MarketsandMarkets forecasts the global loyalty management market size 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 2019–2024. The significant growth in smartphone technology and its increasing usage across the globe are expected to drive the market.
Browse 96 market data Tables and 32 Figures spread through 83 Pages and in-depth TOC on "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"
Loyalty management is a series of activities to acquire, engage, and retain stakeholders to strengthen relationships with customers and other stakeholders. Loyalty programs are designed for providing an interactive environment between a business organization, its customers, employees, and channel partners (distributors, resellers, among others). Loyalty management is one of the key application areas across verticals, such as automotive, retail, banking and financial services, healthcare, and telecommunication.
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In the loyalty management market, the 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). These players have adopted various strategies to grow in the global loyalty management market.
Aimia (Canada) offers 3 types of loyalty management solutions: Aimia loyalty platform – SaaS, Aimia loyalty platform – Enterprise, and Professional services. The loyalty units segment brings together the strategy and solutions business for individual clients, particularly platform-based business with products. The company operates globally through its subsidiaries, such as Aimia Canada Inc. (Canada), Smart Button Associates Inc. (US), Nectar Italia (Italy), Aimia Loyalty Analytics UK Limited (UK), Aimia Proprietary Loyalty (HK) Limited (Hong Kong), Aimia Proprietary Loyalty Australia Pty Ltd. (Australia), among others. Aimia has adopted systematic approach toward strengthening its loyalty management capabilities. In November 2018, Aimia signed an agreement with Air Canada for the purchase of the Aeroplan Loyalty Business to improve the customer retention of Air Canada with the help of Aimia loyalty platform and services.
Comarch (Poland) is investing in its R&D activities to launch innovative products and aims to expand its presence across the globe. The company delivers projects in the important economy sector across verticals. The Comarch Loyalty Management (CLM) system helps its clients to enhance marketing strategy and broaden the customer base with personalized content. CLM is based on AI and ML technologies to understand the customer behavior by analyzing the individual pattern of customer preferences toward shopping cart and availing the offers, accordingly. In April 2019, Comarch released the 5.7 version of Comarch Loyalty Management system. It has added new features such as near real-time data exports, promotion budgetary management, and NPS surveys.
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