The global loyalty management market was valued at US$ 7.6 Billion in 2019 and is expected to surpass US$ 21.3 Billion by 2027, registering a CAGR of 15.9% during the forecast period (2019-2027), according to the Global Loyalty Management Market Report, By Component (Solution and Service), by Deployment (On-premise and Cloud), By Organization Size (Large Enterprises and SMEs), By Vertical (Retail, Healthcare, Telecom, BFSI, Media & Entertainment, Hospitality, Education and Others)and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The growing adoption of artificial intelligence and machine learning to enhance loyalty program is expected to drive market growth during the forecast period. Loyalty is interrelated with the customer satisfaction and by leveraging technologies such as machine learning (ML) and artificial intelligence (AI), companies can predict human behavior and purchasing pattern by using different analytics techniques and can provide personalized user experience. For instance, in August 2020, the National Payment Corporation of India (NPCI), launched an nth reward, a business intelligence, and an analytics-enabled loyalty program. The nth reward will allow users to earn points through bank transactions and they can also redeem their points on hotel, flight booking, online shopping, dining and others. In addition, these technologies have the potential to change the loyalty industry. These technologies used algorithms to predict human behavior and influence purchase pattern. The predictive analytics is used to target customers to increase user experience is expected to drive market growth in the upcoming years. Moreover, artificial intelligence (AI) is capable of monitoring multiple transactions and also detect fraudsters who will possibly attack on loyalty point accounts. Furthermore, these technologies offer retailers intelligent and meaningful insight to enhance customer experience and overall sales.
Loyalty Management Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. There is a significant impact on loyalty management market as well. . Most of the retailers are moving their business to e-commerce platform as online shopping has gained traction during pandemic as majority of the countries are strictly following lockdown and people are staying at home, which have positively impacted the market growth. The unexpected growth in online purchasing is one of major factor driving the growth of the Loyalty Management. Companies are leveraging the lockdown situation by providing loyalty offers to expand their customer base and increase revenue. For instance ecommerce websites such as Flipkart and Amazon have done tie up with multiple bank to provide discount on purchasing item from their websites.
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