Loyalty Management Market Observes Wide Growth with CAGR 15.9% during Forecast 2020 and 2027

 

Loyalty Management Market

Loyalty Management, also known as a loyalty programme, is a marketing strategy that rewards customers for their purchases. The main goal of loyalty programmes is to retain and increase customer base by providing multiple loyalty offers and benefits. Many organisations rely on loyalty management to expand their customer base and take their business to the next level. A loyalty management solution allows businesses to expand their customer base, which leads to an increase in sales and revenue. Loyalty management companies provide a variety of loyalty programmes, including reward points, cashback, travel programmes, gift cards, dining vouchers, and fuel purchases.

These organisations had faced numerous challenges in managing the same loyalty programmes across multiple locations in order to provide customers with similar services and solutions. Loyalty management software solutions are used to manage all of these loyalty programmes with minimal human intervention and to provide consistent services and solutions globally. During the forecast period, these factors are expected to drive market growth.

The global Loyalty Management Market was valued at US$ 7.6 Bn in 2019 and is expected to reach US$ 21.3 Bn by 2027 at a CAGR of 15.9% between 2020 and 2027.

The global Loyalty Management Market is expected to grow significantly during the forecast period (2020-2027) due to rising demand for advanced solutions to monitor customer scores and behaviours and improve customer engagement. In today's world, the success of a company is determined by the success of its customers. More customer engagement equals higher levels of customer satisfaction. As a result, loyalty management software is used to track customers' scores at the same time.

This most recent platform is useful for driving desired customer behaviour and providing marketers with tools to increase revenue through loyalty programmes. Customer lifetime value ratings can be assigned to customers, and customer score types include Customer Satisfaction, Customer Effort, Net Promoter Score, and Recency, Frequency, and Monetary (RFM) analysis scores. Customer satisfaction scores assist businesses in determining whether customers are satisfied with their products or services. Net promoter scores are used to determine how likely customers are to recommend the brand to other businesses and purchase products from the same company in the future. Recency, Frequency, and Monetary (RFM) analysis, on the other hand, indicates how frequently a customer purchase drives the company's revenue.

Various Segments Loyalty Management Market-

·        By Component: Solution and Services

·        By Deployment Type: On-premise and Cloud

·        By Organization Size: Large Enterprises and SMEs

·        By End-user: Retail, Healthcare, Telecom, BFSI, Media & Entertainment, Hospitality, Education and Others

Major Companies involved are- BOND BRAND LOYALTY INC., Kobie, Brierley, Epsilon Data Management, LLC., Aimia Inc., Annex Cloud, ICF International Inc., Apex Loyalty, Apptivo Inc., Fivestars, IBM Corporation, Oracle, Comarch SA, SAP, TIBCO Software Inc., Maritz Holdings Inc., MicroStrategy Incorporated and others

Comments

Post a Comment

Popular posts from this blog

Security Robot Market is Estimated To Witness High Growth Owing To Increasing Demand for Enhanced Surveillance

Image
Security Robot Market The Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Security Robot Market encompasses advanced robotic technologies that are specifically designed and developed to enhance security and surveillance operations. These robots are equipped with features such as video surveillance, thermal imaging, facial recognition, and intrusion detection, among others. They are extensively used by security agencies and organizations across various sectors, including residential, commercial, industrial, and government, to enhance safety, reduce human intervention, and streamline security operations. Security robots offer real-time monitoring, remote control, and high accuracy, making them an ideal choice for surveillance in sensitive areas and remote locations. Market Dynamics:
Read more

The Ever-Evolving Landscape of the Scottish Whisky Market during the Forecast Period 2019-2027

Image
  Scottish Whisky Market The Scottish Whisky Market is a captivating landscape that has been evolving and transforming over the years. It is a world of tradition, craftsmanship, and heritage, where every drop of whisky tells a story. The history of Scottish whisky traces back centuries, with the earliest records dating back to the 15th century. Whisky production initially started in monasteries, where monks distilled spirits for medicinal purposes. Over time, whisky production moved from monastic settings to farms and then to commercial distilleries. This transition marked the beginning of an industry that would become synonymous with Scotland. Scottish Whisky Market Was Valued At US$ 4.97 Bn In 2018, And It Is Expected To Reach US$ 7.89 Bn By The End Of 2027, Exhibiting A CAGR Of 5.3% During The Forecast Period (2019 To 2027). One of the defining characteristics of the Scottish Whisky Market is its adherence to traditional production methods. Scotch whisky is made from malted b
Read more

Monochloroacetic Acid (MCAA) Market Is Estimated To Witness High Growth Owing To Increasing Demand for Surfactants and Herbicides

Image
Monochloroacetic Acid (MCAA) Market The Monochloroacetic Acid (MCAA) Market is estimated to be valued at USD 676.52 Million in 2022 and is expected to exhibit a CAGR of 7.03% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Monochloroacetic Acid (MCAA) Market is driven by the increasing demand for surfactants and herbicides in several industries such as agriculture, pharmaceuticals, textiles, and personal care. MCAA is extensively used in the production of surfactants, herbicides, and carboxymethyl cellulose (CMC), which are essential in various applications. These applications include detergents, agrochemicals, pharmaceuticals, dyes, and cosmetics, among others. The versatile properties of MCAA, such as its ability to act as a raw material in the production of herbicides and surfactants, make it highly desirable in the market. Market Dynamics: The Monochloroacetic Acid (MCAA) Market is driven by two k
Read more