Meal Vouchers and Employee Benefit Solutions Market by Type, Product, and Geography - Forecast and analysis 2023-2027

Published: Oct 2023 Pages: 160 SKU: IRTNTR43013

Global Meal Vouchers and Employee Benefit Solutions Market Forecast 2023-2027

The Global Meal Vouchers and Employee Benefit Solutions Market size is forecast to increase by USD 23.15 billion at a CAGR of 4.95% between 2022 and 2027. The market is influenced by various key factors. Tax benefits associated with meal vouchers incentivize their adoption by employers, driving the market growth. Furthermore, the rising employment rates globally contribute to increased demand for employee benefit solutions, including meal vouchers. Moreover, the active involvement of banks in facilitating these solutions adds to the market's expansion, fostering convenience and accessibility for both employers and employees. This market analysis and report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Meal Vouchers And Employee Benefit Solutions Market During the Forecast Period?

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Market Segmentation

The meals voucher segment is estimated to witness significant growth during the forecast period. The feast vouchers portion represented the most noteworthy piece of the pie in the market in the center in 2021. Meal vouchers, which can be used to buy food at restaurants or grocery stores, must be provided to employees by their employers. The tax regime's tax exemption benefits are primarily responsible for the growth of this market segment.

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The meal voucher segment was the largest segment and was valued at  USD 50.78 billion in 2017. Some of the Companies operating in this segment are expanding their service offerings by launching new meal vouchers. They will have the flexibility of loading, transferring, and withdrawing funds to Obopay's wallet as part of their meal voucher which contains a primary digital account. Such developments in the market in focus are expected to positively influence the demand for more meal vouchers during the forecast period.

Key Regions

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Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in  Europe is growing, primarily due to the evolving buying patterns of consumers, such as the preference for making online payments and digital payment methods. The establishment of new regulations on the provision of meal vouchers is a priority for some countries in this region. Such regulations can encourage employees in the region to use electronic or digital meal vouchers during the forecast period.

Market Dynamics and Customer Landscape

The market offers a comprehensive range of financial and health-related employee benefits solutions, including meal vouchers, travel vouchers, and gift vouchers, aimed at promoting financial well-being, overall health, and workforce satisfaction. By leveraging leading industry players and innovative technologies such as meal cards and electronic vouchers, businesses can effectively motivate employees, increase workplace productivity, and foster team engagement across various sectors, from office professionals to restaurant staff and employees working from home. With the integration of real-time data and flat-rate meal programs, companies can enhance employee welfare policies, improve employee retention rates, and optimize employee productivity within the Human Resource & Employment Services and Commercial & Professional Services Type industries. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The tax benefits of meal vouchers are driving the growth of the market. The tax advantages associated with meal vouchers are propelling the growth of the market. Across the globe, companies offering vouchers, food coupons, or prepaid cards to employees often receive tax exemptions, contributing to their financial well-being. In India, for instance, meal vouchers availed by employees are excluded from taxable income, as per the regulations of the Income Tax Department, Government of India, there are tax benefits associated with free food and beverages provided to employees. For instance, meals exceeding INR 50 (USD 0.77) per meal are fully taxable, with the excess amount minus the contribution by the employee considered a taxable prerequisite. These tax benefits extend to various scenarios, including the provision of meals and beverages during working hours in remote areas or offshore installations, fostering overall health and workforce satisfaction.

Such initiatives not only motivate employees but also increase workplace productivity and foster team engagement. Leading industry players in human resource and employment services capitalize on these benefits by offering meal cards and other health wellness solutions. Whether through paper-based coupons or electronic vouchers, these offerings align with employee welfare policies and contribute to higher employee retention rates and productivity levels. This trend is expected to drive significant growth in the global market during the forecast period.

Significant Market Trends

The shift toward digital meal vouchers and employee benefit solutions is a primary trend in the market. A major reason for a shift to digital wallets and payment methods was an increasing number of internet users in developing countries, as well as the growing use of mobile Internet and smartphones. Some government organizations also provide support for the development of Internet infrastructure in various countries. Companies like Sodexo Group and Edenred, the key players in the market, processes will be automated and digitized, giving clients and staff associated with them a personalized service.

However, this means that, in addition to technological progress in the sector, Companies will have new opportunities to increase their returns through the innovation of their products and services. Favorable government policies also drive the adoption of digital payment modes. Such regulations also encourage employees to use electronic or digital meal vouchers, thereby, it is expected to drive the growth of the market during the forecast period.

Major Market Challenge

Data privacy and security issues are major challenges in the market. Businesses have reaped tremendous benefits from technological advancements and digitization, but these advantages and opportunities often come with hazards. Data theft is one major threat to the market. Personal data of workers and staff employed by business partners shall be collected and stored through applications and cards offered by service providers. This data is protected by a number of Companies that use secure technologies available to them.

However, any vulnerability in the servers or mobile apps could pose a threat to privacy and may impact the businesses of the considerable players in the market. In this age of digitization, data plays a huge role in everyday life. Food delivery platforms can also be used by consumers to order online. All apps store and synchronize the details of your personal consumer information. If there is not sufficient security, this critical data and information can be stolen by hackers or phishing attacks. Therefore, Companies should ensure that all their beneficiary- and client-related data are safe and protected. These factors will hinder the growth of the global market during the forecast period.

Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Meal Vouchers and Employee Benefit Solutions Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Alelo - The company offers meal vouchers and employee benefit solutions such as Alelo Benefit, a comprehensive employee benefits program including meal vouchers, transportation benefits, and more.

This market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:

  • Alera Group Inc.
  • Axis Bank Ltd.
  • Certify Inc.
  • Circula GmbH
  • CIRFOOD s.c.
  • Edenred SE
  • Electrum Fintech Solutions Pvt. Ltd.
  • Empyrean Benefits Solutions Inc.
  • Hrmony GmbH
  • ICICI Bank Ltd.
  • Monizze NV SA
  • PayPal Holdings Inc.
  • PIB Group Ltd.
  • Set Corporate Services Inc.

Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market addresses the financial well-being and overall health of the workforce, offering solutions such as meal coupons, travel vouchers, and gift vouchers. These health-related policies not only motivate employees but also increase workplace productivity and foster team engagement. Leading industry players provide various options like meal cards, digital cards, and gift coupons to support financial wellness and health wellness among professionals. These solutions, offered by Human Resource & Employment Services and other commercial & professional services, cater to business organizations globally, promoting productivity and well-being in the workplace. Whether through lunch pass cards for office professionals or electronic vouchers for employees working from home, these solutions facilitate real-time data management and are supported by government agencies.

The market offers various options, including commercial & professional services types, book cards, and paper-based coupons, to address the welfare of the working-class population. Solutions such as flat-rate meal programs and lunch and breakfast coupons are designed to enhance employee productivity and satisfaction, while also contributing to employee retention rates. Government initiatives, like those in the Czech Republic, influence social insurance changes and impact the purchasing power of employees. Companies like Circula Benefits provide products that cater to employee engagement and address financial benefits. However, concerns such as data security issues may hamper demand, especially among small-sized organizations. It's essential to navigate these challenges to ensure the effective implementation of employee benefit policies.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Type Outlook 
    • Meal-vouchers
    • Employee benefits
  • Product Outlook 
    • Non-cash voucher
    • Cash voucher
  • Region Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Chile
      • Argentina
      • Brazil

Meal Vouchers And Employee Benefit Solutions Market Scope

Report Coverage

Details

Page number

160

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.95%

Market growth 2023-2027

USD 23.15 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

3.87

Regional analysis

Europe, South America, APAC, North America, and Middle East and Africa

Performing market contribution

Europe at 35%

Key countries

Japan, France, Italy, Spain, and Brazil

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Alelo, Alera Group Inc., Axis Bank Ltd., Certify Inc., Circula GmbH, CIRFOOD s.c., Edenred SE, Electrum Fintech Solutions Pvt. Ltd., Empyrean Benefits Solutions Inc., Hrmony GmbH, ICICI Bank Ltd., Monizze NV SA, PayPal Holdings Inc., PIB Group Ltd., Set Corporate Services Inc., Sodexo SA, SPENDIT AG, SWILE, The Up Group Ltd., UniCredit SpA, Unum Group, VA Tech Ventures Pvt. Ltd., and Zaggle Prepaid Ocean Services Pvt. Ltd.

Market dynamics

Market trends and analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
  • Precise estimation of the size of the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Market growth analysis industry across Europe, South America, APAC, North America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Market forecasting of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. 

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global meal vouchers and employee benefit solutions market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on global meal vouchers and employee benefit solutions market 2017 - 2021 ($ million)
    • 4.2 Type Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)
    • 4.3 Product Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 30: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Type - Market share 2022-2027 (%)
    • 6.2 Comparison by Type
      • Exhibit 32: Chart on Comparison by Type
      • Exhibit 33: Data Table on Comparison by Type
    • 6.3 Meal vouchers - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Meal vouchers - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Data Table on Meal vouchers - Market size and forecast 2022-2027 ($ million)
      • Exhibit 36: Chart on Meal vouchers - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Meal vouchers - Year-over-year growth 2022-2027 (%)
    • 6.4 Employee benefits - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Employee benefits - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Data Table on Employee benefits - Market size and forecast 2022-2027 ($ million)
      • Exhibit 40: Chart on Employee benefits - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Employee benefits - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Type
      • Exhibit 42: Market opportunity by Type ($ million)
      • Exhibit 43: Data Table on Market opportunity by Type ($ million)

    7 Market Segmentation by Product

    • 7.1 Market segments
      • Exhibit 44: Chart on Product - Market share 2022-2027 (%)
      • Exhibit 45: Data Table on Product - Market share 2022-2027 (%)
    • 7.2 Comparison by Product
      • Exhibit 46: Chart on Comparison by Product
      • Exhibit 47: Data Table on Comparison by Product
    • 7.3 Non-cash voucher - Market size and forecast 2022-2027
      • Exhibit 48: Chart on Non-cash voucher - Market size and forecast 2022-2027 ($ million)
      • Exhibit 49: Data Table on Non-cash voucher - Market size and forecast 2022-2027 ($ million)
      • Exhibit 50: Chart on Non-cash voucher - Year-over-year growth 2022-2027 (%)
      • Exhibit 51: Data Table on Non-cash voucher - Year-over-year growth 2022-2027 (%)
    • 7.4 Cash voucher - Market size and forecast 2022-2027
      • Exhibit 52: Chart on Cash voucher - Market size and forecast 2022-2027 ($ million)
      • Exhibit 53: Data Table on Cash voucher - Market size and forecast 2022-2027 ($ million)
      • Exhibit 54: Chart on Cash voucher - Year-over-year growth 2022-2027 (%)
      • Exhibit 55: Data Table on Cash voucher - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Product
      • Exhibit 56: Market opportunity by Product ($ million)
      • Exhibit 57: Data Table on Market opportunity by Product ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 59: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 60: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 61: Chart on Geographic comparison
      • Exhibit 62: Data Table on Geographic comparison
    • 9.3 Europe - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 64: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 65: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.4 South America - Market size and forecast 2022-2027
      • Exhibit 67: Chart on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 68: Data Table on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 69: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 70: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.5 APAC - Market size and forecast 2022-2027
      • Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.6 North America - Market size and forecast 2022-2027
      • Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.8 Brazil - Market size and forecast 2022-2027
      • Exhibit 83: Chart on Brazil - Market size and forecast 2022-2027 ($ million)
      • Exhibit 84: Data Table on Brazil - Market size and forecast 2022-2027 ($ million)
      • Exhibit 85: Chart on Brazil - Year-over-year growth 2022-2027 (%)
      • Exhibit 86: Data Table on Brazil - Year-over-year growth 2022-2027 (%)
    • 9.9 France - Market size and forecast 2022-2027
      • Exhibit 87: Chart on France - Market size and forecast 2022-2027 ($ million)
      • Exhibit 88: Data Table on France - Market size and forecast 2022-2027 ($ million)
      • Exhibit 89: Chart on France - Year-over-year growth 2022-2027 (%)
      • Exhibit 90: Data Table on France - Year-over-year growth 2022-2027 (%)
    • 9.10 Italy - Market size and forecast 2022-2027
      • Exhibit 91: Chart on Italy - Market size and forecast 2022-2027 ($ million)
      • Exhibit 92: Data Table on Italy - Market size and forecast 2022-2027 ($ million)
      • Exhibit 93: Chart on Italy - Year-over-year growth 2022-2027 (%)
      • Exhibit 94: Data Table on Italy - Year-over-year growth 2022-2027 (%)
    • 9.11 Japan - Market size and forecast 2022-2027
      • Exhibit 95: Chart on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 96: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 97: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 98: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.12 Spain - Market size and forecast 2022-2027
      • Exhibit 99: Chart on Spain - Market size and forecast 2022-2027 ($ million)
      • Exhibit 100: Data Table on Spain - Market size and forecast 2022-2027 ($ million)
      • Exhibit 101: Chart on Spain - Year-over-year growth 2022-2027 (%)
      • Exhibit 102: Data Table on Spain - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 103: Market opportunity by geography ($ million)
      • Exhibit 104: Data Tables on Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 105: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 106: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 107: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 108: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 109: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 110: Matrix on vendor position and classification
            • 12.3 Alelo
              • Exhibit 111: Alelo - Overview
              • Exhibit 112: Alelo - Product / Service
              • Exhibit 113: Alelo - Key offerings
            • 12.4 Axis Bank Ltd.
              • Exhibit 114: Axis Bank Ltd. - Overview
              • Exhibit 115: Axis Bank Ltd. - Business segments
              • Exhibit 116: Axis Bank Ltd. - Key offerings
              • Exhibit 117: Axis Bank Ltd. - Segment focus
            • 12.5 Certify Inc.
              • Exhibit 118: Certify Inc. - Overview
              • Exhibit 119: Certify Inc. - Product / Service
              • Exhibit 120: Certify Inc. - Key offerings
            • 12.6 Circula GmbH
              • Exhibit 121: Circula GmbH - Overview
              • Exhibit 122: Circula GmbH - Product / Service
              • Exhibit 123: Circula GmbH - Key offerings
            • 12.7 CIRFOOD s.c.
              • Exhibit 124: CIRFOOD s.c. - Overview
              • Exhibit 125: CIRFOOD s.c. - Product / Service
              • Exhibit 126: CIRFOOD s.c. - Key offerings
            • 12.8 Edenred SE
              • Exhibit 127: Edenred SE - Overview
              • Exhibit 128: Edenred SE - Business segments
              • Exhibit 129: Edenred SE - Key news
              • Exhibit 130: Edenred SE - Key offerings
              • Exhibit 131: Edenred SE - Segment focus
            • 12.9 Hrmony GmbH
              • Exhibit 132: Hrmony GmbH - Overview
              • Exhibit 133: Hrmony GmbH - Product / Service
              • Exhibit 134: Hrmony GmbH - Key offerings
            • 12.10 ICICI Bank Ltd.
              • Exhibit 135: ICICI Bank Ltd. - Overview
              • Exhibit 136: ICICI Bank Ltd. - Business segments
              • Exhibit 137: ICICI Bank Ltd. - Key offerings
              • Exhibit 138: ICICI Bank Ltd. - Segment focus
            • 12.11 Monizze NV SA
              • Exhibit 139: Monizze NV SA - Overview
              • Exhibit 140: Monizze NV SA - Product / Service
              • Exhibit 141: Monizze NV SA - Key offerings
            • 12.12 PayPal Holdings Inc.
              • Exhibit 142: PayPal Holdings Inc. - Overview
              • Exhibit 143: PayPal Holdings Inc. - Product / Service
              • Exhibit 144: PayPal Holdings Inc. - Key offerings
            • 12.13 Set Corporate Services Inc.
              • Exhibit 145: Set Corporate Services Inc. - Overview
              • Exhibit 146: Set Corporate Services Inc. - Product / Service
              • Exhibit 147: Set Corporate Services Inc. - Key offerings
            • 12.14 Sodexo SA
              • Exhibit 148: Sodexo SA - Overview
              • Exhibit 149: Sodexo SA - Business segments
              • Exhibit 150: Sodexo SA - Key news
              • Exhibit 151: Sodexo SA - Key offerings
              • Exhibit 152: Sodexo SA - Segment focus
            • 12.15 SPENDIT AG
              • Exhibit 153: SPENDIT AG - Overview
              • Exhibit 154: SPENDIT AG - Product / Service
              • Exhibit 155: SPENDIT AG - Key offerings
            • 12.16 The Up Group Ltd.
              • Exhibit 156: The Up Group Ltd. - Overview
              • Exhibit 157: The Up Group Ltd. - Product / Service
              • Exhibit 158: The Up Group Ltd. - Key offerings
            • 12.17 Unum Group
              • Exhibit 159: Unum Group - Overview
              • Exhibit 160: Unum Group - Business segments
              • Exhibit 161: Unum Group - Key offerings
              • Exhibit 162: Unum Group - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 163: Inclusions checklist
                • Exhibit 164: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 165: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 166: Research methodology
                • Exhibit 167: Validation techniques employed for market sizing
                • Exhibit 168: Information sources
              • 13.5 List of abbreviations
                • Exhibit 169: List of abbreviations
              • adoption of multichannel marketing strategies: The key vendors in the market are striving to expand their target customer base by investing in marketing and promotional activities. Large specialized consumer service providers aim at strengthening their presence by investing in brand visibility activities, celebrity endorsements, and marketing through channels such as television, radio, the Internet, print media, posters, and direct mails. The competitors also use a targeted advertising approach and launch advertisements that are designed and crafted to promote the services and communicate the brand positioning.
                • attrition and training: Professional, skilled, and unskilled workforce is required to provide specialized consumer services. However, there is a shortage of skilled and professional workforce to meet the demand. For instance, in security services, a skilled workforce is required when new monitoring devices and security gadgets are developed and adopted. Several vendors provide rigorous training to their employees about the handling of critical tasks while serving specialized consumer services. However, the retention of such a workforce is a major challenge.

                  Research Framework

                  Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                  INFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases

                  DATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

                  • Triangulation with data models
                  • Reference against proprietary databases
                  • Corroboration with industry experts

                  REPORT WRITING

                  Qualitative

                  • Market drivers
                  • Market challenges
                  • Market trends
                  • Five forces analysis

                  Quantitative

                  • Market size and forecast
                  • Market segmentation
                  • Geographical insights
                  • Competitive landscape

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                  Key Questions Answered

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                  • What are the revenue-generating key market segments?
                  • What are the key factors driving and challenging this market’s growth?
                  • Who are the key market vendors and their growth strategies?
                  • What are the latest trends influencing the growth of this market?
                  • What are the variables influencing the market growth in the primary regions?
                  • What are the factors influencing the growth of the parent market?

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