The major factors that drive the Loyalty Management Market growth are rising usage of mobile phones, a significant increase in a number of card holders, lack of awareness about loyalty programs among consumers, and growing appreciation for online reward management solutions. Other factors that influence the market growth include recurrent alteration of end-user demographics, increase in spending on loyalty programs from the organizations, stringent government rules & regulations and rapidly growing applications of big data and machine learning.
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The global loyalty management market is segmented based on type, organization size, industry vertical, and geography. As per type, the market is segmented into customer retention, customer loyalty, and channel loyalty. Based on organization size, the market is bifurcated into large and small & mid-size. Industry verticals analyzed in the report include BFSI, retail, travel & hospitality, manufacturing, IT & telecom, media & entertainment, healthcare, and others (Education, oil & gas, energy & utilities). Based on geography, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
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The North America loyalty management market generated the highest revenue in 2016, attributed to adequate technology infrastructure, the presence of a large number of enterprises, and a large number of loyalty programs in the region. The Asia-Pacific market is expected to grow at the highest CAGR, owing to the high penetration of internet; changing consumer demographics; and surge in need of better data management.
The key players operating in the global loyalty management industry include Oracle Corporation, IBM Corporation, SAP SE, Aimia Inc., Comarch, Bond Brand Loyalty, Tibco Software, Epsilon, ICF International, Inc., and Kobie Marketing, Inc. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
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Impact of covid-19 on Loyalty Management Market:
- When Covid-19 has imposed significant threat on a number of industry verticals, companies across the world have also initiated to provide excellent value to their customers as they want to get back to their stance as soon as they can after the crisis ends.
- This new drift has led business ventures to take innovative steps into consideration. The new strategies are not only meant to serve customers’ needs the best, but are also designed to provide momentum into the future.
- By letting customers know they are important, organizations can retain customer loyalty and trust during the pandemic which, in turn, has provided the global loyalty management market a substantial boost.
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