Italy Gift Cards Market is Expected to Reach $84,369 Million by 2025 - Analysis of Leading Industry Players Amagroup S.r.l., Amazon.Com.Inc., Amilon Srl, Argentea S.r.l., Epipoli S.p.a., First Data Corporation, Ingenico Group, Prepay Technologies Ltd., SV

Italy gift cardsMarket Overview:

The Italy gift cards market was valued at $25,761 million in 2017, and is projected to reach $84,369 million by 2025, growing at a CAGR of 16.2% from 2018 to 2025. A gift card is a stored value card, which is utilized as an alternative for money at stores or businesses for purchases related to goods or services. Gift cards are also known as gift vouchers, gift certificates, and gift tokens, which are issued by a retailer or bank as a developmental strategy to promote a particular function. These cards can be used at a selected outlet or group of outlets depending on the issuing authority. Moreover, they serve as an enhanced version of paper gift certificates, which were earlier used for transaction purposes. The retail segment contributed the highest share in 2017. However, the gift cards market for corporate institutions segment is anticipated to witness lucrative opportunities throughout the forecast period.

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The growth of the Italy gift cards market is driven by factors such as innovation in product offerings, increase in application areas among end users, rise in adoption for advanced payment solutions, and increase in sending capacity of the consumers. Moreover, development of the m-commerce & e-commerce industries and ease of use of these cards drive the growth of the market. In addition, increase in popularity of these cards during travelling has fueled their demand. Furthermore, rapid penetration of smartphones in Italy and availability of economic data plans have driven the growth of the m-commerce industry in Italy.

Advantages offered by m-commerce such as rapid surfing and easy transaction have propelled m-shopping among consumers. Vendors such as Amazon offer gift cards to further accelerate the transaction process, which helps increase brand loyalty. Conversely, dearth of security measures as compared to credit or debit cards and various types of fees associated with card transaction are expected to hamper the growth of the Italy gift cards market. However, high promotion and loyalty programs associated with gift cards are anticipated to fuel their consumption among smartphone users, especially among online shoppers.

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The report segments the Italy gift cards market based on functional attribute and industry vertical. Depending on functional attribute, the market is divided into open loop and closed loop. On the basis of industry vertical, it is classified into retail and corporate institutions.

The retail segment dominated the Italian gift cards market in 2017, accounting for around 72.08% of the overall revenue. This is attributed to the fact that gift cards have witnessed rapid adoption in the retail industry, as numerous shoppers have started using gift cards for their retail purchases. Multiple retailers are offering unique gift cards to accommodate a variety of needs and wants of consumers, owing to the emerging trend in shopping, which further fuels the segment growth.

However, the corporate institutions segment is expected to grow at the highest rate during the forecast period. This is attributed to the fact that in corporate institutions, gift cards are being used as an incentive, rebate, and reward payment options to encourage employees to reach new sales goals or production goals.

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