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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
|
Report Metrics |
Details |
|
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
Cloud Kitchen Market to Reach $154.9 billion, Globally, by 2035 at 11.0% CAGR: Allied Market Research
The cloud kitchen market has experienced significant growth owing to change in consumer preferences toward convenience and online food delivery services, which has helped boost demand. Moreover, lower overhead costs as compared to traditional restaurants attract entrepreneurs to enter into cloud kitchen business. In addition, advancements in technology facilitate efficient operations and order management have collectively contributed to the rapid growth of the cloud kitchen market.
WILMINGTON, Del., May 9, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Cloud Kitchen Market by Nature (Franchised and Standalone), Type (Independent Cloud Kitchen, Commissary/Shared Kitchen, and Kitchen Pods), and Product Type (Burger/Sandwich, Pizza, Pasta, Chicken, Seafood, Mexican/Asian Food, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2035″. According to the report, the “cloud kitchen market” was valued at $44.9 billion in 2023, and is estimated to reach $154.9 billion by 2035, growing at a CAGR of 11.0% from 2024 to 2035.
Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A06408
Prime determinants of growth
The rapid expansion of the cloud kitchen market is fueled by shifting consumer preferences towards convenience and online food delivery services, with significant impact of the COVID-19 pandemic on traditional dine-in restaurants. As consumers increasingly opt for the ease of ordering food online, cloud kitchens emerge as a cost-effective solution tailored for delivery-only operations, catering to rise in demand for off-premises dining options. The pandemic has acted as a catalyst, accelerating the adoption of cloud kitchens as restaurants pivot toward delivery-centric models to adapt to restrictions and closures. Moreover, the scalability and flexibility of cloud kitchens attract both food entrepreneurs and established restaurant brands, offering opportunities for market expansion with reduced overhead costs.
Report coverage & details
|
Report Coverage |
Details |
|
Forecast Period |
2024–2035 |
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Base Year |
2023 |
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Market Size in 2022 |
$44.9 Billion |
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Market Size in 2032 |
$154.9 Billion |
|
CAGR |
11.0 % |
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No. of Pages in Report |
285 |
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Segments Covered |
Nature, Type, Product Type, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Country Scope |
U.S., Canada, Mexico; UK, Germany, France, Italy, Spain, Russia; China, Japan, India, Australia, ASEAN; Brazil, Argentina, Colombia; GCC, and South Africa |
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Drivers |
Increasing demand for online food delivery services |
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Cost-effectiveness and efficiency of cloud kitchen operations |
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Adaptation to changing consumer preferences, especially post-COVID-19 |
|
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Opportunities |
Expansion into underserved or untapped markets |
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Integration of technology for enhanced operations and customer experience |
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Restraints |
Intense competition in the food delivery market |
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Challenges in maintaining food quality and consistency |
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Regulatory hurdles and compliance issues |
The franchised segment to maintain its leadership status during the forecast period
By nature, the franchised segment held the highest market share in 2023, accounting for nearly three-fourths of the global cloud kitchen market revenue and is estimated to maintain its leadership status during the forecast period. Franchised cloud kitchen accounts for a higher value share, as the segment has a larger customer base, which is loyal to its brand and product offerings. Such kitchens have unique trademarks that are used for promotional activities as well as for selling their products. These kitchens also provide or facilitate customer loyalty programs for customers who frequently order food from cloud kitchens. Furthermore, Halal Guys, a cloud kitchen is working with Fransmart, which is a franchise development company, to develop 400 new independent cloud kitchens to increase its delivery services. Hence, effective franchising strategies adopted by operators boost the growth of the cloud kitchen market.
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The independent cloud kitchen segment to maintain its leadership status during the forecast period
By type, the independent cloud kitchen segment held the highest market share in 2023, accounting for more than three-fifths of the global cloud kitchen market and is estimated to maintain its leadership status during the forecast period. Independent cloud kitchens dominate the market primarily owing to their agility, adaptability, and lower barriers to entry compared to traditional restaurant chains. Unlike established brands, independent operators can swiftly respond to changing consumer preferences, experiment with diverse cuisines, and pivot their offerings without the constraints of legacy infrastructure or brand image. Moreover, independent cloud kitchens often require less initial investment, as they can operate from smaller, more cost-effective locations and leverage shared kitchen spaces. As a result, less investment allows entrepreneurs and small businesses to enter the market more easily and compete alongside larger players. In addition, rise in online food delivery platforms has increased access to customers, enabling independent cloud kitchens to reach broader audiences and establish a loyal customer base without the need for extensive marketing budgets or physical storefronts.
The burger and sandwich segment to maintain its leadership status during the forecast period
By product type, the burger and sandwich segment held the highest market share in 2023, accounting for more than one-fifth of the global cloud kitchen market and is estimated to maintain its leadership status during the forecast period. These classic comfort foods cater to a wide range of tastes and dietary preferences, which makes them a popular choice for consumers across different demographics and cultures. Moreover, burgers and sandwiches are well-suited for delivery, as they travel well and maintain their quality during transit, ensuring a satisfying dining experience for customers ordering from cloud kitchens. Furthermore, the customizable nature of burgers and sandwiches allows for endless variations and innovative flavor combinations that enables cloud kitchen operators to differentiate their offerings and attract customers seeking unique culinary experiences. Thus, with the growing demand for convenient and affordable dining options, burgers and sandwiches continue to drive high sales rates in the cloud kitchen market globally, serving as staple menu items for both independent operators and established restaurant brands.
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North America to maintain its dominance by 2035
Region-wise, North America held the highest market share in terms of revenue in 2023 and is expected to dominate the market during the forecast period. Rise in population and improved lifestyle are the key factors that drive the growth of the cloud kitchen market. Increase in purchasing power in the region majorly boosts sales of cloud kitchen products in the region. Moreover, consumers are increasingly opting for different types of fast food, resulting in a strong requirement of cloud kitchen products. Thus, the cloud kitchen market holds significant potential and is expected to experience a considerably higher growth rate during the forecast period in the region.
Leading Market Players: –
- Dahmakan
- DoorDash
- Ghost Kitchen Orlando
- Keatz, Kitchen United
- Kitopi Catering Services LLC
- Rebel Foods
- Starbucks Corporation
- Swiggy
- Zomato
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.
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Iyzico, a Turkish fintech company, is poised to acquire Paynet, a provider of B2B and B2B2C payment solutions headquartered in Istanbul, from its parent company, the Arena Group.
The acquisition, valued at $87 million, marks one of the largest transactions in recent years within the Turkish fintech industry and signals Iyzico’s strategic expansion plans.
Founded in 2013, Iyzico specializes in offering online payment services and AI-driven payment technologies to e-commerce businesses. With a clientele spanning over 40,000 e-commerce websites, Iyzico has established itself as a key player in the digital payments sector. Notably, in 2019, the company was acquired for $165 million by global payment systems leader PayU.
Paynet, established in 2000, plays a pivotal role in facilitating the digitization of payments for 30,000 businesses across various sectors. Its solutions enable member companies to efficiently manage their payment flows.
Upon completion of the acquisition, subject to regulatory approvals, Iyzico plans to integrate Paynet’s B2B payments and collections solutions. This integration is expected to enhance Iyzico’s service portfolio, enabling the company to offer a broader array of services to its clients and strengthen its presence in the Turkish market.
Orkun Saitoglu, CEO of Iyzico, expressed confidence in the strategic move, emphasizing its potential to deliver significant value to consumers, small businesses, merchants, and shareholders. He also highlighted how this acquisition aligns with Iyzico’s vision of democratizing financial services.
Overall, the acquisition of Paynet represents a significant milestone for Iyzico, positioning the company for further growth and innovation in the fintech landscape.
Source: fintechfutures.com
The post Turkish fintech Iyzico acquires Paynet in $87m deal appeared first on HIPTHER Alerts.
SEVILLE, Spain, May 9, 2024 /PRNewswire/ — The Seville multinational Persán, European leader in the production and commercialisation of detergents and fabric softeners, ended 2023 with record invoicing of 811 million euros. This figure signifies growth of 22% compared with the previous financial year. The company has tripled its revenues in the last four years. It ended 2019 with 290 million euros; this figure increased to 423 million in 2020, 503 in 2021 and finally 665 million at the end of 2022.
The company managed to end the latest financial year with EBITDA of 55 million euros. It is a positive evolution that has allowed Persán to recover its losses from 2021 and 2022 due to the situation of inflation in the raw materials and energy markets.
The growth of the company, presided over by Concha Yoldi and with Antonio Somé as CEO, is explained by the increase in sales of all its product categories. In this way it has strengthened its leadership in home care at a European level and has increased its market share in the personal care sector. The company’s internationalisation plan, starting in 2019, has contributed to this progress, facilitating the arrival of its products on five continents.
In parallel, the multinational maintains its commitment to the development of its factories in Seville, Poland and France. In 2023 it invested a total of 46 million euros. Notable milestones were the completion and commissioning of the new Wróblowice plant in Poland, and the construction of the new bottle factory in Seville. In the last three years, investment for the modernisation of its work centres has exceeded 100 million euros.
Closer to being a ‘one billion’ company
The CEO of Persán, Antonio Somé, has highlighted the figures of the 2023 financial year: “We continue to get closer to the objective proposed a few years ago, of being a ‘one billion’ company. We must be satisfied with the results obtained, and for that reason we must congratulate our employees and thank all stakeholders for their support. We continue to be focused on our long-term objectives and are already creating the Strategic Plan for the next three years, which will consolidate our leadership in Europe and allow us to expand into other regions.”
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Contact:
Sara Medina
+34 647 68 19 03
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