According to a research report "Loyalty Management Market by Component (Solutions and Services), Organization Size (Large Enterprises and SMEs), Deployment Type, Operator (B2B and B2C), Vertical, and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2026" published by MarketsandMarkets forecasts the global loyalty management market size to grow from USD 8.6 billion in 2021 to USD 18.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.3% during 2021 –2026. The growing need to decrease customer churn rates and the rise in the adoption of omnichannel customer loyalty strategy are expected to drive the market.
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Managed services segment to grow at the highest CAGR during the forecast period
Managed services assist clients in outsourcing loyalty management solutions to service providers for efficiently managing their key business operations. These services are extremely useful for companies that do not have internal budgets or analytical skills to implement and manage loyalty management solutions. Service providers help clients manage loyalty management operations on-premises as well as on the cloud. The prime responsibility of service provider is to improve the efficiency of inbound and outbound operations cost-effectively for an enterprise.
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 eCommerce 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.
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In the loyalty management market, the key and emerging market players include Epsilon (US), Oracle (US) Bond Brand Loyalty (Canada), Kobie (Russia), Brierley+Partners (US), Merkle (US), Capillary (Singapore), Comarch (Poland), ICF Next (US), Maritz Motivation (US), Cheetah Digital (US), ProKarma (US), Jakala (Italy), Annex Cloud (US), Apex Loyalty (US), Fivestars (US), Kangaroo (Canada), LoyaltyLion (England), Smile.io (Canada), Yotpo (US), SailPlay (US), Zinrelo (US), Punchh (US), ClarusCommerce (US), Preferred Patron Loyalty (US), LoopyLoyalty (US), Paystone (UK), and SessionM (US).
Epsilon is one of the leading loyalty service provider. It combines leading-edge identity management, industrial-strength data, and technology expertise with big brand acumen gained over five decades by working with the industry’s top brands. Epsilon offers data intelligence and customer insights with the help of its product portfolio, which includes loyalty and Customer Relationship Management (CRM) platforms. The company offer one of the most reliable and powerful cloud-based loyalty platforms. The platform provides features such as real-time rewards, engaging moments, digital focus, and customer protection.
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