The Digital Experience Platform Market is projected to grow to US$ 98 Billion by 2032; Growing Competition to Drive Retail Industry Reward Program Adoption

According to FactMR's digital loyalty programs market report, the market is expected to reach US$ 65.39 by 2027, up from US$ 40.3 in 2021, at an 8.4% CAGR. Because loyalty programs are concentrated on attracting/rewarding recurrent customers for organizations, establishing customer-centric strategies has become vital to improve customer retention rates, hence driving the demand for loyalty programs.

The COVID-19 issue is having a positive impact on the digital loyalty programs sector, as the majority of customers are quickly migrating to digital channels to acquire items or services while the state-wide lockout and attendant constraints are in effect. During the public-health crisis, the massive growth of the e-commerce company has driven merchants to recruit and retain as many consumers as possible to their websites, boosting expectations for loyalty platform providers. The loyalty program that operates on the plug-and-play SaaS model and is limited by SaaS capacity will face issues since customization of the program may raise the program's cost and avoiding change may result in a disappointed consumer.

The rise of retail and e-commerce in emerging markets is anticipated to raise the price of loyalty programs. Because of the expansion of online shopping culture and customer acceptance of mobile and smartphone devices, a digital loyalty program method has been developed. This will be a big growth driver in mature digital loyalty program marketplaces. Adoption of schemes such as a loyalty scheme that offers customer loyalty and channel loyalty programs, membership programs, frequent flyer programs, and digital rewards can aid in the advancement of the digital loyalty programs industry. North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America dominate the digital loyalty programs market.

Because to the region's retail sector's rapid adoption of loyalty networks over the previous decade, North America has the biggest market share for digital loyalty programs. Customers in North America prefer monetary incentives like rebates or payback, free things, free shipping, and product discounts. During the forecast period, Europe will have the second-largest market share for digital loyalty programs. As merchants and organizations in the region turn their attention to enhancing customer experience, the Asia Pacific digital loyalty programs market is expected to develop at a quick rate over the estimated period.

KEY TAKEAWAYS:

• The digital loyalty programs market's card linked loyalty is predicted to expand at the fastest CAGR of 8.3% in the type sector.

• With a CAGR of 7.9%, retail is predicted to rise at a rapid pace in the vertical sector of the digital loyalty programs market.

• The digital loyalty program market in the United States is anticipated to reach US$ 35.1 billion by 2032, increasing at an 8.1% CAGR during the research period.

• With a CAGR of 7.4% over the research period, the United Kingdom is predicted to reach a market size of US$ 4.2 billion in digital loyalty programs by 2032.

• The market for digital loyalty programs in China is anticipated to be worth US$ 6.7 billion by 2032, with a CAGR of 7.8% over the forecast period.

• Japan is anticipated to reach a market size of US$ 5.4 billion for digital loyalty programs by 2032, with a CAGR of 6.9% throughout the research period.

• South Korea is anticipated to reach a digital loyalty program market size of US$ 3.2 billion by 2032, with a CAGR of 6.1% throughout the research period.

COMPETITIVE LANDSCAPE:

The digital loyalty programs market’s leading players include, among others.

1. Comarch SA announced in March 2021 the launch of a new website for its loyalty and marketing solutions to improve functionality and navigation, most notably in its Loyalty Marketing Cloud. Any industry or small business may launch their own loyalty program.

2. In December 2020, IBM Corporation announced a collaboration with Air Canada to launch the Aeroplan Loyalty Program. It blends mobile and cloud-based web experiences to deliver a versatile, personalized, and loyalty-rewarding experience.

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