CHICAGO, Jan. 17, 2022 /PRNewswire/ -- 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, the global Loyalty Management Market size is expected 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. 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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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.
B2C (Business to Customer) segment to grow at the highest CAGR 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 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.
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).
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