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Market Overview of Global Rewards and Incentives Service market:
According to our latest research, the global Rewards and Incentives Service market looks promising in the next 5 years. As of 2022, the global Rewards and Incentives Service market was estimated at USD 1239.5 million, and it's anticipated to reach USD 2440.87 million in 2028, with a CAGR of 11.96% during the forecast years.
Reward and incentive services provide managers and team leaders with solutions to strengthen the relationship with employees, customers, distributors and other relevant stakeholders, aiming to consolidate and maintain existing resources and open up new resources for better development. These companies usually establish partnerships with various online retailers, restaurant chains, travel agencies or other entertainment companies. The operation team uses reward and incentive services to increase the loyalty of stakeholders to the company, quantify and optimize the entire incentive process.
Influence of COVID-19 Outbreak on Rewards and Incentives Service Industry Development
The new coronavirus has almost threatened the lives of people all over the world, has caused social worry and pessimism, and has also affected the global industrial chain. Pessimists predict that the world economy will never go back in time. This fact has a certain basis. Since the outbreak of the epidemic, the number of confirmed cases in the United States has been increasing, and it is now the worst-hit country in the world. Since all regions are eager to resume normal economic activities, the second wave of outbreaks is relatively large.
According to data, the virus can incubate in the human body for 7-14 days, and there are "asymptomatic" infected persons who can transmit the virus. This means that people who looked healthy may also carry the virus and infect others, which can strengthen the control of the epidemic. In addition, the epidemic has not shown a clear turning point, and even China, which successfully controlled the epidemic, still has new confirmed cases. The probability of second wave is still there.
In the first wave of the epidemic, the company was forced to suspend operations or change from offline to online work, which greatly reduced efficiency, delayed brand plans, and increased the possibility of customers canceling orders. Many SMEs face the risk of breaking the capital chain. If the second wave of the epidemic begins, labor-based companies will face greater challenges. The impact on the rewards and incentives service industry depends on the final development of the epidemic, but the losses that have been caused are difficult to recover in a short time, and it is expected that this year's growth will not be as good as in previous years.
Region Overview:
North America had the highest growth rate of all regions.
Company Overview:
Blackhawk Network is one of the major players operating in the Rewards and Incentives Service market, holding a share of 29.44% in 2020.
Blackhawk Network provides a comprehensive comprehensive service portfolio to ensure the success of partners' brand payment plans (including design, distribution, fulfillment and marketing).
In 2013, the company has acquired Retailo, InteliSpend, Parago, Achievers, GiftCards.com, OmniCard.com, Didix, Grass Roots, CashStar, One4All and other booming companies. In 2018, the company was acquired by Silver Lake and P2 Capital Partners and is now a private company.
Edenred is a French company that specializes in prepaid company services. Since the spin-off from Accor Group in June 2010, the group has been independent. Edenred, formerly known as Accor Services, is the inventor of Ticket Restaurant founded in 1962 and a leading issuer of meal coupons. Today, Edenred provides solutions for employee benefits, fleet and personnel movement, and corporate payments.
Segmentation Overview:
Among different product types, Employee Schemes segment is anticipated to contribute the largest market share in 2027.
Application Overview:
By application, the Large Enterprises segment occupied the biggest share from 2017 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Rewards and Incentives Service market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Rewards and Incentives Service Market Report:
Market Size Estimates: Rewards and Incentives Service market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Rewards and Incentives Service market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Rewards and Incentives Service market
Segment Market Analysis: Rewards and Incentives Service market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Rewards and Incentives Service market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Rewards and Incentives Service Market: Revenue and sales volume of major countries in each region
Rewards and Incentives Service Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Rewards and Incentives Service market in major regions.
Rewards and Incentives Service Industry Value Chain: Rewards and Incentives Service market raw materials & suppliers, manufacturing process, distributors, downstream customers
Rewards and Incentives Service Industry News, Policies & Regulations
Key players in the global Rewards and Incentives Service market are covered in Chapter 12:
Tremendous
HMI Performance Incentives
DaVinci Payments
Rybbon
Gyft
Power2Motivate
Tango Card Inc.
Blackhawk Network
InComm
Gravy
Xoxoday
Global Reward Solutions Inc
Edenred
Giftbit
eGifter
Giftogram
Self Servicenetworks
Hallmark Business Connections
In Chapter 2 and Chapter 15.1, based on types, the Rewards and Incentives Service market from 2018 to 2028 is primarily split into:
Employee Schemes
PRM (sales channel) Incentives
Customer Acquisition Incentives (consumer)
Others
In Chapter 3 and Chapter 15.2, based on applications, the Rewards and Incentives Service market from 2018 to 2028 covers:
Large Enterprises
SMEs
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Rewards and Incentives Service market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028