According to research report “Loyalty Management Market by Delivery Type (Standalone Program and Managed Platform), Organization Size, Deployment Mode, End-User Vertical (BFSI, Aviation, Automotive, Media and Entertainment, and Hospitality), and Region – Global Forecast to 2024”, The global loyalty management market size is expected to grow from USD 6.8 billion in 2019 to USD 10.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period. Major growth drivers for the market include the increasing adoption of omnichannel and multi-channel programs, emergence of advanced technologies, and a growing need for competitive differentiation.
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Among deployment modes, the cloud segment to hold a higher market share during the forecast period
Owing to the increasing awareness of the benefits of cloud-based solutions, the cloud segment for loyalty management is expected to grow significantly. Solution providers are focusing on the development of robust cloud-based solutions for their clients, as various organizations have migrated to either a private or a public cloud. Moreover, cloud-as-a-service is enabling organizations to manage not only costs but also achieve better agility. As cloud-based solutions are budget-friendly and easy to deploy, it is highly preferred by Small and Medium-sized Enterprises (SMEs).
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Among managed platform segment, the customer analytics segment to dominate the market during the forecast period
Owing to a high dependency on managed/outsourced services to manage customer loyalty, large enterprises continue to rely on vendors, such as Comarch, ICF Next, and Capillary. Analyzing customer behavior through their spending/shopping behavior has become a high requisite by retailers/business owners to understand customer needs and pitch them offers accordingly. Hence, customer analytics is expected to record the highest growth rate during the forecast period.
Asia Pacific to grow at the highest CAGR in the loyalty management market by region duringthe forecast period
Organizations across APAC are opting for omnichannel marketing to achieve customer loyalty, owing to rapid advancements in mobile technology and applications in manor APAC countries, such as Japan, China, and India. Travel and hospitality, retail, and banking are the verticals are expected to be major drivers for the loyalty management market in APAC. China, Japan, and Australia have witnessed high adoption of the loyalty management solution and services that help resolve the complex queries from customers. APAC countries have significant potential to grow further, due to the fast adoption of technologies. To enhance their growth and further broaden the customer base, organizations have started implementing loyalty management solutions.
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In the loyalty management market, key and emerging market players include IBM (US), Comarch (Poland), Aimia (Canada), SAP (Germany), Oracle (US), Bond Band Loyalty (Canada), Tibco (US), Salesforce (US), Maritz Holdings Inc. (US), Capillary (Singapore), ICF Next (US), Antavo (UK), Blue Ocean (Canada), Kobie Marketing (US), and Epsilon (US).
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