Gift Card Market Research Overview, Trend Forecast 2022-28
According to Precision Business Insights (PBI), the latest report, the gift card market is expected to be worth USD 421.7 billion in 2022, growing at a CAGR of 1.9% from 2022 to 2028. as marketing tools is an important element driving the gift card market forward. Additionally, growing demand from business sectors, e-commerce trends, digitalization, gift culture trends, and technological improvements are expected to propel the gift card market forward. Increased acceptance of IoT technologies at household, commercial and industrial levels and increasing penetration of m-commerce and e-commerce businesses are expected to drive the growth of the gift card market throughout the forecast period. The growing popularity of e-commerce, which allows users to easily redeem gift cards and explore more products with simple transactions, is expected to boost the gift card market. Additionally, users can choose between digital and physical gift cards when shopping online. Moreover, the ease with which consumers can acquire gift cards online is another vital element that attracts customers to make purchases online, which increases the demand for gift cards and drives the growth of the market.
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Electronic Gift Card Segment to Dominate the Gift Card Market:
The e-gift card segment is expected to account for a larger revenue share in the global gift card market, with a value share of 23.4% in the global market. It is expected to grow at a CAGR of 2.2% between 2022 and 2028. Virtual cards, digital cards, and mobile gift cards are all terms used to describe electronic gift cards. The importance of digital cards over plastic cards is growing rapidly. Many merchants have started using e-gifts after realizing that if their customers are online, they should be there too. Virtual cards are very popular in terms of flexibility of operation and use, as they are provided directly to the beneficiary in the form of a code and a link via e-mail or SMS. Another factor favoring the acceptance of virtual cards across borders is the rapid development of online payment systems.
Asia Pacific Gift Card Market:
The Asia-Pacific market is expected to hold a major market share in the global gift card market during the forecast period. It is expected to grow at a CAGR of 2.3% in the coming years. The rapid expansion of the e-commerce platform is one of the major factors driving the growth of the gift card market in India. Due to the prolonged lockdown restriction and increasing internet and smartphone penetration rates in the country, the number of consumers who have switched to online shopping has increased significantly over the past four to eight quarters. Internet retail, in particular, is expected to exceed US$350 billion by 2030. Internet retail in India will be driven primarily by the younger population, who like to shop on their phones. Over the next four to eight quarters, this increase in e-commerce activity will support the growth of digital gift cards and the broader gift card industry in India.
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Strategic new product launches, mergers, acquisitions, and agreements are the major strategies adopted by market players:
Global Gift Card Market further reveals that major players are increasingly adopting strategies such as new product launches, product launches, and long-term alliances to improve market revenue share and gain market share. significant geographical presence in the region. For example, in November 2021, Qwikcilver also entered into a strategic partnership with Airlink, an independent airline in Southern Africa. As part of this partnership, Airlink has also launched gift cards redeemable for airline tickets and several other services for its customers on its official website. Notably, Pine Labs, the global payment technology company, acquired Qwikcilver in 2019 to enter the gift card market in India.
The gift card market is segmented on the basis of functional attributes, verticals, merchant, product, and geography.
Based on the functional attribute, the market is segmented as follows:
• Open loop
• Closed loop
Based on industry vertical, the market is segmented as follows:
• Corporate institutions
Based on the trader, the market is segmented as follows:
• Big store
• Grocery/food supermarkets
• Discount stores
On the basis of product, the market is segmented as follows:
• Electronic gift cards
• Physical cards
Based on geography, the market is segmented as follows:
• North America
• Latin America
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Profiles of key players in the Gift Card Market report are Amazon.com, Inc., American Express Company, Blackhawk Network Holdings, Inc., Fiserv, Inc., Givex Corporation, InComm Payments, PayPal, Inc., Paytronix Systems, Inc., Qwikcilver Solutions Pvt Ltd. and Walmart Inc.
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