Dublin, May 16, 2022 (GLOBE NEWSWIRE) -- The "Saudi Arabia Loyalty Programs Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.

Loyalty Programs Market in Saudi Arabia is expected to grow by 12.0% on annual basis to reach US$ 2247.9 million in 2022

In value terms, the Loyalty Programs Market in Saudi Arabia has recorded a CAGR of 12.6% during 2017-2021. The Loyalty Programs Market in Saudi Arabia will continue to grow over the forecast period and is expected to record a CAGR of 11.4% during 2022-2026. Loyalty Programs Market in the country will increase from US$ 2007.1 million in 2021 to reach US$ 3467.3 million by 2026.

The loyalty program landscape in Saudi Arabia has evidently evolved over the last three to four years. From the usual earn and burn schemes to physical loyalty cards, the country has evolved towards reward-rich digital programs. In Saudi Arabia, brands are gradually maturing in the loyalty space. Their adoption of advanced technologies to power their marketing strategies has surged significantly over the last few years.

Customer retention has become more important for brands than ever before. Consequently, the majority of the brands in the country have either increased their spending in the loyalty space or are planning to do so over the next four to eight quarters. While the loyalty and rewards programs industry has recorded steady growth in Saudi Arabia over the last three to four years, the concept of loyalty is still an emerging one in the Kingdom.

An increasing number of brands across industry verticals have started to comprehend the importance of loyalty programs in their overall marketing mix. From e-commerce brands to hospitality groups and even ride-hailing giants have incorporated loyalty programs into their strategies to retain and attract customers in Saudi Arabia. Notably, the growing loyalty industry landscape in the country has also resulted in several innovative startups who are now driving market growth in the Kingdom.

Moreover, demand for personalization is growing among consumers. With the need for personalized loyalty and rewards programs, the publisher expects those brands to have a more successful program where customer data will be at the center of loyalty and rewards programs. Consequently, the publisher expects brands and retailers to increase their investment in the data side of their loyalty strategies over the forecast period.

In Saudi Arabia, loyalty program providers such as Comarch are innovating in the loyalty space by offering their services to brands and businesses across industries. Apart from these, startups such as Boonus also recorded strong growth in 2021.

Additionally, ride-hailing firms such as Careem and e-commerce platforms like noon are among other firms that are leading the loyalty and rewards programs industry growth in the Kingdom. Moreover, hospitality groups such as Accor also have their presence in the Saudi Arabian loyalty space. The publisher expects more players to enter the loyalty and rewards programs industry as the popularity of such solutions is expected to grow further among consumers from the short to medium-term perspective.

Firms are entering into strategic partnerships to address the challenges of personalization in loyalty offering

In the midst of the growing consumer demand for personalized loyalty and rewards schemes, firms are entering into strategic partnerships to address the challenges they are facing in offering personalized loyalty schemes.

The publisher expects more firms to enter into strategic collaborations to deliver a more personalized loyalty solution for their customers in Saudi Arabia over the next two to three years.

Airline carriers are launching loyalty schemes to target more flyers in Saudi Arabia

In the Middle East, consumers are demanding solutions that allow them to spend their points across brands. With these changing preferences toward loyalty programs among consumers, airline carriers in the region are launching integrated loyalty schemes, thereby allowing members to spend their points across carriers' networks.

As the aviation industry begins to recover from the pandemic lows and guests return to the skies, the publisher expects such integrated schemes to make loyalty programs more attractive to flyers. This will further boost the growth of the loyalty and rewards programs industry from the short to medium-term perspective.

Hospitality groups are launching loyalty programs to attract tourists to Saudi Arabia

With the Middle East being one of the top tourist destinations globally, hospitality groups are launching an enhanced loyalty program that provides the members with instant gratification.

Scope

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Retail, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2017-2026

Saudi Arabia Loyalty Spend Market Size and Forecast by Consumer Demographics & Behavior, 2021

For more information about this report visit https://www.researchandmarkets.com/r/kuo22r