1. Loyalty management market size in North America was USD 1.71 billion in 2022.
2. Industry Value Impacted Due to Drastic Change in Consumer Behavior
3. Cloud-based Demand to Rise Impelled by Affordable Program Designing Solutions
4. Retail Segment to Depict Appreciable Expansion Impelled by Rising Adoption
(Image Source)
GLOAccording to Fortune Business Insights, global loyalty management market size was valued at USD 5.29 billion in 2022 and is projected to grow from USD 6.47 billion in 2023 to USD 28.65 billion by 2030, exhibiting a CAGR of 23.7% during the forecast period. The surge is due to the growing software demand for the analysis of client purchasing behavior, patterns, historical customer data, and other factors. Fortune Business Insights presents this information in their report titled “Global Loyalty Management Market Forecast, 2023-2030.”
Key Industry Development:
March 2023 – Sabre Corporation entered into a partnership with Capillary Technologies to facilitate hoteliers and airlines with customer loyalty programs. Via the agreement, Sabre integrated Sabre platforms for hoteliers and airlines with the Capillary Loyalty Management solution.
Key Takeaways
-
Loyalty management market size in North America was USD 1.71 billion in 2022
-
Industry Value Impacted Due to Drastic Change in Consumer Behavior
-
Cloud-based Demand to Rise Impelled by Affordable Program Designing Solutions
-
Retail Segment to Depict Appreciable Expansion Impelled by Rising Adoption
Report Scope & Segmentation
|
Report Coverage |
Details |
|
Forecast Period |
2023 to 2030 |
|
Forecast Period 2023 to 2030 CAGR |
23.7% |
|
2030 Value Projection |
USD 28.65 Billion |
|
Base Year |
2022 |
|
Loyalty Management Market Size in 2022 |
USD 5.29 Billion |
|
Historical Data for |
2019 to 2021 |
|
No. of Pages |
150 |
|
Segments covered |
Deployment, Enterprise Type, End Use and Geography |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/loyalty-management-market-101166
Drivers and Restraints:
Market Value to Surge Impelled by Rising Customer Preference for Personalized Solutions
One of the key factors driving the loyalty management market growth comprise the surging consumer preference for personalized solutions. This is attributed to the fact that the products aid in the improvement of overall experience and attracting customer attention.
However, the market expansion could be affected by the enforcement of strict government regulations including privacy laws, data security laws, trade stamp laws, and gift certificate laws.
Regional Insights:
North America to Emerge as Key Region Driven by Rapid Software Adoption
The North America loyalty management market share is anticipated to depict substantial expansion throughout the forecast period. The surge is due to the growing customer preference for monetary incentives such as rebates, payback, free items, free shipping, and product discounts.
The Europe market is set to record lucrative growth over the estimated period. The rise is on account of the well-established presence of loyalty programs in numerous countries in Europe.
The Asia Pacific market is expected to grow at a considerable pace over the study period. The surge is due to the rising focus of industry players on the improvement of customer experience.
Competitive Landscape:
Major Companies Ink Partnership Deals to Reinforce Industry Foothold
Leading industry participants focus on the adoption of a series of strategic initiatives for strengthening the positions of their businesses. These include merger agreements, acquisitions, the formation of alliances, and rollout of new solutions. Other initiatives comprise partnership agreements, collaborations, and an increase in research activities.
