MarketsandMarkets forecasts the global loyalty management market size to grow from USD 8.6 billion in 2021 to USD 18.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.3% during 2021 –2026. The growing need to decrease customer churn rates and the rise in the adoption of omnichannel customer loyalty strategy are expected to drive the market.
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 BFSI, Aviation, Automotive, Media and Entertainment, Hospitality, Retail, and consumer goods,
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In the loyalty management market, the key and emerging market players include Epsilon (US), Oracle (US) Bond Brand Loyalty (Canada), Kobie (Russia), Brierley+Partners (US), Merkle (US), Capillary (Singapore), Comarch (Poland), ICF Next (US), Maritz Motivation (US), Cheetah Digital (US), ProKarma (US), Jakala (Italy), Annex Cloud (US), Apex Loyalty (US), Fivestars (US), Kangaroo (Canada), LoyaltyLion (England), Smile.io (Canada), Yotpo (US), SailPlay (US), Zinrelo (US), Punchh (US), ClarusCommerce (US), Preferred Patron Loyalty (US), LoopyLoyalty (US), Paystone (UK), and SessionM (US). These players have adopted various strategies to grow in the global loyalty management market.
Epsilon is one of the leading loyalty service provider. It combines leading-edge identity management, industrial-strength data, and technology expertise with big brand acumen gained over five decades by working with the industry’s top brands. Epsilon offers data intelligence and customer insights with the help of its product portfolio, which includes loyalty and Customer Relationship Management (CRM) platforms. The company offer one of the most reliable and powerful cloud-based loyalty platforms. The platform provides features such as real-time rewards, engaging moments, digital focus, and customer protection.
Bond Brand Loyalty (Canada) is using inorganic growth strategies to grow its share in the market. It’s loyalty management portfolio includes the following platform and services such as Synapze loyalty and employee experience platform based on AI and ML to provide a personalized experience, loyalty consulting and management solution, customer genome model for predictive and prescriptive insights, channel and employee engagement solutions. In February 2020, Bond Brand Loyalty has acquired Atlanta-based rDialogue, a customer marketing firm to accelerate the company’s growth strategy and expanded offerings. The merger will enable the firm to expand its consulting and advisory capabilities and deliver transformative growth for its clients.
Loyalty Management Market by Component (Solutions and Services), Organization Size (Large Enterprises and SMEs), Deployment Type, Operator (B2B and B2C), Vertical, and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2026
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