Loyalty Management Market worth USD 6823.01 million by 2023

Loyalty Management Market Analysis Size, Growth rate and Overview:

Loyalty Management Market was valued at USD 2160.06 million in 2017 and is expected to reach almost USD 6823.01 million by the end of 2023, growing at a CAGR of around 21.13% over the predicted period.

Loyalty management is an important part of the activities that contribute to raising society to a higher level. It allows companies to develop customer loyalty and, ultimately, increase sales and revenue. Loyalty Management Companies offers several programs, such as loyalty points, discounts, special product offers and gift certificates for banking, shopping, meals and fuel purchases. These companies face challenges in the management of all loyalty programs based on standard rules in different sites to provide similar services to all customers. As a result, software solution providers offer the software to manage all of these programs with less human intervention. Loyalty management software tools help build a successful program for individuals and businesses. Most companies are implementing these tools to maintain a high level of customer satisfaction by offering personalized loyalty programs, such as lotteries, special auctions, coupons or benefits, through a single platform.

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Loyalty Management Market Key Drivers, Challenges, and Opportunities:

The proliferation of mobile technologies, the greater focus on the management of the customer experience and the greater use of digital cards are driving the market of loyalty management. Companies are more inclined to manage the customer experience to provide specific products based on the needs of the customer. The software of the loyalty program helps them to obtain feedback from their clients about different programs, which finally allows them to offer better solutions to the clients. The increasing use of digital cards is generating demand for loyalty management software to digitally manage all loyalty programs and report digital card offers to customers' smart devices.

The main challenges of the loyalty management market are the inability to develop successful loyalty programs and the inability to create a strong link between the customer and the brand. These two challenges hinder the demand in the market.

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Loyalty Management Market – Regional Presence:

The loyalty management market is currently dominated by the North American region and this region will have the largest market share during the forecast period due to the growing concentration of key sectors of the industry, including BFSI, the government, etc. Europe represents the second largest market share, since this region is more influenced by the retail sector.

The loyalty management market in Asia-Pacific, with the exception of Japan, is expected to have a high growth rate, thanks to the increasing use of mobile technologies and a greater focus on a customer-centered approach to satisfy the clients. The Middle East, Africa and Latin America also recorded the highest growth rate in the market due to the emergence of innovative loyalty programs in the market.

Some of the Key Players Profiled in this Loyalty Management Market Report are:

Oracle Corporation., Comarch SA, TIBCO, International Business Machines Corporation, SAP SE, Bond Brand Loyalty Inc., Brierley+Partners, and Microstrategy, Inc.

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