Global Loyalty Management Market Revenues to Reach USD 23.69 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, July 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Global Loyalty Management Market Report (2023-2028)," the market is estimated at USD 10.86 billion in 2023. It is expected to register a CAGR of 16.88% during the forecast period.

Loyalty management systems focus on growing and retaining existing customers through incentives. They help manage and track royalty programs to identify and incentivize repeat customers through rewards like gift cards, coupons, etc. Understanding the spending habits and behaviors of customers is critical for any business to retain its customers. It requires effective management of technology, strategy, and hardware. This is where loyalty management systems come into play.

Report Summary:

Who are the Top Companies in the Global Loyalty Management Market?

The loyalty management market is highly competitive and fragmented. All major players account for a large share of the market. They are focusing on expanding their consumer base at the global level. To do this, loyalty management companies are forming multiple partnerships and introducing new solutions.

The significant players in the global loyalty management market with the majority market share in 2023 are,

• Kognitiv Corporation
• IBM Corporation
• Oracle Corporation
• Comarch SA
• SAP SE
• Epsilon Data Management LLC
• Fidelity National Information Services Inc.
• TIBCO Software Inc.
• Maritz Motivation Inc.
• Kobie Marketing Inc.

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Key Highlights from the Global Loyalty Management Market Report:

Growth Driven by Consumer Goods and Retail Segments

• Digitalization and innovations in loyalty programs are making them more accessible to small players. With individualized approaches, retailers are coming up with new strategic loyalty programs and discounts.
• The COVID-19 pandemic clearly made a shift in consumer behavior toward online channels. The latest loyalty management programs provide unified solutions across physical stores, e-commerce platforms, and mobile apps.
• Artificial intelligence is also expected to play a crucial role in the coming years in the global loyalty management market.

Asia-Pacific to be the Center of Growth

• Loyalty management companies in Asia-Pacific are buzzing with increased collaborations and partnerships, looking to capitalize on the fast-paced growth that is happening in the region.
• Through specialized apps and interfaces, companies are trying to expand the functionality of their loyalty management platforms in different industries.

What are the Latest Developments in the Global Loyalty Management Market?

• KDDI Corporation is Japan's carrier and operator of the "au" mobile phone service. In March 2023, the company partnered with Oracle Corporation to enhance its online payment brand, au PAY. The partnership mainly aims to modernize its customer loyalty program, au Ponta Points Program.
• In August 2022, Kibo, the leader in unified commerce, released Kibo Subscriptions Management. Kibo Subscriptions Management empowers retailers to drive sales and customer loyalty by enabling revenue streams from products and services offered on a subscription basis.

Mordor Intelligence has Segmented the Global Loyalty Management Market Based on Solution, Industry Vertical, Deployment, and Geography.

• By Solution (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • B2C
  • B2B
  • Corporate
• By Industry Vertical (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • BFSI
  • Consumer Goods and Retail
  • Healthcare
  • IT and Telecom
  • Travel and Hospitality
  • Manufacturing
  • Other Industry Verticals
    
    
• By Deployment (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • On-premise
  • On-demand
• 6.4 By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of Middle East & Africa

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Loyalty Management Market Report (2023-2028).

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About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.

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• Global Loyalty Management Market - Mordor Intelligence