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Loyalty Technology impacting the Middle East
Based on the Q1 2022 Global Loyalty Programs Survey, the Loyalty Program Market in the Africa & Middle East region is poised for robust growth, projected to increase by 12.7% annually, reaching a value of US$6573.8 million in 2022.
In terms of value, the Loyalty Rewards Program Market in Africa & Middle East has demonstrated a notable Compound Annual Growth Rate (CAGR) of 13.1% from 2017 to 2021. Forecasts predict continued expansion, with an estimated CAGR of 12.3% between 2022 and 2026. This trajectory will elevate the Loyalty Programs Market from its 2021 value of US$5832.7 million to a projected US$10442.3 million by 2026.
Loyalty rewards program have witnessed a consistent surge in adoption across the Africa & Middle East region in recent years. Both innovative startups and established global players are introducing their unique offerings to capture an expanding market share in the region. Concurrently, various industries are embracing loyalty solutions due to growing consumer demand for personalized rewards programs.
Over the past few years, the landscape of customer loyalty has undergone rapid transformation in the United Arab Emirates (UAE). Before the global pandemic outbreak, the UAE was experiencing an upswing in per capita income, accompanied by a burgeoning population of foreign workers, a thriving tourism sector, and numerous development projects. However, the onset of the Covid-19 pandemic led to significant shifts in the economy, particularly with the closure of physical retail stores.
Throughout the pandemic period, consumer behavior underwent a notable shift. The Global Loyalty and Rewards Program Market Survey indicated that nearly 95% of consumers began exploring various brands and stores, even for their routine purchases. Consequently, numerous brands reassessed their loyalty and rewards program strategies to remain relevant during the challenging times brought about by the pandemic outbreak.
Source: Businesswire