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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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MUMBAI, India, May 10, 2024 /PRNewswire/ — India has remained a steady ship in choppy waters says DSP Asset Managers in the May 2024 edition of its report #DSP7Sees which highlights compelling historical and contemporary facts shaping the Indian market. The report mentions that while most global economies have seen a slowdown in their manufacturing sector or services, or both over the past 12 months, India has seen a consistent growth in economic output and business sentiment. This consistency is probably the first evidence suggesting that India’s economic and businesses cycle can withstand global turbulence of manageable magnitude.
The report highlights the sharp contrast between how India and China have performed for investors. Since 2007, China delivered the fastest pace of GDP and per capita income growth that the world has ever seen. However, it has delivered little for investors. Meanwhile, India has been one of the best performing markets globally, across periods thanks to Indian corporations delivering earnings growth. The report highlights that investors have perhaps erred by putting copious amount of funds in other countries while largely ignoring India’s profitable corporate dynamics.
Over the past 30 years, China, with a CAGR of 14%, stands as the sole nation to have surpassed India’s 8% Gross Fixed Capital Formation growth. Fueled by cheap domestic credit, Chinese growth contrasts with India in one aspect: Indian growth has come with higher return on equity. India has come out of an investment winter. The investment to GDP ratio (measured as gross fixed capital formation to GDP) peaked in 2011 and remained low until the COVID-led disruption upended the supply chains. Post COVID recovery and a large push through government expenditure, investments are making a comeback. Over the last seven and a half decades, $14trn has been spent on investments since independence. India has spent $8trn on new investments over the last 10 years.
The steady pace of earnings growth and a favorable businesses cycle has ensured that Indian stocks are well bid and are relative outperformers. This also means that Indian stocks aren’t the cheapest. Among large emerging and frontier markets, Indian equites are among the pricier regions. DSP says that it’s difficult to say if India will continue its performance, thus commanding such high multiples.
DSP feels that Indian lenders, both banking and non-banking financial companies can deliver a better investment experience. The all-time low NNPA ratio for Banks is a source of comfort. The high Provision Coverage Ratio suggests a better ability to absorb potential losses. Other factors include continuation in asset quality & relatively higher increase in credit as compared to deposit, translating into a higher Credit-Deposit Ratio.
“Valuations respecting investors need to dial down their return expectations. Lower entry valuations are the best defense for investors seeking to invest in India for the long haul,” said Sahil Kapoor, Market Strategist & Head of products, DSP Asset Managers.
Link to #DSP7Sees report: https://www.dspim.com/documents/dsp-7sees-seven-charts-we-want-you-to-see.pdf
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HUZHOU, China, May 10, 2024 /PRNewswire/ — On May 10th, the brand promotion conference of “Grand Huangshan” was held in Deqing County, Zhejiang Province, during the 2024 World Brand Moganshan Conference.
The decision by the Anhui Provincial Party Committee and Provincial Government to build “Grand Huangshan” is a major initiative based on the unique advantages of the landscape, culture, and ecology of southern Anhui Province. It aims to cultivate new drivers for high-quality development, embodying innovative concepts and a systematic approach to constructing a modern industrial system.
The greatness of “Grand Huangshan” lies firstly in its geographical scope, covering the entire area of Huangshan, Chizhou, Anqing, and Xuancheng cities. Secondly, it encompasses abundant resources including natural ecology, cultural heritage, and market potential. Thirdly, it is characterized by a commitment to deepening structural reforms in the tourism industry. Fourthly, it sets ambitious goals, aiming for a regional GDP of 1.4 trillion yuan by 2033.
The future “Grand Huangshan” will be benchmarked against international standards. The most prominent feature of advancing the construction of “Grand Huangshan” is its focus on global goals and adherence to international standards, striving to shape a leisure and health brand with quality and warmth.
The future Grand Huangshan is a convergence of cross-disciplinary fields. It aims to create a cluster of modern high-end service industries, including leisure tourism, medical care and wellness, creative economy, sports events, exhibition economy, cultural services, and suitable advanced manufacturing.
The future Grand Huangshan will be a Grand Huangshan of coordinated development. It will break through geographical, administrative, institutional, planning, and policy boundaries, allowing the overall linkage, free flow, and optimized interaction of regional resources and elements, ultimately forming a synergistic effect for industrial agglomeration and development.
Anhui Province has meticulously formulated guidance plans for “Grand Huangshan,” It focuses on the development of leisure tourism, medical care and wellness, creative economy, sports events, exhibition economy, cultural services, and suitable advanced manufacturing (including green food) as the “6+1” industries. It has prepared 50 key projects with a total investment of 103.8 billion yuan and 100 key investment promotion projects with a total investment of 177.8 billion yuan for construction by 2024, ensuring readiness for participation from friends at home and abroad who are interested in contributing to the construction of Grand Huangshan.
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ABU DHABI, UAE, May 10, 2024 /PRNewswire/ — Venom, an innovative layer-0 and layer-1 blockchain network capable of hosting projects at massive scale, has continued to expand its offerings, this time forming a strategic partnership with KuCoin Ventures, the investment arm of KuCoin, a leading global crypto exchange.
The partnership follows on the heels of Venom’s launch into mainnet and the listing of the VENOM token on KuCoin.
One of the most anticipated new blockchain projects, the Venom network, has continued to make inroads across the blockchain industry following its launch into mainnet earlier this year. Venom has drawn attention due to its unique capabilities as both a layer-0 and layer-1 blockchain. The network is powered by Mesh technology, which allows it to communicate seamlessly and at great speed with other, independent networks.
Built to be capable of hosting massive platforms and projects, specifically global payment systems and CBDCs, Venom has emerged as one of the most promising new networks, with capabilities that could revolutionize what is possible in global commerce.
Now, the network has put itself in a prime position to further expand and integrate with other blockchain projects by reaching an agreement with KuCoin, one of the industry’s largest exchanges. KuCoin is one of the top-ten cryptocurrency exchanges with a daily trading volume of well over $500 million.
The new partnership would involve Venom receiving investment support for its VENOM token, while also providing enhanced visibility for projects integrated with the Venom blockchain on KuCoin. KuCoin Ventures will also provide support and resources during and after Venom projects on-boarding process.
Reached for comment on the new partnership, Venom Foundation CEO Christopher Louis Tsu had this to say: “This new partnership with KuCoin Ventures, the investment arm of KuCoin exchange, which is one of the industry’s largest and most important exchanges, marks a new chapter for the Venom network. This will open a lot of new doors for Venom and set the stage for collaborative work that will redefine this industry and allow Venom to reach its full potential. We are all very eager to see this come to fruition and what lies ahead for both us and KuCoin Ventures.”
About Venom:
Venom is a cutting-edge layer-0 and layer-1 network, seamlessly communicating and integrating with other independent networks through its innovative Mesh technology. The Venom ecosystem is anchored by a masterchain, which manages the overall network state and consensus, while workchains — an unlimited number of autonomous chains — host user accounts, smart contracts, and decentralized applications. Mesh technology revolutionizes inter-chain communication, optimizing interactions without compromising speed or unparalleled scalability. With a robust technology stack that ensures rapid finality, comprehensive security, stability, and user-friendly interfaces, Venom is the ideal network for hosting CBDCs and other large-scale platforms. Learn more at https://venom.foundation/
About KuCoin:
Launched in September 2017, KuCoin is a leading global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 800 digital assets and currently provides Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 30 million users in more than 200 countries and regions. In 2023, KuCoin was named one of the Best Crypto Exchanges by Forbes and recognized as a highly commended global exchange in Finder’s 2023 Global Cryptocurrency Trading Platform Awards.
Learn more at https://www.kucoin.com.
Contact for Venom foundation:
Email: [email protected]
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