, LLC and ITIC-Taiwan (Industrial Technology Investment Corporation).
TXOne Networks completed its Series A financing in August 2021 and announced Series B financing in August 2022.
TXOne Networks works with both leading manufacturers and critical infrastructure operators to develop practical, operations-friendly approaches to cyber defense of industrial control systems (ICS) and operational technology (OT) environments. With TXOne Networks, companies in diverse OT verticals implement tailored defense, including the adoption of advanced threat detection and response measures, to effectively counter ransomware and other emergent strategic threats and protect assets for their entire lifecycle. TXOne Networks secures the operations of more than 3,600 organizations globally in industries including semiconductors, automotive, pharmaceutical, food and beverage, public transportation, utilities, electronics, healthcare, mining and metals, oil and gas, and aerospace.
“We are impressed that the ‘OT Zero Trust’ approach that TXOne Networks pioneered goes beyond the limitations of traditional cyber defense to safeguard operations and revenues, as well as its continuous efforts to streamline management, reduce security overhead and more quickly resolve challenges,” said DC Cheng, Chairman with TGVest Capital. “This makes TXOne Networks a unique player in the global cybersecurity landscape, and we are happy to partner with the company for its continuous future growth.”
Added Dr. Terence Liu, TXOne Networks chief executive officer: “The successful procurement of $51 million in this extension round marks a significant achievement for the company and underscores the confidence and trust of our investors in TXOne Networks’ vision and potential.”
In April 2024, TXOne Networks announced its latest innovative CPS protection platform, the SageOne central management console. The new TXOne Networks platform delivers management of the CPS attack surface across the OT environment, combines advanced technologies with a user-friendly interface for securing critical infrastructures and enables integrated lifecycle protection.
CRN in April 2024 recognized TXOne Networks among its list of “The 10 Coolest IoT Security Companies.”
Follow TXOne Networks on Blog, Twitter, and LinkedIn.
About TXOne Networks
TXOne Networks offers cybersecurity solutions that ensure the reliability and safety of industrial control systems and operational technology environments. TXOne Networks works together with both leading manufacturers and critical infrastructure operators to develop practical, operations-friendly approaches to cyber defense. TXOne Networks offers both network-based and endpoint-based products to secure the OT network and mission-critical devices using a real-time, defense-in-depth approach. www.txone.com
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OSLO, Norway, May 8, 2024 /PRNewswire/ — The Net Asset Value (“NAV”) of Aker ASA and holding companies (“Aker”) was NOK 60.4 billion at the end of the first quarter 2024, compared to NOK 63.2 billion at the end of the fourth quarter 2023. Aker experienced strong operations and high activity across the portfolio in the first quarter.
While navigating a complex macroeconomic and a geopolitical landscape, Aker started the year with high activity. Some of the highlights include the refinancing of Solstad being completed in January, creating value for all stakeholders involved. And in March, Aker Carbon Capture (ACC) and SLB announced the agreement to combine their respective carbon capture businesses to become a diversified, global carbon capture player. During the quarter, Aker BP continued to deliver strong production, Cognite continued its positive commercial development and both Aker Solutions and Aker BioMarine posted improved financial results for the period.
“Aker closed the first quarter of 2024 with high activity across the portfolio. Aker’s partnership with SLB continues to grow and the new venture within carbon capture marks another important step to our existing partnerships within subsea production technologies with Aker Solutions and industrial software with Cognite. The transaction will support accelerated development of industrial decarbonization at scale and better position ACC for further international growth,” said Øyvind Eriksen, President & CEO of Aker ASA.
“Aker’s commitment to long-term industrial development and shareholder value creation remains firm, but moving forward our approach will be even more focused. Instead of spreading our efforts across multiple sectors and companies, we will devote more time and resources to larger companies where Aker’s industrial ecosystem can make a difference and continue to generate value. When allocating capital, we will prioritize cash-yielding investments that also generate a running return in the form of dividends or interest income, contributing meaningfully to our objective of increased and diversified upstream cash. Assessing business opportunities, strategic alternatives including transactions, and with a continued focus on sustainability, remains important parts of Aker’s active ownership agenda and method of work. This applies equally to our listed portfolio as well as to more recent startups in which Aker has strategically invested early-stage capital,” said Eriksen.
Key financials – first quarter 2024
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• GAV: |
NOK 71.7 billion
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• Industrial Holdings: |
NOK 60.1 billion
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• Financial Investments: |
NOK 11.6 billion
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• NAV: |
NOK 60.4 billion
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• NAV per share: |
NOK 813.2
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• Share price: |
NOK 623.5
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• Liquidity: |
NOK 5.5 billion* of which NOK 0.7bn cash
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(*incl. undrawn credit facilities)
(Please note that Aker’s investments in Solstad Offshore and Solstad Maritime have been moved from the Financial Investments segment to Industrial Holdings from Q1 2024 onwards, and historical numbers have been re-presented).
For further information or questions following the presentation, please email the relevant contact below. The quarterly presentation and material are available at www.akerasa.com and www.newsweb.no.
Media contact
Atle Kigen, Head of Media Relations and Public Affairs Aker ASA
Tel: +47 90 78 48 78
E-mail: [email protected]
Investor contact
Fredrik Berge, Head of Investor Relations Aker ASA
Tel: +47 45 03 20 90
E-mail: [email protected]
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on May 8, 2024, at 07:00 CEST.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
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Aker-ASA-1Q -2024-Presentation |
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https://mb.cision.com/Public/18835/3974726/852a088cc14ab198.pdf |
Aker-ASA-1Q-2024-CEO-Letter |
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