Loyalty Management Market Key Trends, Perspective And Comprehensive Analysis 202
Posted by Ashish on December 3rd, 2020
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.
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.
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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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.
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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About the AuthorAshish
Joined: September 20th, 2019
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