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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
Yili’s 2023 Revenue Reaches 126.2 Billion Yuan, Leading Global Dairy Industry towards Healthy and Sustainable Development
HOHHOT, China, May 10, 2024 /PRNewswire/ — On April 29, Yili Group released its 2023 financial report, showing a record-breaking total operating income of 126.179 billion yuan and a net profit attributable to parent company of 10.429 billion yuan. This marked 31 consecutive years of steady growth.
On the same day, Yili also announced a plan to repurchase shares worth no less than 1 billion yuan but no more than 2 billion yuan. These shares will be entirely canceled to reduce the company’s registered capital.
During the reporting period, Yili’s entire range of products remained industry-leading. Its liquid milk business generated an operating income of 85.54 billion yuan, maintaining its top position in both scale and market share. The milk powder and dairy products recorded 27.598 billion yuan in revenue, up 5.09% year on year, and overall milk powder sales rose to the top of the Chinese market. The cold beverage business generated an operating income of 10.69 billion up, up 11.72% from the previous year, far exceeding the industrial average growth rate, and retained its market leadership for the 29th consecutive year.
Overseas business also performed well. In 2023, Yili’s overseas business income increased by 10.08% year on year, with products sold to over 60 countries and regions. Notably, Cremo and Joyday products gained significant popularity in Southeast Asia, while Joyday ice cream made a strong entry into Africa.
Yili has continuously improved and optimized its global supply chain network, achieving efficient synergy between its domestic and overseas bases. In May 2023, construction work commenced for a lactoferrin factory of Westland Dairy Company Limited, one of Yili’s subsidiaries. Once the factory is put into operation, it will be one of the top three lactoferrin producers worldwide. This capacity breakthrough is driven by innovative technological advancements that have spurred the transformation of research into tangible results.
In 2023, Yili made continuous breakthroughs in cutting-edge technologies, quickly translating these innovations into products that have set new trends in healthy consumption. One notable achievement was the development of a unique lactoferrin directional extraction and protection technology, which increased the lactoferrin retention rate in UHT milk from 10% to over 90%. Furthermore, the company solved the challenge of probiotic inactivation at ambient temperatures, creating new healthy consumption scenarios for yogurt.
With industry-leading technological capabilities as the foundation, the Group has launched bestselling new products such as the SATINE Active Lactoferrin Organic Milk and Ambpomial AMX Probiotic Yogurt, providing the company with new growth drivers.
These innovative achievements stem from the company’s long-term investment in technology. Recently, on the tenth anniversary of the Yili European Innovation Center, the center’s upgrade and the establishment of the Global Maternal and Child Nutrition Research Center were celebrated at Wageningen University in the Netherlands. Since its inception, the center has achieved remarkable results in areas like breast milk research, probiotics development, and innovative processes and technologies. Going forward, the center will focus on cutting-edge global dairy technologies to accelerate the application and commercialization of innovative results.
As an industry leader, Yili is not only achieving steady business growth but also emphasizing a sustainable future. The company actively promotes green and sustainable development, contributes to environmental protection and public welfare, and strives to create a win-win situation in economic, social, and environmental benefits.
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Recent research conducted by Encompass Corporation has revealed concerning trends regarding corporate treasurers’ dissatisfaction with banking applications.
The study found that an alarming 87 per cent of corporate treasurers have abandoned banking applications due to lengthy and inefficient onboarding processes. This issue not only affects banks but also has a significant impact on businesses, with 86 per cent of treasurers reporting revenue loss directly linked to banks’ slow and disjointed approach to acquiring customer information.
These findings, obtained through a survey conducted by Encompass in collaboration with independent polling agency Censuswide, involved 250 corporate treasurers across the UK and US. The survey explored various aspects of banking processes, including Know Your Customer (KYC) onboarding practices, customer outreach, and overall experiences with financial products and services.
One notable revelation is the dissatisfaction among treasurers with their bank’s KYC process, with 73 per cent expressing discontent. This dissatisfaction is particularly pronounced in the UK, where 80 per cent of respondents are dissatisfied compared to 66 per cent in the US.
Alex Ford, President of North America at Encompass Corporation, emphasized the detrimental impact of outdated banking practices on modern economies. Ford stressed the urgent need for banks to adopt Corporate Digital Identity (CDI) technology to streamline client onboarding processes. She highlighted that CDI, which integrates corporate information with public and private data sources, can significantly enhance verification and validation processes, ultimately improving customer experience and boosting banks’ future growth.
The research also revealed the inefficiency of existing banking processes, with 93 per cent of respondents reporting being asked for the same information multiple times by banks. Additionally, 56 per cent had to deal with repeated requests for identical details. On average, it takes businesses 41 days to open a new banking account, underscoring the need for expedited and efficient onboarding procedures.
Wayne Johnson, co-founder and CEO of Encompass Corporation, emphasized the transformative potential of CDI in the banking industry. Johnson addressed the longstanding issue of friction during outreach, which has hindered banks’ ability to onboard customers efficiently. He urged banks to embrace CDI as the future of the industry, enabling quicker verification and data sharing, surpassing previous human-led approaches.
These findings highlight the urgent need for banks to modernize their onboarding processes to meet evolving customer expectations and enhance operational efficiency.
source: fintech.global
The post Corporate treasurers abandoning banks due to lengthy onboarding processes appeared first on HIPTHER Alerts.
LONDON, May 10, 2024 /PRNewswire/ — COCA, the world’s first MPC wallet with a non-custodial debit card, is excited to announce that Pavel Matveev, the Founder of Wirex, a leading Web3 money app, has joined its team as a Strategy and Product Advisor.
Under the visionary leadership of Pavel, Wirex has soared to unprecedented heights in the digital finance sector. Today, boasting an expansive network of over 6 million customers across 130 countries, Wirex stands as a beacon of innovation and security in the multi-currency exchange arena.
As a principal member of industry giants Visa and Mastercard, and a trailblazer in the Web3 space, Pavel’s strategic direction has not only transformed Wirex into a vanguard of digital wealth management but also democratised access to cutting-edge financial services for users worldwide.
Pavel is a firm advocate for the mass adoption of cryptocurrencies, and founded the company as a solution to the then complex and confusing process of buying cryptocurrencies. He has published numerous articles in key international publications, and spoken at various blockchain and payments conferences around the world.
In his capacity as Strategy and Product Advisor at COCA, Pavel Matveev will provide strategic insights and guidance on product development, leveraging his expertise to enhance COCA’s offerings in the blockchain and cryptocurrency industry. His role will involve collaborating with COCA’s executive team to identify emerging trends, assess market opportunities, and refine the firm’s strategic direction.
Reflecting on his new role, Pavel Matveev expressed his enthusiasm, saying, “I am absolutely delighted to join COCA as a Strategy and Product Advisor. With an astounding 400% month-over-month growth, COCA has rapidly ascended as a leader in the cryptocurrency sector. I am looking forward to partnering with the talented team here to propel further innovation and significantly enhance value for our clients.”
COCA Wallet was launched in partnership with Wirex earlier this year. Powered by Wirex’s card infrastructure, COCA’s non-custodial debit card represented a transformative moment in the way security and convenience are perceived in digital finance. Within just one week of its launch, COCA has attracted users globally by surpassing 350,000 wallets. Additionally, COCA has received the ‘#1 Product of the Day’ award on the Product Hunt platform, highlighting its rapid adoption and innovative features.
The appointment of Pavel Matveev comes at a pivotal time for COCA, as the company continues to expand its service offerings and strengthen its position in the market.
Notes to editors:
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly.
As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management.
Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
About COCA Wallet
COCA is the world’s first wallet with non-custodial debit card that leverages Multi-Party Computation (MPC) cryptography to ensure that your funds are safe from common risks associated with seed phrases and private keys, setting a new standard for security in the industry. With its non-custodial debit and virtual card, you can seamlessly spend your stablecoins and cryptocurrencies at over 40 million merchants across 200+ countries, all while maintaining complete control over your funds with zero third-party risks. COCA Wallet guarantees the best rates through our advanced routing engine, which scans and compares prices across 17 onramps and 182 local payment methods, ensuring optimal trading and conversion experiences.
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