Loyalty Management Market size was valued at 8.76 Million in 2021 and is estimated to reach 23.74 Million by 2028, at a CAGR of 15.3% during the forecast period 2022 to 2028. Growing need for competitive differentiation, increasing penetration of smartphones in B2C loyalty programs, huge awareness regarding loyalty programs, increased focus on customer experience management, growing adoption of multi-channel program, rapidly growing number of card holders and increasing innovations in technology are some key factors fostering the market growth. However, factors such as lack of knowledge about loyalty program benefits and failure to develop successful loyalty programs are hampering the market growth.Location. A loyalty program fails because of a lack of awareness. Customer participation can be challenging for loyalty programs because most customers don’t know where they stand within a program. According to the recent studies, only 30% of shoppers know exactly how many points and rewards they’ve earned in a loyalty program. Comparatively, 18% don’t know how much they’ve earned at all. This is a serious problem for brands that offer or participate in a loyalty program. More than 50% of users say that without having access to their program information most of their rewards will go unused or expire because they’re not even aware they have a reward. This loss can create several problems including less purchasing motivation, sif a customer doesn’t know about something they have, they’re going to be less motivated to buy with a brand or company. Global loyalty management market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in February 2019, IBM (US) partnered with BUCKiTDREAM to improve the personalized brand engagement experiences of BUCKiTDREAM’s customers.