Gift Cards Market to Reach $1,591,461 Million by 2023 With Major Players Such as First Data Corporation, Qwikcilver Solutions Pvt. Ltd., National Gift Card Corp, Plastek Card Solutions

The global gift cards market was valued at $584,171 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 open loop segment is anticipated to grow at the highest rate during the forecast period.

The gift cards market is in its growth phase, and is expected to grow at a CAGR of 15.7% during the forecast period. Organizations focus on improving their product offering to cater to the rise in market demands, which drive the market growth during the forecast period. Europe was the highest shareholder in terms of revenue, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period.

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Europe generated the highest revenue in 2016 due to adequate technological development for the adoption of gift cards. The Asia-Pacific gift cards market is expected to grow at the highest rate during the forecast period, owing to the growth of retail industry, remarkable economic growth in Southeast Asia, India, & other economies and growth in trend of integrated payment technologies.

The global gift cards market is segmented based on the functional attribute, industry vertical, and region. Based on the 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.

The retail business segment contributed the highest share in 2016. This segment accounted for $431,833 million in 2016, and is projected to grow at the CAGR of 15.0% during the forecast period. However, the gift cards market for corporate institutions segment is projected to grow at the highest rate of 17.3%.

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Technological innovation in product offerings, rise in adoption for advanced payment solutions, increase in application areas among end users, growth associated with e-commerce and m-commerce industry, increased spending capacity of consumers, and flexibility associated with ease of use feature drive the market. In addition, increase in popularity of these cards during traveling expenditures fuel the market demand. This in turn boosts the gift cards market growth.

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, the 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.

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The report features a competitive scenario of the global gift cards industry and provides a comprehensive analysis of key growth strategies adopted by the major players. The key players profiled in the study are First Data Corporation, Qwikcilver Solutions Pvt. Ltd., National Gift Card Corp., Blackhawk Network Holdings, Inc., Plastek Card Solutions, Inc., Duracard, DOCUMAX INC., Vantiv, TenderCard, and TransGate Solutions. These players adopt competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the gift cards market.

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