Loading...

COVID‑19 Alert: Stay home if you feel unwell. If you have a fever, cough and difficulty breathing, seek medical attention. Follow the directions of your local health authority. Source WHO

We have a lockdown, "Working from HOME" Please reach out for any queries at: help@alliedmarketresearch.com & Int'l : +1-503-894-6022, (UK) : +44-845-528-1300

Gift Cards Market Expected to Reach $1,922.87 Billion by 2027

 
 

quote Developing countries in Asia-Pacific region such as India and Singapore are expected to witness significant growth, owing to the introduction of new technologies such as internet of things, and use of e- digital gift wallets in these countries, which are expected to provide lucrative opportunities for the growth of the gift cards market quote

Pramod Borasi
Lead Analyst, BFSI at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

A new report published by Allied Market Research, titled, “Gift cards Market by Card Type, and End User:  Opportunity Analysis and Industry Forecast, 2020–2027,” projects that the global gift cards market size was valued at $619.25 billion in 2019, and is projected to reach $1,922.87 billion by 2027, growing at a CAGR of 14.9% from 2020 to 2027. North America is the highest revenue contributor across the globe; owing to increase in government initiatives for the adoption of digital payments alternatives for cash in many sectors such as hospitality, banking, corporate institutions, and retailers. 

Technological innovations in product offerings, rise in adoption of digital gift cards by the retail industry in the U.S. and Canada and promotion of gift card programs through omnichannel, provides gift cards that can be availed through store locations, offering online ordering with physical card delivery, online app/mobile app ordering with digital delivery and high adoption of smartphones are driving the gifts card market growth. Furthermore, North America has one of the most advanced and well-established payment infrastructures globally, which has been driving the gift cards market trends in the region. Moreover, the gift card vendors have started investing in Asia-Pacific region, owing to improved ICT infrastructure in majority of the countries such as China, India, Malaysia, Australia, and Japan, which is creating lucrative opportunities for the gift cards market in Asia-Pacific region.

Gift cards have become more innovative with the rapid evolution of smart phones. The use of modern technology and marketing strategies has created different ways for gift card lovers and smartphone users to integrate everything into one convenient package. The increased adoption of smart phones is expected to boost the gift cards market by offering flexible & convenient way of payment for the customers. For instance, Gyft that is available on iPhone and Android is one of the most popular solutions. Users can load their gift cards into the app and use whenever they’re out shopping. In addition, occasion-based gifting, personalized gifting, festive season gifting, and corporate gifting support the growth. Moreover, the presence of number of e-commerce giants such Amazon, e-bay, and Alibaba has also been impacting the gift cards market growth in a positive manner. 

The closed loop gift card segment is expected to garner a significant share during the forecast period. As the closed loop gift cards can be used only at one store or with one corporate brand, it ensures that the recipients returning business them in the future. However, the open loop prepaid card segment is expected to grow at the highest rate during the forecast period, owing to its wider acceptance in every place such as general purpose cards. By end user, the retail establishments segment accounted for the major share in global gift cards industry in the recent years.

Key Findings Of The Study

  • By card type, the open loop gift card segment is expected to attain the highest CAGR during the forecast period.

  • By end user, the retail establishments segment accounted for the highest gift cards market share in 2019.

  • By region, North America generated the highest revenue in 2019.

  • By region, Asia-Pacific is expected to attain the highest CAGR during the forecast period.

The major companies profiled in the 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.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Gift Cards Market by Card Type (Open Loop Gift Card, Closed Loop Gift Card) and End User (Retail Establishments, Corporate Institutions): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

View Report
 
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Gift Cards Market"
Purchase Enquiry