Covid-19 Impact & Market Status
Furloughs, wage freezes/cuts, and minimal or no incentive payments have all been implemented as a result of the pandemic's severe impact on the economy. Almost all employees are experiencing greater stress as a result of the coronavirus. Some are risking their lives to keep operations on-site operating, and some have or will fall ill. Despite constrained finances, the majority of overall rewards leaders have upgraded at least one benefit to assist staff in getting through this challenging period.
Employers are considering how much pricey office space they will require and how flexible they will be in allowing workers to work from home, the office, or even from other countries. COVID-19 has expedited company change, particularly digital transformation, which was already on a fast track. This will very certainly result in significant changes in the way we work certain positions will vanish quickly, replaced by Artificial Intelligence, Robotic Process Automation, or Robotics. Other new jobs will emerge, and the current strong need for digital talent will continue to rise. The latest current advancements, trade restrictions, import export analysis, production analysis, value chain optimization, market share, and influence of domestic and localised market players are all included in the Rewards and Incentives Service Market research report.
The global market for the Rewards and Incentives is anticipated to develop at a compound annual growth rate (CAGR) of 15% throughout the course of the forecast, to reach US$ 10,852.6 Mn by 2031.
The report investigates the current status of the global rewards and incentives market and analyses the future trends of the global rewards and incentives market. The report explores the market opportunities available in the global rewards and incentives market. The report assesses the global rewards and incentives market sourced from the currently available data. The report provides in-depth information of the global rewards and incentives market that helps market players understand and analyse the global rewards and incentives industry in terms of key products and services, value-added products, emerging markets, and industries.
Digital Rewards Is The Most Popular Segment
The global rewards and incentives services market is classified into digital rewards and rewards in kind. The most popular form is digital rewards, which accounted for 92.23 percent of sales in 2020. The segment is estimated to record fastest and highest revenue in forthcoming years 2022-2029.
For Employees Segment Accounted For Highest Market Revenue
The global rewards and incentives services market is classified into For Employees and For Customers on the basis of application. Among these, the for employees segment accounted for highest market revenue owing to factors such as growing corporate business, increasing investment on employee well-being by multinational as well as national organization for employee appreciation and higher productivity.
North America Has Been The World's Largest Market For Incentives And Rewards Services
North America has been the world's largest area for rewards and incentives services in recent years, and this trend is expected to continue in the coming years. In 2020, Europe will account for around 25.91 percent of the global market, while APAC will account for approximately 15.77 percent.
To raise employee morale, highlight performance, express thanks for hard work, and present gifts for holidays and other occasions, operations teams use reward and incentive programmes. This has increased the scope of rewards and incentives services driving the global rewards and incentives market.
The global Rewards and Incentives Service market is expected reach close to US $6.5 Million by 2029 and projected to grow at an annual rate of 8.70 percent between 2022 and 2029.
Rewards and incentive service providers often work with a range of online shops, restaurant chains, travel agencies, and other entertainment organisations to resell or manage the delivery of matching credits.
Online portals are frequently used to maintain and manage customer accounts, and incentives can be purchased and distributed via a simple interface. Performance Management Software can assist businesses discover exceptional personnel and job performance issues that require extra attention. Rewards and incentive service providers often work with a range of online shops, restaurant chains, travel agencies, and other entertainment organisations to resell or manage the delivery of matching credits.
The major players in global rewards and incentives market are eGifter, Gyft, Blackhawk Network, Giftbit, Xoxoday, Tango Card, Tremendous, Rybbon, StoreCash, Virtual Incentives, Their Perfect Gift, SVM Global, Tillo, Online Rewards, NGC, Loop Commerce, InComm, HMI Performance Incentives, Self-Service Networks, Knowband, Giftogram, Square,Gravy Gifts, Global Reward Solutions among others. In 2021, the top five suppliers accounted for more than 34% of the worldwide market. These companies are internationally recognized for their quality of services. Their standards are focused on key principles such as customer focus, approach, and continuous improvement.
Latest Innovation in the Global Rewards and Incentives Service Market: A Snapshot
- Solodev, the US based digital customer experience and content management system (CMS) platform recently launched serverless incentives portal for building scalable rewards program.
Rewards and Incentives Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||US $6.5 Million|
|Growth Rate||CAGR of 8.70% during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||eGifter, Gyft, Blackhawk Network, Giftbit, Xoxoday, Tango Card, Tremendous, Rybbon, StoreCash, Virtual Incentives, Their Perfect Gift, SVM Global, Tillo, Online Rewards, NGC, Loop Commerce, InComm.|
Key Segments of the Global Rewards and Incentives Market
Type Overview, 2019-2029 (USD Million)
- Digital Rewards
- Rewards in Kind
Application Overview, 2019-2029 (USD Million)
- For Employees
- For Customers
Regional Overview, 2019-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa