New York, USA, April 13, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global gift cards market is anticipated to rise at a healthy CAGR of 15.4%, thereby garnering a revenue of $1,396.01 billion in the 2021-2028 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the gift cards market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Gift Cards Market:
Drivers: In the recent years, there has been a growing trend of shopping through internet websites. This trend of online shopping has been the main driver of the gift cards market. Moreover, as the reach of smartphones increase, there is bound to be an increase in the growth of this market due to easy access to online shopping websites.
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Opportunities: Increasing technological advancements to enhance the customer experience and customer engagement has the potential to offer tremendous growth opportunities to the market. Also, the digitization of payment services due to the increased reach of smartphones can further boost the gift cards market.
Restraints: Lack of security for gift cards can become a major restraint in the growth of the gift cards market.
Impact of Covid-19 on the Gift Cards Market:
The Covid-19 pandemic has been disastrous in its effect on the global order. It has severely impacted industries across all sectors of the economy, mainly due to the strict lockdowns in various countries. The pandemic and subsequent lockdowns have also disrupted the gift cards market. Due to the breakdown in transportation services and logistical services, the penetration of physical gift cardss has reduced, thereby closing the gap with e-gifting. E-gifting is nothing but gift cards in a digital format, also called as e-cards.
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Segments of the Gift Cards Market:
The report has fragmented the market into certain segments based on type, sales channel, end-use, and region.
Type: Open Loop Sub-segment to Have the Highest Market Share
Based on type, the open loop sub-segment is predicted to garner a revenue of $724.93 billion in the 2021-2028 timeframe, thereby capturing the highest market share. The main advantage with respect to open loop gift cardss is that it allows customers to avail the facilities provided by gift cardss at various locations. This advantage has helped the open loop sub-segment to have such a dominating market share.
Sales Channel: Online Sales Channel Sub-segment to be the Most Profitable
Based on the sales channel, online sub-segment of the gift cards market is expected to be the fastest growing as well as to be the most dominating sub-segment. It is expected to register a revenue of $706.05 billion by 2028. The wide range of industries and sectors like food and beverage, hospitality, etc. which are covered by online gift cardss is the main factor behind the growth of this sub-segment.
End-Use: Retail Sub-Segment to be the Most Dominant
By end-use, retail sub-segment of the gift cards market is expected to have the largest market share and generate a revenue of $876.72 billion in the 2021-2028 timeframe. The increasing penetration of supermarkets, restaurants and other food chains has been instrumental in the growth of this sub-segment as retail gift cardss are applicable in all these retail stores and restaurants.
Region: Gift Cards Market in North America Region to Register Maximum Revenue
By regional analysis, the gift cards market in the North America region is predicted to be the fastest growing one, surging at a healthy CAGR of 15.0%. North America was one the first regions where the concept of gift cardss was introduced, and these cards frequently serve the purpose of gifting someone during Christmas season and other occasions in this region. As a result of this popularity, this market in the North America region is growing at such a healthy pace.
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Prominent Gift Cards Market Players:
Some leading market players of the gift cards market are
- Apple Inc.
- Walmart Inc.
- Amazon.com
- Starbucks Corporation
- InComm Payments
- American Expressway Company
- Target Corporation
- Qwickcilver Solutions Pvt. Ltd.
- Best Buy Company Inc.
- Blackhawk Network Holdings Inc., among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. – Inquire Here to get Full Report@ https://www.researchdive.com/purchase-enquiry/8492
For instance, in November 2020, InComm Payments, a global payment technology company, acquired Tado Cartoes, a Brazilian gift-card processor company. This acquisition was aimed at increasing the foothold of InComm Payments in the country and thereby consolidate its own strength in the market.
Finally, the Research Dive report also summarizes many crucial aspects of the gift cards market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
Some Trending Article Links:
- Persistent Technological Advancements and Strategic Partnerships among Major Companies to Create Enormous Opportunities for the Growth of the Global Gift Cards Market by 2028
- Gift Cards: A Purchase that Brings a Smile
- The Global Gift Cards Market Anticipated To Generate A Revenue Of $1,396.01 Billion, Growing At A CAGR Of 15.4% From 2021 To 2028
