1 INTRODUCTION 58
1.1 STUDY OBJECTIVES 58
1.2 MARKET DEFINITION 58
1.2.1 INCLUSIONS AND EXCLUSIONS 58
1.3 MARKET SCOPE 59
1.3.1 MARKET SEGMENTATION 59
1.3.2 REGIONS COVERED 59
1.3.3 YEARS CONSIDERED 60
1.4 CURRENCY 60
1.5 STAKEHOLDERS 60
1.6 SUMMARY OF CHANGES 61
2 RESEARCH METHODOLOGY 62
2.1 RESEARCH DATA 62
FIGURE 1 LOYALTY MANAGEMENT MARKET: RESEARCH DESIGN 62
2.1.1 SECONDARY DATA 63
2.1.2 PRIMARY DATA 63
TABLE 1 PRIMARY INTERVIEWS 63
2.1.2.1 Breakup of primary profiles 64
FIGURE 2 BREAKUP OF PROFILES OF PRIMARY PARTICIPANTS: BY COMPANY TYPE, DESIGNATION, AND REGION 64
2.1.2.2 Key industry insights 64
2.2 MARKET SIZE ESTIMATION 65
2.2.1 TOP-DOWN APPROACH 65
FIGURE 3 LOYALTY MANAGEMENT MARKET SIZE ESTIMATION: TOP-DOWN APPROACH (SPENDING-SIDE ANALYSIS) 65
2.2.2 BOTTOM-UP APPROACH 66
FIGURE 4 LOYALTY MANAGEMENT MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH (SUPPLY-SIDE ANALYSIS) (1/2) 66
FIGURE 5 LOYALTY MANAGEMENT MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH (SUPPLY-SIDE ANALYSIS) (2/2) 67
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 67
2.4 ASSUMPTIONS 68
2.5 LIMITATIONS 68
2.6 RECESSION IMPACT 69
FIGURE 6 LOYALTY MANAGEMENT MARKET: RECESSION IMPACT 69
3 EXECUTIVE SUMMARY 70
FIGURE 7 LOYALTY MANAGEMENT MARKET, 2021–2028 (USD MILLION) 71
FIGURE 8 LEADING MARKET SEGMENTS IN LOYALTY MANAGEMENT MARKET 72
FIGURE 9 LOYALTY MANAGEMENT MARKET: REGIONAL SNAPSHOT 73
FIGURE 10 ASIA PACIFIC BEST MARKET FOR INVESTMENT FROM 2023 TO 2028 74
4 PREMIUM INSIGHTS 75
4.1 ATTRACTIVE OPPORTUNITIES IN LOYALTY MANAGEMENT MARKET 75
FIGURE 11 GROWING FOCUS ON REDUCING CUSTOMER CHURN RATES TO DRIVE MARKET 75
4.2 LOYALTY MANAGEMENT MARKET SHARE, BY OFFERING, 2023 75
FIGURE 12 SOLUTIONS SEGMENT TO DOMINATE MARKET IN 2023 75
4.3 LOYALTY MANAGEMENT MARKET SHARE, BY DEPLOYMENT TYPE, 2023 75
FIGURE 13 CLOUD SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE IN 2023 75
4.4 LOYALTY MANAGEMENT MARKET SHARE, BY ORGANIZATION SIZE, 2023 VS. 2028 76
FIGURE 14 LARGE ENTERPRISES SEGMENT WILL CONTINUE TO DOMINATE MARKET IN 2028 76
4.5 LOYALTY MANAGEMENT MARKET SHARE, BY OPERATOR, 2023 76
FIGURE 15 B2C SEGMENT TO HOLD LARGER MARKET SHARE IN 2023 76
4.6 LOYALTY MANAGEMENT MARKET SHARE, BY VERTICAL, 2023 77
FIGURE 16 BFSI SEGMENT TO HOLD LARGEST MARKET SHARE IN 2023 77
4.7 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY OFFERING AND COUNTRY (2023) 77
FIGURE 17 SOLUTIONS SEGMENT TO ACCOUNT FOR LARGEST SHARE OF NORTH AMERICAN MARKET IN 2023 77
4.8 LOYALTY MANAGEMENT MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 78
FIGURE 18 JAPAN TO REGISTER HIGHEST CAGR FROM 2023 TO 2028 78
5 MARKET OVERVIEW AND INDUSTRY TRENDS 79
5.1 INTRODUCTION 79
5.2 MARKET DYNAMICS 79
FIGURE 19 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES: LOYALTY MANAGEMENT MARKET 79
5.2.1 DRIVERS 80
5.2.1.1 Growing focus on reducing customer churn rates 80
5.2.1.2 Emergence of loyalty management mobile applications 80
5.2.1.3 Demand for advanced solutions to monitor customer scores and enhance customer engagement 80
5.2.1.4 Rising adoption of omnichannel customer loyalty strategy 80
5.2.2 RESTRAINTS 81
5.2.2.1 Stringent government regulations 81
5.2.3 OPPORTUNITIES 81
5.2.3.1 Increasing investment in loyalty system technology 81
5.2.3.2 Increasing investment in customer success startup platforms 81
5.2.3.3 Rising application of big data and machine learning 82
5.2.4 CHALLENGES 82
5.2.4.1 Low awareness of loyalty program benefits 82
5.2.4.2 Complexities in data synchronization 82
5.2.4.3 Data security and privacy issues 82
5.2.4.4 Unappealing rewards 82
5.3 INDUSTRY TRENDS 83
5.3.1 BRIEF HISTORY OF LOYALTY MANAGEMENT 83
5.3.2 ECOSYSTEM ANALYSIS 83
TABLE 2 LOYALTY MANAGEMENT MARKET: ECOSYSTEM ANALYSIS 83
5.3.3 CASE STUDY ANALYSIS 85
5.3.3.1 Case study 1: New loyalty management program by Uber encouraged and incentivized drivers to boost performance 85
5.3.3.2 Case study 2: CIBC implemented loyalty system for more personalized experience 85
5.3.3.3 Case study 3: KrisFlyer launched miles program to attract customers 86
5.3.3.4 Case study 4: Dunkin’ launched DD Perks 86
5.4 VALUE CHAIN ANALYSIS 87
FIGURE 20 LOYALTY MANAGEMENT MARKET: VALUE CHAIN ANALYSIS 87
5.5 REGULATORY LANDSCAPE 88
TABLE 3 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 88
TABLE 4 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 88
TABLE 5 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 89
TABLE 6 ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 89
5.5.1 NORTH AMERICA 89
5.5.1.1 US 89
5.5.1.2 Canada 90
5.5.2 EUROPE 90
5.5.3 ASIA PACIFIC 91
5.5.3.1 South Korea 91
5.5.3.2 China 91
5.5.3.3 India 91
5.5.3.4 Middle East and Africa 91
5.5.3.5 UAE 91
5.5.3.6 KSA 91
5.5.4 LATIN AMERICA 92
5.5.4.1 Brazil 92
5.5.4.2 Mexico 92
5.6 PATENT ANALYSIS 92
5.6.1 METHODOLOGY 92
5.6.2 DOCUMENT TYPES 92
TABLE 7 PATENTS FILED, 2021–2023 92
5.6.3 INNOVATION AND PATENT APPLICATIONS 93
FIGURE 21 NUMBER OF PATENTS GRANTED ANNUALLY, 2018–2022 93
5.6.3.1 Top applicants 93
FIGURE 22 TOP 10 PATENT APPLICANTS, 2021–2023 93
TABLE 8 LIST OF PATENTS IN LOYALTY MANAGEMENT MARKET, 2021–2023 94
5.7 KEY CONFERENCES AND EVENTS IN 2023–2024 95
TABLE 9 LOYALTY MANAGEMENT MARKET: LIST OF CONFERENCES AND EVENTS 95
5.8 PRICING ANALYSIS 96
TABLE 10 AVERAGE SELLING PRICE MODEL 96
5.9 PORTER’S FIVE FORCES ANALYSIS 96
TABLE 11 LOYALTY MANAGEMENT MARKET: PORTER’S FIVE FORCES ANALYSIS 96
FIGURE 23 INTENSITY OF COMPETITIVE RIVALRY IS HIGH IN LOYALTY MANAGEMENT MARKET 97
5.9.1 THREAT OF NEW ENTRANTS 97
5.9.2 THREAT OF SUBSTITUTES 97
5.9.3 BARGAINING POWER OF BUYERS 97
5.9.4 BARGAINING POWER OF SUPPLIERS 98
5.9.5 INTENSITY OF COMPETITIVE RIVALRY 98
5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 98
5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 98
TABLE 12 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS (%) 98
5.10.2 BUYING CRITERIA 98
FIGURE 24 KEY BUYING CRITERIA FOR TOP THREE END USERS 98
TABLE 13 KEY BUYING CRITERIA FOR TOP THREE END USERS 99
5.11 TRENDS/DISRUPTIONS IMPACTING BUYERS 99
FIGURE 25 TRENDS/DISRUPTIONS IMPACTING BUYERS IN LOYALTY MANAGEMENT MARKET 99
5.12 BEST PRACTICES IN LOYALTY MANAGEMENT MARKET 100
5.12.1 MEETING CUSTOMER NEEDS 100
5.12.2 OFFERING CHOICES 100
5.12.3 DEFINING CLEAR GOALS 100
5.12.4 UTILIZING CUSTOMER DATA 100
5.13 STANDARD LEVELS OF LOYALTY MANAGEMENT 100
5.13.1 OFFER SIGNIFICANT PRIVILEGES AND BENEFITS TO CUSTOMERS 100
5.13.2 INNOVATIVE STRATEGIES TO ENGAGE CLIENTS 100
5.13.3 ESTABLISH LONG-TERM CUSTOMER LOYALTY 101
5.14 IMPACT OF LOYALTY MANAGEMENT ON ADJACENT TECHNOLOGIES 101
5.14.1 SOCIAL MEDIA INTEGRATION 101
5.14.2 PERSONALIZATION 101
5.14.3 MOBILE PAYMENTS 101
5.14.4 VOICE ASSISTANTS 101
5.15 TECHNOLOGY ANALYSIS 101
5.15.1 ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING 101
5.15.2 BLOCKCHAIN TECHNOLOGY 102
5.15.3 MOBILE WALLETS 102
5.15.4 IN-APP REWARDS 102
5.15.5 IOT 102
6 LOYALTY MANAGEMENT MARKET, BY OFFERING 103
6.1 INTRODUCTION 104
FIGURE 26 SERVICES SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 104
TABLE 14 LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 104
TABLE 15 LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 104
6.2 SOLUTIONS 105
6.2.1 GROWING DEMAND FOR CUSTOMIZED AND SCALABLE LOYALTY PROGRAMS TO DRIVE MARKET GROWTH 105
6.2.2 SOLUTIONS: MARKET DRIVERS 105
6.2.3 SOLUTIONS: RECESSION IMPACT 105
TABLE 16 SOLUTIONS: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 106
TABLE 17 SOLUTIONS: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 106
6.3 SERVICES 106
6.3.1 SERVICES: MARKET DRIVERS 106
6.3.2 SERVICES: RECESSION IMPACT 107
FIGURE 27 MANAGED SERVICES SEGMENT TO REGISTER HIGHER GROWTH RATE DURING FORECAST PERIOD 107
TABLE 18 SERVICES: LOYALTY MANAGEMENT MARKET, BY TYPE, 2018–2022 (USD MILLION) 107
TABLE 19 SERVICES: LOYALTY MANAGEMENT MARKET, BY TYPE, 2023–2028 (USD MILLION) 107
TABLE 20 SERVICES: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 108
TABLE 21 SERVICES: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 108
6.3.3 PROFESSIONAL SERVICES 108
FIGURE 28 SUPPORT & MAINTENANCE SERVICES SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 109
TABLE 22 PROFESSIONAL SERVICES: LOYALTY MANAGEMENT MARKET, BY TYPE, 2018–2022 (USD MILLION) 109
TABLE 23 PROFESSIONAL SERVICES: LOYALTY MANAGEMENT MARKET, BY TYPE, 2023–2028 (USD MILLION) 109
TABLE 24 PROFESSIONAL SERVICES: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 110
TABLE 25 PROFESSIONAL SERVICES: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 110
6.3.3.1 Consulting 110
6.3.3.1.1 Ability to eliminate complexities and reintegrate functions to boost demand for consulting services 110
TABLE 26 CONSULTING: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 111
TABLE 27 CONSULTING: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 111
6.3.3.2 Implementation 111
6.3.3.2.1 Need for seamless integration of loyalty management solutions to propel adoption 111
TABLE 28 IMPLEMENTATION: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 112
TABLE 29 IMPLEMENTATION: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 112
6.3.3.3 Support & maintenance 112
6.3.3.3.1 Ability to improve operations and gain control over existing systems to drive growth 112
TABLE 30 SUPPORT & MAINTENANCE: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 113
TABLE 31 SUPPORT & MAINTENANCE: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 113
6.3.4 MANAGED SERVICES 113
6.3.4.1 Growing need to outsource loyalty management solutions to service providers to drive adoption of managed services 113
TABLE 32 MANAGED SERVICES: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 114
TABLE 33 MANAGED SERVICES: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 114
7 LOYALTY MANAGEMENT MARKET, BY OPERATOR 115
7.1 INTRODUCTION 116
FIGURE 29 B2C SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 116
TABLE 34 LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 116
TABLE 35 LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 116
7.2 BUSINESS-TO-BUSINESS 117
7.2.1 GROWING ADOPTION OF ADVANCED DATA ANALYTICS AND MACHINE LEARNING TECHNOLOGIES TO DRIVE MARKET 117
7.2.2 BUSINESS-TO-BUSINESS: MARKET DRIVERS 117
7.2.3 BUSINESS-TO-BUSINESS: RECESSION IMPACT 117
TABLE 36 BUSINESS-TO-BUSINESS: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 117
TABLE 37 BUSINESS-TO-BUSINESS: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 118
7.3 BUSINESS-TO-CUSTOMER 118
7.3.1 GROWING USE OF MOBILE AND DIGITAL TECHNOLOGIES TO PROPEL MARKET GROWTH 118
7.3.2 BUSINESS-TO-CUSTOMER: MARKET DRIVERS 118
7.3.3 BUSINESS-TO-CUSTOMER: RECESSION IMPACT 118
TABLE 38 BUSINESS-TO-CUSTOMER: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 119
TABLE 39 BUSINESS-TO-CUSTOMER: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 119
8 LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE 120
8.1 INTRODUCTION 121
FIGURE 30 CLOUD SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE DURING FORECAST PERIOD 121
TABLE 40 LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 121
TABLE 41 LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 121
8.2 ON-PREMISES 122
8.2.1 MAXIMIZED CONTROL AND SECURITY ASSOCIATED WITH ON-PREMISES DEPLOYMENT TO DRIVE GROWTH 122
8.2.2 ON-PREMISES: MARKET DRIVERS 122
8.2.3 ON-PREMISES: RECESSION IMPACT 122
TABLE 42 ON-PREMISES: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 123
TABLE 43 ON-PREMISES: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 123
8.3 CLOUD 124
8.3.1 ENHANCED EFFICIENCY AND SCALABILITY TO PROPEL DEMAND FOR CLOUD SOLUTIONS 124
8.3.2 CLOUD: MARKET DRIVERS 124
8.3.3 CLOUD: RECESSION IMPACT 124
TABLE 44 CLOUD: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 125
TABLE 45 CLOUD: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 125
9 LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE 126
9.1 INTRODUCTION 127
FIGURE 31 LARGE ENTERPRISES TO COMMAND LARGER MARKET SHARE DURING FORECAST PERIOD 127
TABLE 46 LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 127
TABLE 47 LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 127
9.2 LARGE ENTERPRISES 128
9.2.1 GROWING NEED TO MANAGE COMPLEX NETWORK INFRASTRUCTURE TO BOOST MARKET 128
9.2.2 LARGE ENTERPRISES: MARKET DRIVERS 128
9.2.3 LARGE ENTERPRISES: RECESSION IMPACT 128
TABLE 48 LARGE ENTERPRISES: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 129
TABLE 49 LARGE ENTERPRISES: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 129
9.3 SMALL AND MEDIUM-SIZED ENTERPRISES 129
9.3.1 NEED TO ENHANCE PRODUCTIVITY AND REDUCE IT OPERATIONAL COSTS TO FUEL GROWTH 129
9.3.2 SMALL AND MEDIUM-SIZED ENTERPRISES: MARKET DRIVERS 130
TABLE 50 SMALL AND MEDIUM-SIZED ENTERPRISES: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 130
TABLE 51 SMALL AND MEDIUM-SIZED ENTERPRISES: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 130
10 LOYALTY MANAGEMENT MARKET, BY VERTICAL 131
10.1 INTRODUCTION 132
FIGURE 32 AVIATION SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 132
TABLE 52 LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 132
TABLE 53 LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 133
10.2 VERTICAL: RECESSION IMPACT ON MARKET 133
10.3 BANKING, FINANCIAL SERVICES, AND INSURANCE 134
10.3.1 NEED TO INCREASE CUSTOMER RETENTION AND LOYALTY TO DRIVE GROWTH 134
10.3.2 BANKING, FINANCIAL SERVICES, AND INSURANCE: MARKET DRIVERS 134
TABLE 54 BANKING, FINANCIAL SERVICES, AND INSURANCE: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 134
TABLE 55 BANKING, FINANCIAL SERVICES, AND INSURANCE: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 135
10.4 AVIATION 135
10.4.1 NEED TO ENHANCE TRAVEL EXPERIENCES AND CREATE BRAND LOYALTY TO FAVOR MARKET 135
10.4.2 AVIATION: MARKET DRIVERS 135
TABLE 56 AVIATION: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 136
TABLE 57 AVIATION: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 136
10.5 AUTOMOTIVE 136
10.5.1 NEED TO CREATE LONG-TERM CUSTOMER RELATIONSHIPS THROUGH PERSONALIZED LOYALTY PROGRAMS TO BOOST MARKET 136
10.5.2 AUTOMOTIVE: MARKET DRIVERS 137
TABLE 58 AUTOMOTIVE: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 137
TABLE 59 AUTOMOTIVE: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 137
10.6 MEDIA AND ENTERTAINMENT 137
10.6.1 NEED TO INCREASE CUSTOMER ENGAGEMENT AND LOYALTY THROUGH TARGETED CONTENT TO FUEL GROWTH 137
10.6.2 MEDIA AND ENTERTAINMENT: MARKET DRIVERS 138
TABLE 60 MEDIA AND ENTERTAINMENT: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 138
TABLE 61 MEDIA AND ENTERTAINMENT: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 138
10.7 RETAIL AND CONSUMER GOODS 139
10.7.1 NEED TO DIFFERENTIATE FROM COMPETITORS THROUGH TARGETED PROMOTIONS AND PERSONALIZED OFFERS TO PROPEL GROWTH 139
10.7.2 RETAIL AND CONSUMER GOODS: MARKET DRIVERS 139
TABLE 62 RETAIL AND CONSUMER GOODS: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 139
TABLE 63 RETAIL AND CONSUMER GOODS: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 140
10.8 HOSPITALITY 140
10.8.1 NEED TO CREATE MEMORABLE EXPERIENCES AND PROVIDE EXCEPTIONAL CUSTOMER SERVICE TO BOOST MARKET 140
10.8.2 HOSPITALITY: MARKET DRIVERS 140
TABLE 64 HOSPITALITY: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 141
TABLE 65 HOSPITALITY: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 141
10.9 OTHER VERTICALS 141
TABLE 66 OTHER VERTICALS: LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 142
TABLE 67 OTHER VERTICALS: LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 142
11 LOYALTY MANAGEMENT MARKET, BY REGION 143
11.1 INTRODUCTION 144
FIGURE 33 NORTH AMERICA TO HOLD LARGEST MARKET SHARE IN 2023 144
TABLE 68 LOYALTY MANAGEMENT MARKET, BY REGION, 2018–2022 (USD MILLION) 144
TABLE 69 LOYALTY MANAGEMENT MARKET, BY REGION, 2023–2028 (USD MILLION) 145
FIGURE 34 ASIA PACIFIC LOYALTY MANAGEMENT MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 145
11.2 NORTH AMERICA 146
11.2.1 NORTH AMERICA: MARKET DRIVERS 146
11.2.2 NORTH AMERICA: IMPACT OF RECESSION 147
FIGURE 35 NORTH AMERICA: MARKET SNAPSHOT 147
TABLE 70 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 148
TABLE 71 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 148
TABLE 72 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 148
TABLE 73 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2023–2028 (USD MILLION) 148
TABLE 74 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 149
TABLE 75 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 149
TABLE 76 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 149
TABLE 77 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 149
TABLE 78 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 150
TABLE 79 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 150
TABLE 80 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 150
TABLE 81 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 150
TABLE 82 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 151
TABLE 83 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 151
TABLE 84 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 151
TABLE 85 NORTH AMERICA: LOYALTY MANAGEMENT MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 152
11.2.3 US 152
11.2.3.1 Increased adoption of advanced technologies in US to develop rich customer experience 152
TABLE 86 US: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 152
TABLE 87 US: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 153
TABLE 88 US: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 153
TABLE 89 US: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2023–2028 (USD MILLION) 153
TABLE 90 US: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 153
TABLE 91 US: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 154
TABLE 92 US: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 154
TABLE 93 USS: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 154
TABLE 94 US: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 154
TABLE 95 US: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 155
TABLE 96 US: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 155
TABLE 97 US: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 155
TABLE 98 US: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 155
TABLE 99 US: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 156
11.2.4 CANADA 156
11.2.4.1 Growing awareness of benefits of loyalty management programs to boost market 156
TABLE 100 CANADA: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 157
TABLE 101 CANADA: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 157
TABLE 102 CANADA: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 157
TABLE 103 CANADA: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2023–2028 (USD MILLION) 157
TABLE 104 CANADA: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 158
TABLE 105 CANADA: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 158
TABLE 106 CANADA: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 158
TABLE 107 CANADA: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 158
TABLE 108 CANADA: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 159
TABLE 109 CANADA: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 159
TABLE 110 CANADA: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 159
TABLE 111 CANADA: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 159
TABLE 112 CANADA: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 160
TABLE 113 CANADA: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 160
11.3 EUROPE 161
11.3.1 EUROPE: MARKET DRIVERS 161
11.3.2 EUROPE: IMPACT OF RECESSION 161
TABLE 114 EUROPE: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 162
TABLE 115 EUROPE: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 162
TABLE 116 EUROPE: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 162
TABLE 117 EUROPE: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2023–2028 (USD MILLION) 162
TABLE 118 EUROPE: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 163
TABLE 119 EUROPE: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 163
TABLE 120 EUROPE: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 163
TABLE 121 EUROPE: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 163
TABLE 122 EUROPE: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 164
TABLE 123 EUROPE: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 164
TABLE 124 EUROPE: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 164
TABLE 125 EUROPE: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 164
TABLE 126 EUROPE: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 165
TABLE 127 EUROPE: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 165
TABLE 128 EUROPE: LOYALTY MANAGEMENT MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 166
TABLE 129 EUROPE: LOYALTY MANAGEMENT MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 166
11.3.3 UK 166
11.3.3.1 Implementation of UK Digital Strategy by government to support businesses through better connectivity 166
TABLE 130 UK: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 167
TABLE 131 UK: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 167
TABLE 132 UK: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 167
TABLE 133 UK: LOYALTY MANAGEMENT MARKET, BY SERVICE,2023–2028 (USD MILLION) 167
TABLE 134 UK: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 168
TABLE 135 UK: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 168
TABLE 136 UK: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 168
TABLE 137 UK: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 168
TABLE 138 UK: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 169
TABLE 139 UK: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 169
TABLE 140 UK: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 169
TABLE 141 UK: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 169
TABLE 142 UK: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 170
TABLE 143 UK: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 170
11.3.4 ITALY 170
11.3.4.1 Increased value to customer relationships with brands to propel market 170
TABLE 144 ITALY: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 171
TABLE 145 ITALY: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 171
TABLE 146 ITALY: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 171
TABLE 147 ITALY: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2023–2028 (USD MILLION) 171
TABLE 148 ITALY: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 172
TABLE 149 ITALY: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 172
TABLE 150 ITALY: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 172
TABLE 151 ITALY: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 172
TABLE 152 ITALY: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 173
TABLE 153 ITALY: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 173
TABLE 154 ITALY: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 173
TABLE 155 ITALY: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 173
TABLE 156 ITALY: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 174
TABLE 157 ITALY: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 174
11.3.5 GERMANY 174
11.3.5.1 Increasing investment in digital customer experience to increase productivity in manufacturing sector 174
TABLE 158 GERMANY: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 175
TABLE 159 GERMANY: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 175
TABLE 160 GERMANY: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 175
TABLE 161 GERMANY: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2023–2028 (USD MILLION) 175
TABLE 162 GERMANY: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 176
TABLE 163 GERMANY: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 176
TABLE 164 GERMANY: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 176
TABLE 165 GERMANY: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 176
TABLE 166 GERMANY: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 177
TABLE 167 GERMANY: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 177
TABLE 168 GERMANY: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 177
TABLE 169 GERMANY: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 177
TABLE 170 GERMANY: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 178
TABLE 171 GERMANY: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 178
11.3.6 FRANCE 178
11.3.6.1 Increasing adoption of digital payment methods to augment market 178
TABLE 172 FRANCE: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 179
TABLE 173 FRANCE: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 179
TABLE 174 FRANCE: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 179
TABLE 175 FRANCE: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2023–2028 (USD MILLION) 179
TABLE 176 FRANCE: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 180
TABLE 177 FRANCE: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 180
TABLE 178 FRANCE: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 180
TABLE 179 FRANCE: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 180
TABLE 180 FRANCE: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 181
TABLE 181 FRANCE: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 181
TABLE 182 FRANCE: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 181
TABLE 183 FRANCE: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 181
TABLE 184 FRANCE: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 182
TABLE 185 FRANCE: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 182
11.3.7 SPAIN 183
11.3.7.1 Increasing focus of brands on customer retention to aid market 183
TABLE 186 SPAIN: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 183
TABLE 187 SPAIN: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 183
TABLE 188 SPAIN: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 183
TABLE 189 SPAIN: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2023–2028 (USD MILLION) 183
TABLE 190 SPAIN: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 184
TABLE 191 SPAIN: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 184
TABLE 192 SPAIN: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 184
TABLE 193 SPAIN: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 184
TABLE 194 SPAIN: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 185
TABLE 195 SPAIN: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 185
TABLE 196 SPAIN: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 185
TABLE 197 SPAIN: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 185
TABLE 198 SPAIN: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 186
TABLE 199 SPAIN: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 186
11.3.8 NORDIC COUNTRIES 187
11.3.8.1 Increasing adoption of 5G and digital banking to increase productivity 187
TABLE 200 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION) 187
TABLE 201 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY OFFERING, 2023–2028 (USD MILLION) 187
TABLE 202 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2018–2022 (USD MILLION) 187
TABLE 203 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY SERVICE, 2023–2028 (USD MILLION) 188
TABLE 204 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION) 188
TABLE 205 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION) 188
TABLE 206 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2018–2022 (USD MILLION) 188
TABLE 207 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION) 189
TABLE 208 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2018–2022 (USD MILLION) 189
TABLE 209 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY ORGANIZATION SIZE, 2023–2028 (USD MILLION) 189
TABLE 210 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2018–2022 (USD MILLION) 189
TABLE 211 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY OPERATOR, 2023–2028 (USD MILLION) 190
TABLE 212 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION) 190
TABLE 213 NORDIC COUNTRIES: LOYALTY MANAGEMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION) 190
11.3.9 REST OF EUROPE 191
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