Dublin, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The "Gift Cards Market by Type, and by End-User - Global Opportunity Analysis and Industry Forecast, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
Gift Card Market size was valued at USD 884.76 million in 2021 and is predicted to reach USD 2097.13 billion by 2030 with a CAGR of 8.3 % during the forecast period from 2022 to 2030.
The demand for gift cards is rising due to the increase in smartphone penetration and internet facilities around the world that provides customers with flexible and convenient payment options. According to the study of the World Population Review data in 2022, around 69% of the world's population which accounts for 4.9 billion people have active access to the internet.
Also, the high adoption of e-gift cards as a promotional tool and a source of quick revenue flow for businesses like restaurants, hospitality and aviation among others fuels the demand for digital gift cards. Additionally, the market is being strongly driven by the e-commerce sector's rapid development because it offers the convenience of making purchases through websites that offer gift cards and vouchers.
However, the prevalence of security issues related to digital gift cards coupled with a lack of awareness of the benefits of gift cards among consumers are factors that are expected to restrain the growth of the market during the forecast period. On the other hand, advancement in technologies of gift cards allows flexible sending options and promotional campaigns for businesses. By enhancing the uniqueness and appeal of product offerings, it also helps businesses boost sales, which is anticipated to generate profitable expansion opportunities for the players in the gift card market in the coming years.
Segment Overview
Type (Open Loop and Closed Loop), and by End-User (Retail Establishments and Corporate Institutions)-
The global AI market is segmented on the basis of type, end-user, and geography.
- Based on Type, the market is classified into open loop and closed loop.
- Based on End-User, the market is bifurcated into retail establishments and corporate institutions.
- Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Regional Analysis
The European region is projected to hold the dominant share by 2030.
North America holds the largest market share of gift cards due to the increased e-commerce activity owing to the surging millennial and Gen Z population that is inclined towards the adoption of gift cards. According to the reports published by the US Census Bureau in 2021, millennials made up the largest population group in the US with 72.2 million millennials constituting about 21.7% of the population.
Also, the increased penetration of smartphones among consumers, which allows managing digital gift cards via mobile applications easily is accelerating the market demand. According to a study by the U.S. Census Bureau, as of 2021, the United States had one of the highest smartphone penetration rates in the world with 82.2 per cent of the population using a smartphone.
Moreover, major retailers and restaurant chains such as Walmart, Amazon, Target, Starbucks and Chipotle also offer customers both digital and physical gift cards that drive the market in this region. The market in this region is also driven by major retailers and restaurant chains like Walmart, Amazon, Target, Starbucks, and Chipotle, which provide customers with both physical and digital gift cards. The above-mentioned factors are expected to significantly boost the growth of the gift card market in this region.
Key Market Players
The emerging and efficient key players in the gift card market research include companies such as:
- Amazon.com, Inc
- Apple Inc
- American Express Company
- Blackhawk Network Holdings Inc
- Best Buy Co., Inc.
- Walmart Inc.
- Starbucks Corporation
- InComm Payments
- Chipotle Mexican Grill Inc.
- QwikCilver Solutions Private Limited
Market Dynamics
Drivers
- High Adoption Rate of Smartphones Accelerates Demand for Gift Cards
- Expansion in E-Commerce and Advancement in Technology Fuels Market Growth
- High Adoption of E-Gift Cards as a Promotional Tool Supports Businesses
Restraints
- Lack of Awareness and Security Issues Associated With Gift Cards Impedes Growth
Opportunities
- Technological Advancements and Innovations Offers Future Business Prospects
Key Topics Covered:
1. Introduction
2. Gift Cards Market - Executive Summary
3. Market Overview
4. Global Gift Cards Market, by Card Type
5. Global Gift Cards Market, by Enduser
6. Global Gift Cards Market, by Region
7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/c98bt4
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