Global Rewards and Incentives Service Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Rewards and Incentives Service Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

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.

Market Overview:

The latest research study on the global Rewards and Incentives Service market finds that the global Rewards and Incentives Service market reached a value of USD 1238.61 million in 2022. It’s expected that the market will achieve USD 2440.87 million by 2028, exhibiting a CAGR of 11.97% during the forecast period.

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.

Key Companies in the global Rewards and Incentives Service market covered in Chapter 3:

Tremendous
Hallmark Business Connections
Global Reward Solutions Inc
Gyft
eGifter
Rybbon
Tango Card Inc.
Giftogram
Power2Motivate
Blackhawk Network
DaVinci Payments
InComm
Self Servicenetworks
Xoxoday
Edenred
HMI Performance Incentives
Gravy
Giftbit

In Chapter 4 and Chapter 14.2, on the basis of types, the Rewards and Incentives Service market from 2018 to 2029 is primarily split into:

Employee Schemes
PRM (sales channel) Incentives
Customer Acquisition Incentives (consumer)
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Rewards and Incentives Service market from 2018 to 2029 covers:

Large Enterprises
SMEs

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)