The global customer loyalty software market is projected to expand at a remarkable CAGR between 2018 and 2025 (forecast period). Several organizations worldwide are increasing their spending on loyalty programs due to their offerings, which include innovative rewards leading to a broader scope of customer response and retention.
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Globally, the competition among organizations in every sector is intensifying. There is a pressing need for every organization to maintain competitive differentiation to consolidate their position, which may work in favor of the market for customer loyalty software. Changing consumer demographics are impelling organizations to pay attention to strategies to retain customers, which in turn is likely to propel the market. Emerging ubiquity of mobile technology is also poised to provide a significant push to the market over the forecast period.
Growing encouragement by governments and banks to opt for digital payment has led to sharp rise in the number of cardholders in the past few years. Increasing use of reward points, gathered through card payments, as cash can stoke the growth of the market. In addition, rising awareness among customers regarding the reward point system is estimated to augment the market. Customers show a high inclination toward surprise deals or gifts on sales, special privileges, or other conventional program benefits.
On the other hand, strict rules and regulations imposed by governments and low levels of customer awareness, especially in developing and less developed countries, can keep the market from realizing its full potential. Nevertheless, several companies are considering collaborations to render loyalty programs more affordable and feasible. For instance, in January 2018, Springbig announced a partnership with MJ Freeway to expand customer loyalty platform to a wider base of Cannabis Retailers. Therefore, increasing partnerships can augur well for the market. Moreover, increasing investments in card loyalty systems technology are expected to open new avenues for players in the market.
The global customer loyalty software market has been segmented on the basis of application, type, and geography. Based on type, the market has been bifurcated into installed based and web based. In terms of application, the market has been divided into large organizations, small and medium enterprises (SMEs), and others. Geographically, the customer loyalty software market has been classified into Europe, China, Japan, Southeast Asia, India, and United States.
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The U.S. customer loyalty software market will account for a sizeable share in the market throughout the forecast period. Rapid advancements in the field of mobile technologies are playing an imperative role in the development of the regional market. Heightened awareness among the populace is also contributing to the growth of the market. India, China, and emerging economies in Southeast Asia are anticipated to register promising growth during the same period. The growth of these regions can be attributed to growing card transactions. Increasing spending by customers in vouchers and other benefit options is one of the key factors supplementing the growth of the regions. Rising penetration of smartphones can also have a positive influence on the regional markets.
Some of the prominent companies operating in the customer loyalty software market are Kangaroo Rewards, Zooz Solutions, RepeatRewards, Tango Card, and FiveStars.
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