Customer Loyalty Management Software Market Overview: Market Size, Major Drivers And Trends
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The customer loyalty management software market size has grown rapidly in recent years. It will grow from $11.05 billion in 2023 to $13.08 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to increasing competition, focus on customer experience, data explosion, shift to subscription-based models, and rise of omnichannel retailing. The customer loyalty management software market size is expected to see rapid growth in the next few years. It will grow to $25.98 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to expansion of loyalty programs across industries, focus on customer lifetime value, rise of subscription-based business models, emphasis on omnichannel loyalty experiences, and demand for real-time analytics and personalization. Major trends in the forecast period include AI-powered personalization, blockchain integration, voice-activated loyalty programs, regulatory compliance and data privacy, and hyper-personalization through IoT.
The rising sales in e-commerce are expected to propel the growth of the customer loyalty management software market going forward. E-commerce refers to the buying and selling of goods and services over the internet, often conducted through websites, mobile apps, or online platforms. The rising e-commerce sales are due to improved logistics, convenience shopping experiences, wide selection trends, and personalization. Loyalty management software allows e-commerce businesses to segment their customer base based on various criteria such as purchase history, demographics, and behavior. This segmentation enables targeted marketing campaigns tailored to specific customer segments, increasing the relevance of promotions and offers. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, the United States e-commerce sales for 2023 were estimated at $1,118.7 billion, marking a 7.6% rise from 2022. Therefore, rising sales in e-commerce are driving the growth of the customer loyalty management software market.
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What Are The Key Trends That Influence Customer Loyalty Management Software Share Analysis?
Companies in the customer loyalty management software market are concentrating on developing intelligent loyalty programs to boost customer engagement and retention. These programs use advanced technologies like big data and AI to enhance loyalty and drive business growth. For example, in January 2021, Salesforce, Inc., a US-based software company, launched Loyalty Management. This platform, built on Salesforce Customer 360, helps businesses create and manage loyalty programs such as tiered memberships and points per purchase. It also provides personalized loyalty offerings and flexible reward configurations to drive business value and cater to various customer segments.
Which Market Players Are Driving Growth In The Customer Loyalty Management Software Market?
Major companies operating in the customer loyalty management software market are Paytronix Systems Inc., Epsilon, Oracle Corporation, Capillary Technologies, Yotpo Ltd., Bond Brand Loyalty Inc., Brierley+Partners, Annex Cloud, Clutch, Fivestars, SessionM, CityGro, Clarus Commerce, Smile.io, Thanx Inc., LoyaltyLion, Zinrelo, RepeatRewards, Antavo, Loopy Loyalty, Preferred Patron Loyalty, Bunchball, Swipii, Kangaroo Rewards, SailPlay
How Is The Global Customer Loyalty Management Software Market Segmented?
1) By Component: Software; Services
2) By Deployment: On-Premise; Cloud
3) By Operator: Business To Business; Business To Customer
4) By Applications: Campaign Management; Reward Distribution; SMS Marketing; Other Applications
5) By End User: Banking, Financial Services, And Insurance; Information Technology And Telecommunications; Transportation; Retail; Hospitality; Manufacturing; Media And Entertainment; Other End Users
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The Customer Loyalty Management Software Global Market Report 2024 provides an overview of the customer loyalty management softwaremarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The customer loyalty management software market forecast analyzes customer loyalty management software market size, customer loyalty management software market share, leading competitor and their market positions.
The Table Of Content For The Customer Loyalty Management Software Market Include
1. Customer Loyalty Management Software Market Executive Summary
2. Customer Loyalty Management Software Market Segments
3. Customer Loyalty Management Software Market Size And Template Market Growth Rate
4. Key Customer Loyalty Management Software Market Trends
5. Major Customer Loyalty Management Software Market Drivers
……
25. Key Mergers And Acquisitions In The Customer Loyalty Management Software Market
26. Top Customer Loyalty Management Software Companies
27. Customer Loyalty Management Software Market Opportunities And Strategies
28. Customer Loyalty Management Software Market, Conclusions And Recommendations
29. Appendix
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