The digital loyalty programs market is expected to grow at a CAGR of 8.4% from US$40.3 in 2021 to US$65.39 in 2027. This is according to FactMR’s analysis of the market.
The necessity for loyalty programs is fueled by the fact that these programs are concentrated on luring in and rewarding a company’s repeat customers. As a result, creating customer-oriented strategies is essential to raising customer retention rates.
The COVID-19 issue is helping the market for digital loyalty Programssince the majority of customers are quickly switching to digital channels to buy goods or services amid the state-wide shutdown and related restrictions.
• In the type sector, the digital loyalty programs with card-linked rewards market are anticipated to develop at the quickest CAGR of 8.3%.
• A CAGR of 7.9 percent is predicted for the vertical segment of the market for digital loyalty programs called retail.
• By 2032, the market for digital loyalty programs in the United States is projected to be worth US$ 35.1 billion, expanding at a CAGR of 8.1 percent.
• With a CAGR of 7.4% throughout the research period, the United Kingdom is anticipated 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 reach US$ 6.7 billion by 2032, growing at a 7.8% CAGR over that time.
• A CAGR of 6.9 percent is projected for Japan’s digital loyalty program market, which is estimated to reach US$5.4 billion by 2032.
With a CAGR of 6.1 percent throughout the research period, South Korea is predicted to reach a market size of US$ 3.2 billion in digital loyalty programs by 2032.