The Global Gift Cards Market was $750 Bn in 2020, and it is expected to reach $1,787 Bn by 2028. It is eventually growing at a commendable high compound of annual growth rate CAGR of 11.5% between 2020-2028. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The Gift Card Market is majorly driven by technological innovations in product offerings, and rise in application areas such as hospitality, and retail stores. Apart from this, a surge in need for advanced promotional strategies, increasing adoption of smartphones, and growth-related to the e-commerce industry is projected to bolster the global gift card market. Moreover, the rising popularity of gift cards in emerging economies, ease of ordering, and enhanced support services is expected to drive the market growth over the forecast period.
Global Online Shopping Segment Is Estimated to Witness Remarkable Growth during forecast period
Source: SAI Research
The global Gift Cards Market has been segmented into card type, distribution channel, offers and regions. By Card Type, the global Gift Cards Market is divided into Open Loop Gift Card, and Closed Loop Gift Card. By Distribution Channel, the global Gift Cards Market is divided into Online Retail, Supermarkets and hypermarkets, Corporates, Financial institutions, Restaurant and hotels, Specialty Stores and others (airports, colleges, and many more). By offers, the global Gift Cards Market is divided into Hospitality, App subscriptions, Entertainment, online shopping, discount shopping and others. However, Open Loop Gift Card Segment is estimated to witness remarkable growth over the forecast period. The growth is attributed to ease of making purchase at various retail and apparel stores.
By Region, Asia Pacific is Holding the Major Market Share in 2020
The global Gift Cards Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, Asia Pacific Gift Cards Market is holding the largest market share currently and is estimated to show the fastest compound annual growth rate in the forecast period due to factors such high level of digital awareness among end-users, and increasing customer base due to intense competition, and discounted offers among leading players. Moreover, the growing demand for e-gift cards is projected to impact the market positively. The European market is also projected to register a significant growth rate over the forecast timeline due to high disposable income and well-established players and distribution channels. North America gift card market is expected to witness sluggish growth over the forecast period due to fragmented and highly penetrated market. The LAMEA market is anticipated to grow significantly in the forecast period from 2020 to 2028
Major Players in Global Gift Cards Market
Some of the key players in the global Gift Cards Market include Amazon.com, Inc., American Express, Blackhawk Network Holdings, Inc., First Data Corporation, Fiserv, Inc., Givex Corporation, InComm Inc., NGC US, LLC, Qwikcilver Solutions Pvt Ltd., and Paytronix Systems, Inc
The Global Gift Cards Market Has Been Segmented into:
Global Gift Cards Market: By Card Type
Global Gift Cards Market: By Distribution Channel
Global Gift Cards Market: By Offers
Global Gift Cards Market: By Region