"Assisting You in Establishing Data Driven Brands"
Meal voucher and employee benefits solution is basically a product that is made to enhance the life of an employee and can are used for certain purposes such as meal, gift, fuel, and others. Some of the advantages of using the product include helps to keep employees motivated, increase productivity, and simplify the business processes. Various types of job profiles such as sales, consulting, and others that require the use of organization resources also escalate the consumption of the product as it helps to monitor, and record the exact amount of resources being used. Furthermore, intense competition among the key players also increases the consumption of the product as it results in coming up with a more attractive product that has various benefits for employees and employers. For instance, according to the Economic Times, May 2019, Sodexo announced the launch of its multi-benefit pass and this product has the capability to helps administer all employee benefits in one innovative card.
The increasing number of job-hopping is propelling the demand of the product as meal voucher and employee benefits solution is assisting to generate delight to employees and thus in turn help to retain employees for a long period of time. For instance, according to the data released by the Economic Times, January 2019, in India, 60% of the millennial population are estimated to job hopped in the past 3 – 10 years. Furthermore, the product offering capabilities such as the ability to monitor and record activities, real-time notification, digital transfer, and others are boosting the demand to accelerate employee management. Moreover, the various security benefits offered by key players have a positive impact to generate loyal consumers. For instance, Sodexo is providing security options for users as it has the ability to instantly block its vouchers in case of loss through its smartphone application.
Nevertheless, small and medium-size businesses still find it difficult to adopt the solution due to their low revenue turnover is acting as a restraining factor for the market growth.
Key Market Driver -
The growing popularity of job hopping act as one of the major driving factor for the market growth.
Key Market Restraint -
Small and medium-size of businesses still not able to adopt the solution hampers the market growth.
Monizze NV SA, Alelo Brasil, Axis Bank Ltd, Sodexo Group, Spendit AG, Up Slovensko, Zeta India, and others are the key companies operating in the market.
The meal voucher and employee benefits market is segmented into by product type, by card type, by application, and by geography.
On the basis of product type, the market is fragmented into cash vouchers and non-cash vouchers. Non-cash voucher is anticipated to be the larger market shareholder on an account of its ability to direct the employees to use the product to the exact place where it is intended to be used. Also, non-cash voucher even comes in a transfer voucher as well as a supporting voucher also increases its attractiveness.
Based on card type, the market is bifurcated into book card and digital card. Digital card is projected to be the greater segment owing to its ability to record every transaction which is simplifying the work and process of businesses. Likewise, its capability to recharge and add new features makes it more preferable as compared to the book card.
By application, the market is divided into meal, gift, and travel. Meal is estimated to be the dominant based on application due to being able to substitute office run cafeterias and thereby reducing the need for a dedicated cafeteria area. It thus makes it more essential as compared to other types of segments that are not used on a regular basis.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is projected to be the leading market shareholder and is estimated to continue during the forecast period of 2020-2027. Large number of employers in this region genuinely concern of health and well-being of their employees plays a significant role for increasing usages of the product as this in turn results in generating more productive employees. For instance, according to the survey done by the Canadian Payroll Association, Canadian employers are providing various benefits to their employees including gifts and awards, vehicle allowances, health and dental insurance, group life insurance, and training expenses. Furthermore, large percentage of the companies in this region having high revenue turnover is also projected to escalate the usage of the product as they are more capable of providing better benefits to their employees as compared to other regions.
The Asia Pacific is also displaying a significant presence during the coming years owing to the key players in this region implementing penetrative promotional campaigns has accelerated the consumption and also results to increase in awareness. The growing change in corporate work culture while simultaneously increasing the adoption of better working tools and systems to enhance the employee's performance increases the usage of the product in this region. The increasing establishment of new businesses in various countries in this region is likely to fuel the growing demand of the product. For instance, according to the Entrepreneur India article’Economic survey of 2020’, in 2018 the number of new firms in India is estimated to be 1,24,000 which is a growth of 80% from 2014.
To gain extensive insights into the market, Request for Customization
By Product Type
By Card Type
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry