Research firm MarketsandMarkets expects the global loyalty management market to grow from $8.6 billion in 2021 to $18.2 billion by 2026 at a compound annual growth rate (CAGR) of 16.3 per cent.
Major growth drivers for the market include the increasing adoption of omnichannel programs, the emergence of advanced technologies, and a growing need for competitive differentiation, the firm said in its report.
MarketsandMarkets expects the business-to-consumer segment to grow at the highest CAGR during the forecast period, noting that B2C loyalty programs are made for general customers and are usually not specialized or personalized to each one but are nonetheless very effective in engaging, enhance, rewarding, and retain customers as well as grow a large customer base. In B2C, decisions are often made emotionally, which has prompted B2C markets to adopt an emotion-centric approach to advertising.
The report identified Epsilon, Oracle, Bond Brand Loyalty, Kobie, Brierly+Partners, Merkle, and Capillary as some of the prominent players in the loyalty management market.