Gift Cards Market Overview:
Gift Cards Market an integrated payment solution developed to facilitate the transaction at stores or businesses as an alternative for money. These cards establish a medium that supports smooth and hassle-free purchasing procedure during variety of events, such as dining, entertainment, retail purchases, convenience shopping, and others.
The gift cards market is influenced by the rise in demand for technologically advanced products, increase in need for cashless transactions, surge in application areas among end users, high adoption rate of smartphones, and growth associated with e-commerce and m-commerce industry.
The global gift cards market is segmented based on functional attribute, industry vertical, and region. Based on functional attribute, it is bifurcated into open loop and closed loop. Based on industry vertical, it is divided into retail and corporate institutions. Based on region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Gift Cards Market Segmentation
The global gift cards market was valued at $585,311 million in 2016, and is projected to reach $1,591,461 million by 2023, growing at a CAGR of 15.7% from 2017 to 2023. The major factors that drive the gift cards market are technological innovation in product offerings, rise in adoption for retail industry, increase in application areas among end users, and high adoption rate of smartphones.
The Europe gift cards market generated the highest revenue in 2016, attributed to rise in demand for advanced products, and technological advancements related payment solutions. The Asia-Pacific gift cards market is expected to grow at the highest CAGR, owing to the presence of untapped demands and surge in need for better transactional solutions.
The key players operating in the global gift cards industry include First Data Corporation, Qwikcilver Solutions Pvt. Ltd., National Gift Card Corp., Blackhawk Network Holdings, Inc., Plastek Card Solutions, Inc., Duracard, DOCUMAX INC., Vantiv, TenderCard, TransGate Solutions, and others. These players have expanded their market presence by adopting various business strategies, such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
Top Investment Pockets
The following graph signifies the potential of the global gift cards market growth by region. It is evident from the figure that the Asia-Pacific is the top investment pocket for the market owing to increase in adoption of gift cards among end users and presence of untapped demands in the countries such as China, Japan, and Australia. LAMEA is projected to be the second-most lucrative segment due to economic growth in Central America and Latin America.
Top Impacting Factors
The global gift cards market is influenced by a number of factors including growth in demand for prepaid cards, rise in need for advanced payment solutions, growth of smartphones market, increased application areas, spending capacity of consumers, flexibility associated with ease of use feature, and demand from developing economies. These factors collectively provide opportunities for the market growth. However, each factor has its definite impact on the market.
Following are the key factors affecting the global gift cards market share.
Top Impacting Factors
- In-depth analysis of the market and dynamics is provided to understand the market scenario.
- Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on prevailing opportunities.
- Porter’s Five Forces analysis examines the competitive structure of the market and provides a clear understanding of the factors that influence the market entry and expansion.
- A detailed analysis of the geographical segments enables identification of profitable segments for market players in the global gift cards industry.
- Comprehensive analysis of the trends, sub-segments, and key revenue pockets are provided.
- Detailed analysis of the key players operating in the industry and their business strategies are anticipated to assist stakeholders to take informed business decisions.
Gift Cards Market Key Segments:
By Functional Attribute
- Open Loop
- Closed Loop
By Industry Vertical
- Corporate Institutions
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
The key players profiled in the report are as follows:
- First Data Corporation
- Qwikcilver Solutions Pvt. Ltd.
- National Gift Card Corp.
- Blackhawk Network Holdings, Inc.
- Plastek Card Solutions, Inc.
- DOCUMAX INC.
- TransGate Solutions