Digital gift card market to reach $1101.03 billion globally

Allied Market Research published a report titled, “Digital Gift Card Market by Functional Attribute (Open Loop Card and Closed Loop Card), End User (Retail and Enterprise) and Application (Consumer Goods, Health & Wellness, restaurants and bars, travel and tourism, media and entertainment and others): analysis of global opportunities and industry forecast, 2021-2030”. According to the report, the global digital gift card industry generated $258.34 billion in 2020 and is expected to generate $1101.03 billion by 2030, growing at a CAGR of 15.8% from 2021 to 2030.

Digital Gift Cards Market by Functional Attribute (Open Loop Card and Closed Loop Card), End User (Retail and Enterprise) and Application (Consumer Goods, Health & Wellness, Restaurants & Bars, Travel & Tourism, Media and Entertainment and Others): Global Opportunities Analysis and Industry Forecast, 2021-2030

Main determinants of growth

Rising demand for advanced payment solutions, high adoption rate of smartphones and increasing demand for innovative products are driving the growth of the global digital gift card market. However, the lack of security is hampering the growth of the market. On the other hand, increasing demand for digital gift cards from developing countries presents new opportunities in the coming years.

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Covid-19 scenario

The outbreak of the Covid-19 pandemic has had a positive impact on the global digital gift card market, owing to the increase in the adoption of digital gift cards by businesses.
Additionally, the overall gift card industry has witnessed strong growth during the COVID-19 pandemic as governments in several regions have imposed new regulations to accelerate the growth of electronic payments in the respective countries.
The retail segment will maintain its leading status throughout the forecast period

On an end-user basis, the retail segment held the highest market share in 2020, accounting for three-fifths of the global digital gift card market, and is expected to maintain its leadership status throughout. of the forecast period. This is due to the increase in consumer trends and preferences towards retail store fuel purchases. However, the corporate segment is expected to show the highest CAGR of 17.2% from 2021 to 2030, owing to increased awareness among business owners to deliver gifts to their employees.

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The consumer goods segment will maintain its leading position during the forecast period

Based on applications, the consumer goods segment accounted for the largest share in 2020, contributing more than a quarter of the global digital gift card market, and is expected to maintain its leading position during the forecast period. . This is due to the availability of a large number of digital payment technologies among people accepting gift cards digitally. Moreover, the travel and tourism segment is expected to show the largest CAGR of 19.2% from 2021 to 2030, to meet the demands of travelers by providing access to a wide range of choices to many destinations.

North America will maintain its dominance by 2030

By region, North America held the highest market share in terms of 2020 revenue, accounting for more than two-fifths of the global digital gift card market. This is due to the growing popularity of corporate gift crops on special occasions, such as birthdays, incentives, festivals, etc. However, the Asia-Pacific region is expected to see the fastest CAGR of 17.2% from 2021 to 2030, due to the adoption of these cards for online shopping, travel and distribution to children as an alternative to species.

Major Market Players:-

Amazon.com, Inc.
Apple Inc.
Blackhawk Network Holdings, Inc.
Fiserv, Inc.
InComm Payments
Loop Commerce, Inc.
National Gift Card Company
PayPal Holdings, Inc.
Target Brands, Inc.
Walmart Inc.
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This press release was published on openPR.

Michael N. Clark