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.
Managed services segment to grow at the highest CAGR during the forecast period
Managed services assist clients in outsourcing loyalty management solutions to service providers for efficiently managing their key business operations. These services are extremely useful for companies that do not have internal budgets or analytical skills to implement and manage loyalty management solutions. Service providers help clients manage loyalty management operations on-premises as well as on the cloud. The prime responsibility of service provider is to improve the efficiency of inbound and outbound operations cost-effectively for an enterprise.
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B2C (Business to Customer) segment to grow at the highest CAGR during the forecast period
B2C operators undertake business directly with consumers that are end users of its products or services. B2C loyalty programs are made for general customers and are usually not specialized or personalized to each one. These programs are very effective to engage, enhance, reward, and retain customers as well as grow a large customer base. In the B2C segment, the decisions are often made emotionally and based on how a product or brand makes a person feel. Thus, B2C markets have adopted an emotion centric approach and these loyalty programs have emotional commercials, billboard campaigns, and others, to get the attention of the customers.
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,
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.
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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.
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