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Loyalty Management Market Trends

Report ID: GMI6793
Published Date: Jul 2024
Report Format: PDF

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Loyalty Management Market Trends

The use of Artificial Intelligence (AI) in loyalty programs is propelling the loyalty management industry growth by enabling businesses to deliver highly personalized rewards and experiences. AI analyzes vast customer data to tailor incentives, predict preferences, and optimize program effectiveness.

For instance, in August 2023, Fobi AI Inc., an AI & data intelligence firm, partnered with Vancouver Island Brewing to introduce an innovative digital loyalty program. This program will utilize wallet pass technology and real-time analytics to provide customers with highly personalized & immersive taproom experiences. As companies increasingly recognize these advantages, the adoption of AI-powered loyalty solutions will increase, propelling the market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of loyalty management USD 9.8 billion in 2023 and is set to observe over 20% CAGR between 2024 and 2032, backed by the rising demand for enhanced customer experiences.

The retail & consumer goods segment held a market share of 22% in 2023, due to the proliferation of online shopping platforms that has provided retailers the opportunity to implement and expand digital loyalty programs.

North America loyalty management market was over 33% in 2023, propelled by advancements in technology that enable the prediction of consumer behavior.

Kognitiv Corporation, Tibco Software Inc., Oracle Corporation, Comarch SA, Salesforce Inc., SAP SE, and Epsilon.