Market Snapshot:
Customer Loyalty Software is an approach to promotion based on strategic management, in which a company focuses on customer retention, cross-selling and to increase customer penetration to increase sells and revenue. Increasing adoption of customer loyalty software in the retail industry to attract new customers and retaining existing ones boosting the demand for customer loyalty software. Under the customer loyalty management enterprises offers numerous loyalty programs such as gift vouchers, reward points and discounts across grocery shopping, fuel purchasing, banking, and others. Increasing demand for customer loyalty software from numerous industry verticals such as banking, healthcare, and others to maintain a high level of customer satisfaction level expected to drive the demand for customer loyalty software.
Highlights from Customer Loyalty Software Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 20.21% |
The key Players profiled in the report are Oracle Corporation (United States), IBM Corporation (United States), Maritz Holdings Inc. (United States), Aimia Inc. (Canada), SAP SE (Germany), Fidelity Information Services (United States), ICF International, Inc. (United States), Epsilon (United States), Kobie Marketing, Inc. (United States), Bond Brand Loyalty (United States), MicroStrategy, Inc. (United States) and TIBCO Software (United States). Additionally, other players that are part of this comprehensive study are RoboRewards (United States), COMARCH (Poland) and Brierley+Partners (United States).
Geographic Breakdown and Segment Analysis
The Global Customer Loyalty Software market presents a comprehensive analysis of the Customer Loyalty Software market and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Customer Loyalty Software industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Customer Loyalty Software market
Analyst at AMA have segmented the market study of Global Customer Loyalty Software market by Type, Application and Region.
Influencing Trend:
Emergence of Customer-Centric Approach across Businesses and Increasing Use of Digital Cards to Manage All the Customer Loyalty Programs Digitally
Market Growth Drivers:
Growing Focus of Enterprises on Customer Retention, Increasing Adoption of Customer Loyalty Software in B2C Companies and Emphasizing On Customer Relationship Management Solutions
Challenges:
Lack of Awareness about Customer Loyalty Software in Developing Countries
Restraints:
Intricacy Involved in the Integration of Customer Loyalty Software in Various Systems and Lack of Technical Professionals to Adopt New Technologies
Opportunities:
Technological Advancement in Smartphone Applications Supporting Customer Loyalty Software and Increasing Demand of Customized Customer Loyalty Software across Numerous Industry Vertical
Market Developments Activities:
In September 2023, Salesforce announced the acquisition of Emarsys. This merger is expected to create a leading provider of customer loyalty and engagement solutions, combining Salesforce's CRM capabilities with Emarsys' marketing automation and personalization expertise.
In November 2023, Customer Loya has launched its customer loyalty program software. The software is designed to help businesses of all sizes create and manage effective loyalty programs that drive customer engagement and retention.
Regulatory Insights:
“The Consumer Protection Act (CPA) says that loyalty credits or awards are a legal medium of exchange (like cash) when suppliers offer it as consideration for any goods or services offered, transaction contemplated, under that loyalty programme. This means that loyalty credits or rewards are just as valuable as cash. A loyalty programme customer or account number also falls within the definition of an account number under the Protection of Personal Information Act (POPI Act)).”
The market analysis entails a section solely dedicated for major players in the Global Customer Loyalty Program Software Market wherein our analysts provide an insight to the financial statements of all the major players along with its key developments product benchmarking and SWOT analysis. The company profile section also includes a business overview and financial information. The companies that are provided in this section can be customized according to the client’s requirements.
Key Target Audience
Customer Loyalty Software Providers, Customer Loyalty Software Service Providers, Professional Services Providers, Managed Services Providers, System Integrators, Cloud Service Providers, Government Organizations, End-Users, Research Laboratories and Academic Institutes, Market Research and Consulting Firms and Others