The global loyalty management market size is expected to reach USD 30.64 Billion by 2030 according to a new study by Polaris Market Research. The report “Loyalty Management Market Share, Size, Trends, Industry Analysis Report, By Operator (B2C, B2B, Corporate); By Deployment (On-premises, On-demand); By Component; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Key elements such as the emergence of loyalty management mobile applications will drive industry growth. Technology is changing how people do business, whether in a store or a small local business. Digital technology is evolving in today's businesses operating globally. Mobile applications are reshaping the future of online commerce. According to the Data portal report, India had 624.0 million internet users in January 2021. Between 2020 and 2021, the internet penetration rate in India increased by 47 million (+8.2 percent).
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In January 2021, India's internet penetration was 45.0 percent. So, the rising internet penetration cases have led to increasing demand for mobile devices, driving the industry growth during the forecast period. As online business and internet adoption evolve, mobile applications' importance and demand have grown. Mobile apps provide access to marketing promotions via touchpoints. The fidelity program app effectively replaces the traditional rewards system.
Mobile applications can create a customer program; when customers purchase a product, they will receive rewards such as reward points, special offers, discounts, and early access through the applications. The incentives provided to prospective customers will play a significant role in increasing profitability. Also, in February 2022, The Container Store plans to introduce a tier-based program and a mobile app at the end of March.
Over the last year, the corporation has also added new payment options for customers, such as PayPal and a mobile goal option. Thus, the launch of the mobile app for programs and the rising internet penetrations boost market growth during the forecast period.
Based on the component, the services segment accounted for the leading share in the market. These services enable end-users to reduce overall costs, increase overall revenue, and improve business performance. The services segment is rapidly expanding due to organizations' increased emphasis on customer experience and reliability. Managed services help businesses raise overall efficiency and lower costs associated with such solutions.
Market players such as Cheetah Digital, Apex Loyalty, Brierley+Partners, Capillary Technologies, Merkle, Comarch, Epsilon, Fivestars, Annex Cloud, ICF Next, Jakala, Kobie, Maritz Motivation, Bond Brand Loyalty, and Oracle are key players operating in the global market. In May 2021, Kobie completed the acquisition of Rosemark's Quantitative PersonaTM (QP) Method for the loyalty and co-branded credit card space.
Polaris Market Research has segmented the loyalty management market report based on component, industry vertical, operator, deployment, and region:
Loyalty Management, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Loyalty Management, Operator Outlook (Revenue - USD Billion, 2018 - 2030)
Loyalty Management, Industry Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Loyalty Management, Deployment Outlook (Revenue - USD Billion, 2018 - 2030)
Loyalty Management, Regional Outlook (Revenue - USD Billion, 2018 - 2030)