The Global Loyalty Management Market size is expected to grow from USD 10.86 billion in 2023 to USD 23.69 billion by 2028, at a CAGR of 16.88% during the forecast period (2023-2028).
A loyalty management system is a marketing automation software used to develop, oversee, and evaluate the effectiveness of loyalty programs. Solutions for loyalty programs can be integrated into the company CRM system as a built-in feature or as a separate platform. The information required to operate customized loyalty programs is retrieved from data sources through API, and the chosen front-end receives the information from the loyalty software.
The loyalty management market is very competitive in nature. The market is highly fragmented due to the presence of various small and large players. All the major players account for a large share of the market and are focusing on expanding the consumer base globally. Some of the significant players in the market are Kognitiv Corporation, IBM Corporation, Oracle Corporation, Comarch SA, and SAP SE, among others. The companies are increasing the market share by forming multiple partnerships and introducing new solutions to earn a competitive edge during the forecast period.
In March 2023, technology company Kognitiv Corporation ("Kognitiv") launched a powerful new AI-driven Kognitiv Pulse. It delivers advanced loyalty management, data activation, and partner collaboration solutions to enable data-driven personalization and optimization of the customer journey across its innovative, omnichannel SaaS platform. The tool allows users to see, side-by-side, how loyalty and non-loyalty customers perform across key KPIs, like purchase frequency and lifetime value.
In July 2022, Tranxactor Group, a leading provider of loyalty services, customer relationship management (CRM), and payment solutions for the retail and hospitality industries, selected Oracle Cloud Infrastructure (OCI) with Enterprise Database Service, enabling the company to provide brands with rich and immersive customer engagement and loyalty programs.
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