Jul 27, 2020 (AB Digital via COMTEX) -- MarketsandMarkets forecasts the global Loyalty Management Market size 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 2020 –2025. The significant growth in smartphone technology and its increasing usage across the globe are expected to drive the market.
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).
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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.
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 automotive, retail, banking and financial services, healthcare, and telecommunication.
In the loyalty management market, the 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) These players have adopted various strategies to grow in the global loyalty management market.
Aimia (Canada) offers 3 types of loyalty management solutions: Aimia loyalty platform – SaaS, Aimia loyalty platform – Enterprise, and Professional services. The loyalty units segment brings together the strategy and solutions business for individual clients, particularly platform-based business with products. The company operates globally through its subsidiaries, such as Aimia Canada Inc. (Canada), Smart Button Associates Inc. (US), Nectar Italia (Italy), Aimia Loyalty Analytics UK Limited (UK), Aimia Proprietary Loyalty (HK) Limited (Hong Kong), Aimia Proprietary Loyalty Australia Pty Ltd. (Australia), among others. Aimia has adopted systematic approach toward strengthening its loyalty management capabilities. In November 2018, Aimia signed an agreement with Air Canada for the purchase of the Aeroplan Loyalty Business to improve the customer retention of Air Canada with the help of Aimia loyalty platform and services.
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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. In May 2018, Bond Brand Loyalty partnered with Buljan and Partners to expand its global presence by delivering transformative customer engagement solutions. The partnership has enabled the firm to create a strong presence on a global scale.
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