Size of loyalty business will double by 2024; New brand for major player
Some extraordinary figures about the worth of the loyalty management business are being bandied about that puts the figure at around US$23bn now, rising to US$50bn by 2024.
According to one study, over the next five years the Loyalty Management market will register a 16.7% CAGR in terms of revenue.
As this is a US based study, the companies listed as being “eminent players” are Alliance Data Systems Corporation, Oracle Corporation, IBM Corporation, Aimia Inc, SAP SE, Maritz Holdings Inc., Fidelity Information Services, Bond Brand Loyalty, Brierley+Partners, ICF International, Inc., and Kobie Marketing. As we all know, there are plenty of other vibrant and effective players in the global market.
The reason one report gives for the growth (and it is interesting that the value of the loyalty market is estimated similarly by different research companies is: “The major factors contributing to the growth of the market includes factors such as increasing need of competitive differentiation to gain market presence, [leading to the] rising trend of loyalty programs. On the other hand, lack of stringent regulations is hampering the market growth.” Not by much it seems.
One of the listed companies, Brierley+Partners, has recently changing its brand logo, and unveil a new platform of its modular loyalty solution.
“We have re-packaged decades of loyalty program design, capabilities and execution expertise into a brand-new offering that takes full advantage of the absolute latest technologies to enable continuous evolution and global scale,” said Bill Swift, Brierley’s chief technology officer.
There are several other company changes in the planning stage for Loyalty Magazine to report on soon.