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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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CIBC Mellon and UK-based Duco have joined forces to integrate AI-powered data automation technology into CIBC Mellon’s asset servicing platform, marking a significant development in the fintech landscape.
Established in 1996 through a partnership between Canadian Imperial Bank of Commerce (CIBC) and BNY Mellon, CIBC Mellon offers asset servicing solutions tailored to banks, pension funds, foreign insurance trusts, and other institutional asset managers. With a robust track record, the firm boasts managing assets totaling CAD 2.8 trillion as of the last quarter.
The collaboration with Duco signifies CIBC Mellon’s commitment to staying at the forefront of technological innovation within the financial services sector. By leveraging Duco’s advanced no-code data automation capabilities, CIBC Mellon aims to optimize data management processes, minimize operational risks, and elevate client experience, as highlighted by CEO Mal Cullen.
Cullen emphasizes that the integration of AI-based automation ensures that CIBC Mellon’s operations remain exception-based and sustainable over the long term, aligning with the firm’s strategic objectives.
Richard Anton, CIBC Mellon’s chief client officer, underscores the partnership’s focus on driving automation across repetitive tasks, enabling the unit to allocate resources towards insight generation and analysis. Additionally, it aims to enhance the efficiency of data management, processing, and utilization throughout the organization.
This strategic move by CIBC Mellon reflects broader trends within the industry, with other stakeholders, such as BNY Mellon, also embracing AI technologies. BNY Mellon recently announced its collaboration with Nvidia’s AI-powered supercomputer, among other initiatives, to bolster the development and management of AI applications and on-premise AI infrastructure.
Source: fintechfutures.com
The post CIBC Mellon taps Duco for AI-powered data automation tech appeared first on HIPTHER Alerts.
Nepsis, a Minneapolis-based investment and financial advisory firm, has named Amanda Butler as its inaugural Chief Technology Officer (CTO).
Butler, who has been a consultant for Nepsis for over a decade, will now lead the firm’s technology strategy and infrastructure. Her responsibilities include managing technology vendor partnerships, expanding Nepsis’ technology stack, and improving the integration of its wealth management and tax services.
She will collaborate with the firm’s design team on product development, focusing on refining its proprietary app.
With over twenty years of experience in the technology sector, Butler’s expertise is demonstrated by her fifteen-year tenure at Mosaik Consulting, where she served as principal and contributed to designing the company’s architecture and data model.
Matt Pearson, President of Nepsis, believes that Butler’s appointment will enable the firm to provide better support to advisors and clients while increasing operational efficiency for team members.
Nepsis joins other wealthtech firms, such as UK-based Calatsone, in hiring a new CTO. Calatsone announced the appointment of Nick Parsons as its new CTO in March.
Source: fintechfutures.com
The post Nepsis brings Amanda Butler in-house as first CTO appeared first on HIPTHER Alerts.
Latest News
GIVING TO UNIVERSITIES IN THE UK AND IRELAND REACHES AN ALL-TIME HIGH OF £1.37 BILLION IN FUNDS RECEIVED IN 2022-23
New funds received remain steady, resulting in the highest historical level for the second year running, according to the 2022-23 CASE Insights on Philanthropy (United Kingdom and Ireland) survey results
LONDON, May 9, 2024 /PRNewswire/ — The CASE Insights on Philanthropy (United Kingdom and Ireland) 2022-23 report, released today by the Council for Advancement and Support of Education (CASE), finds that funds (cash) received by 92 participating higher education institutions in the UK and Ireland hit an all-time high of £1.37 billion in the survey year ending 31 July 2023. New funds committed for university use totalled £1.43 billion, fractionally down (3.5%) from the previous year. These giving totals demonstrate continued and significant philanthropic support to the higher education sector.
“It is heartening to see such a significant level of philanthropic support for higher education in the UK and Ireland despite uncertain and challenging times,” says Sue Cunningham, President and CEO of CASE. “The ongoing fundraising successes in the region can be attributed to the thoughtful partnership between academic leaders, advancement professionals and philanthropists who share a common vision and passion for advancing education to transform lives and society.”
“Philanthropy provides welcome funding – and outstanding potential for growing income – to a sector which is facing rising cost bases and flattening income streams,” adds TJ Rawlinson, member of the Editorial Committee for the CASE Insights on Philanthropy (United Kingdom and Ireland), and Director of Development and Alumni Relations, Cardiff University. “A rising tide has the potential to float many boats, even the smallest ones.”
The report’s data insights include:
New funds committed: Organisations, such as trusts and foundations, companies, and lottery, are the primary sources of philanthropic support to the sector, accounting for 73.0% per cent of committed funds reported in 2023. Gifts from individuals, including alumni and non-alumni, contributed 27.0% of new funds. While individuals (both alumni and non-alumni) accounted for 94.4% of total donors, the number of alumni donors has continued to decline, down 1.3% compared to the previous year.
The number of institutions raising more than £20 million each in new funds committed has remained the same as the 2021-22 reporting period, an all-time high of 12 institutions. Ten institutions received funds ranging from £10 to £19.9 million, and 14 institutions received between £5 and £9.9 million. Amongst 66 institutions that provided data, 232 donors made gifts or pledges of £500,000 or more during 2022–23 (excluding Oxbridge institutions).
Funds received: The average funds received increased by 25.1% from the previous year. For 2022-23, 40.0% of the average funds received were given by individuals, and 60.0% originated from organisations. The majority (59.8%) of the total funds received were for restricted current use, followed by 17.2% for capital purposes (including property, buildings, and equipment), 15.1% for endowments, and the remaining 7.8% for unrestricted current use. The total funds received from legacy donations totalled £134 million in 2022-23.
“These outcomes reflect deep engagement and a commitment to long-term institutional investment in delivering advancement programmes that are professional and accountable. continues Cunningham. “All of our CASE Insights research demonstrates that the institutions that are most successful in philanthropic engagement are those where there is a consistency of leadership and an innovative and tailored approach to genuine stakeholder engagement.”
“It is pleasing to see the Survey participation rise this year. Contributions from both newcomers and returning institutions are warmly welcomed,” says Rawlinson, “Participation matters hugely: using a comprehensive data set from across the sector, CASE Insights can best analyse and understand sector trends, and identify best practice. We learn from each other, and we better understand how to bring the impact of university research and education to life for our donors and friends.”
The CASE InsightsSM on Philanthropy (United Kingdom and Ireland) survey, formerly the CASE-Ross survey, is the definitive source of data about philanthropic support for nonprofit and public higher education institutions in the U.K. and Ireland. CASE, now in its 50th year of supporting advancement professionals, is dedicated to building recognition of the importance of philanthropic support and demonstrating strategic impact, and the difference such support makes to recipient institutions and the many thousands of lives touched by them.
About CASE
CASE—the Council for Advancement and Support of Education—is a global, not-for-profit membership association with a vision to advance education to transform lives and society.
CASE is the home for advancement professionals, inspiring, challenging, and equipping them to act effectively and with integrity to champion the success of their institutions. CASE defines the competencies and standards for the profession of advancement, leading and championing their dissemination and application with more than 97,000 advancement professionals at over 3,000 member institutions in more than 80 countries.
Broad and growing communities of professionals gather under the global CASE umbrella. Currently, these include alumni relations, advancement services, communications, fundraising, government relations, and marketing. These professionals are at all stages of their careers and may be working in universities, schools, colleges, cultural institutions, or other not-for-profits. CASE uses the intellectual capital and professional talents of a community of international volunteers to advance its work, and its membership includes many educational partners who work closely with the educational sector.
CASE InsightsSM is CASE’s global resource for educational advancement-related metrics, benchmarks and analytics. Specialised CASE InsightsSM data, standards, and research enable members to make data-informed decisions, demonstrate strategic impact, and highlight success stories, whilst adhering to the ethical practices of the advancement profession. For more information, visit www.case.org/case-insights.
The CASE InsightsSM on Philanthropy (United Kingdom and Ireland) survey collects detailed information about gift revenue, fundraising costs, and donors to measure the philanthropic performance of universities. In 2023, CASE and More Partnership joined forces to analyse a decade of fundraising trends within the UK higher education sector and offer recommendations for the future. Among a range of sources, the CASE-More UK Philanthropy Report was informed by ten years of data from the annual CASE-Ross survey, the previous name of the CASE Insights on Philanthropy (United Kingdom and Ireland) survey, alongside interviews with leading practitioners, influencers and philanthropists.
Headquartered in Washington, D.C., CASE works across all continents from its regional offices in London, Singapore, and Mexico City to achieve a seamless experience for all of its stakeholders, particularly its members, volunteers, and staff. For more information, visit www.case.org.
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