Global Cashback Apps Market Set to Reach USD 5.7 Billion by 2031, With a Sustainable CAGR Of 6.8% | Growth Market Reports

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Feb 27, 2023, 10:25 ET

PUNE, India, Feb. 27, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Cashback Apps Market by Type (Cash Back and Points Back), System Type (Android-based and IOS-based), Application (Retail, Restaurant, Gas Station, Hotel, E-commerce, and Others), and Regions: Size, Share, Trends, and Opportunity Analysis, 2023-2031", the market was valued at USD 3.2 billion in 2022 and is expected to reach USD 5.7 billion, expanding at a CAGR of 6.8% by the end of 2031. The market growth is attributed to the rising cashback, coupon, and discount marketing strategies adopted by global brands for boosting online and offline purchases and customer retention.

Key Market Players Profiled in the Report

  • Fetch
  • Ibotta, Inc.
  • Dreamplug Technologies Pvt Ltd.
  • RetailMeNot
  • Upside Services, Inc
  • Prodege, LLC
  • Cashrewards
  • Honey Science LLC
  • Dosh Holdings LLC.
  • Rakuten Rewards

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include system type, application, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

Highlights on the Segments of the Cashback Apps Market

In terms of type, the global cashback apps market is divided into cash back and points back. The cash back segment is anticipated to expand at a sustainable CAGR during the forecast period. The segment growth can be attributed to the rising preferences of consumers in saving on their regular shopping.

Based on system type, the global cashback apps market is segmented into Android-based and IOS-based. The Android-based segment is anticipated to expand at a significant pace during the forecast period. The highest global user base for Android systems coupled with the growing availability of various cash back apps on Play Store is fueling the segment growth.

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In terms of application, the global cashback apps market is classified as retail, restaurant, gas station, hotel, e-commerce, and others. The e-commerce segment is expected to grow at a significant pace during the forecast period. The e-commerce platforms are utilizing lucrative discount and cashback marketing strategies to increase the user base of their platforms.

Based on regions, the cashback apps market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is projected to expand at a substantial CAGR during the projection period. The market growth in the region is mainly attributed to the increasing applications of cashback apps in various end-user industries' product selling.

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Key Takeaways from the Study:

  • Cashback apps provide rebates, coupon rewards, or discounts in return for online and offline purchases made by customers. These apps are becoming widely popular among e-commerce platforms for acquiring new customers as well as retaining them.
  • The cashback apps provide some cash returns or add points to customers' accounts, which allows customers to save money. The innovative schemes devised by cashback app platforms for establishing a "win-win" scenario for customers and platforms is increasing the popularity of cashback apps across consumer-base.
  • The rapidly growing usage of smartphones with the availability of the cheaper 4F/5G internet has started building buying and selling environment that is mostly based on the current or ongoing promotional strategies used by businesses.
  • Hotels & Restaurants, gas stations, retail stores, supermarkets, and clothing stores are among the regular end-users of cash-back and reward-based payment app solutions. The attractive offers available on these apps are boosting consumers' interest in choosing certain brand products and services.
  • The increasing consumer preferences for e-commerce apps for shopping is one of the major trends in the cashback apps market. The availability of cost-effective 5G/4G smartphones with cheaper prices of internet subscriptions has brought robust transformation to the global digital shopping industry.
  • The growing use of mobile wallets for payments along with brands providing lucrative benefits for customer loyalty is also expected to drive the cashback apps market growth during the forecast period.
  • Mobile wallet apps such as GPay, Amazon Pay, Paytm, PayPal, and Samsung Pay among numerous others are partnering with various e-commerce and cashback app platforms to provide attractive offers to customers and increase their user base.

Read 210 Pages Research Report with Detailed ToC on "Cashback Apps Market by Type (Cash Back and Points Back), System Type (Android-based and IOS-based), Application (Retail, Restaurant, Gas Station, Hotel, E-commerce, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031"

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Key Segments Covered

Type

  • Cash Back
  • Points Back

System Type

  • Android-based
  • IOS-based

Application

  • Retail
  • Restaurant
  • Gas Station
  • Hotel
  • E-commerce
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Other Related Reports:

  • Reward-based Payment App Market by Reward Types (Cashback, Discounts, Gift Coupons, Coins, and Loyalty Points) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
  • Global eCommerce Software Market by Type (Web Side, Mobile Side), By Application (Small Business, Medium Business, Other), And By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast From 2022 To 2030
  • Global Mobile Wallet and Payment Market by Business to Person (B2P), by Business to Business (B2B), by Transaction Mode (Mobile Web PaymentsNear-Field CommunicationShort Message Service (Mobile Web Payments, Near-Field Communication, Short Message Service SMS), by Payment Nature (Person to Person (Person to Person P2P), by Application (Merchandise & Coupons, Money Transfers, Travel & Ticketing, Bill Payments, Airtime Transfer & Top-Ups), by End-User (Business, Personal), by Person to Business (P2B), by Industry Vertical (Media & Entertainment, Telecom & IT, Travel & Hospitality, Healthcare, Retail, BFSI, Energy & Utilities, Transportation & Logistics), by Payment Type (Proximity, Remote) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
  • Global Mobile Payments Market by Type (Mobile wallet/Bank cards, Mobile money), By Application (Retail, Education, Entertainment, Healthcare) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

About Growth Market Reports:

Growth Market Reports provides global enterprises as well as small & medium businesses with unmatched quality of "Market Research Reports" and "Industry Intelligence Solutions". Growth Market Reports has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, and secondary research & consumer surveys.

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SOURCE Growth Market Reports

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