CHICAGO, July 14, 2020 /PRNewswire/ -- According to the new market research report "Loyalty Management Market by Component (Solutions and Services), Organization Size (Large Enterprises and SMEs), Deployment Type, Operator (B2B and B2C), Application (Web and Mobile), Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Loyalty Management Market size is expected to grow from USD 7.6 billion in 2020 to USD 15.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.3% during the forecast period.
Major growth drivers for the market include the increasing adoption of omnichannel programs, emergence of advanced technologies, and a growing need for competitive differentiation.
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Among deployment modes, the cloud segment to hold a higher market share during the forecast period
Owing to the increasing awareness of the benefits of cloud-based solutions, the cloud segment for loyalty management is expected to grow significantly. Solution providers are focusing on the development of robust cloud-based solutions for their clients, as various organizations have migrated to either a private or a public cloud. Moreover, cloud-as-a-service is enabling organizations to manage not only costs but also achieve better agility. As cloud-based solutions are budget-friendly and easy to deploy, it is highly preferred by Small and Medium-sized Enterprises (SMEs).
By operator, the B2C (Business to Customer) segment to dominate the market 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.
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Asia Pacific to grow at the highest CAGR in the Loyalty Management Market by region during the forecast period
APAC consists of fast-growing economies such as China and India and technologically advanced countries such as Japan and Australia, which act as a major driver for the growth of the market in the region. The increasing internet penetration and per user online consumption has led organizations to enhance their offerings in the customer Loyalty Management Market through digital touchpoints such as social media, websites, emails, virtual assistants, and call centers. Rise of E-commerce in countries such as India and China has changed the retail landscape in those countries. Increasing competition among online and offline retailers is expected to boost the demand for loyalty management solutions in the region.
In the Loyalty Management Market, key and emerging market players include Aimia (Canada), Annex cloud (US), Apex Loyalty (US), Apptivo (US), Bond Brand Loyalty (Canada), Brierley+Partners (US), Capillary (Singapore), Comarch (Poland), Epsilon (US), FiveStars (US), Hashtag Loyalty (India), ICF Next (US), Kangaroo (Canada), Kobie Marketing (Russia), Loyalty Gator (Canada), LoyaltyLion (England), Maritz Motivation (US), Merkle (US), Oracle (US), Smile.io (Canada), SpotOn (US), TIBCO (US), Yotpo (US), SailPlay (US), Lacek (US), and Paystone (UK).
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