Gift Card Market Booming By Size, Revenue And Trend In 2027 Scrutinized In New Research

A gift card is a prepaid stored-value money card. This can be classified into open loop and closed loop cards and are usually issued by retailer or bank. Gift cards are also given out by employers or organizations as rewards or gifts. Owing to this, corporate sectors are encouraging the usage of gift cards in order to provide the employees with rewards and incentives

The global gift card market is projected to reach around US$ 900 billion by the end of 2027, in terms of revenue, growing at CAGR of 10% during the forecast period (2019-2027).

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Increasing penetration of smartphones coupled with the affordable data plans has increased the adoption of m-Commerce is projected to foster the market growth of gift cards. Consumers are rapidly downloading mobile apps such as Flipkart, Amazon, and eBay for online shopping as it offers the ability to browse more quickly and easily make purchases on-the-go is resulting in a growing number of consumers using online purchases. This factor is expected to propel the market growth of gift cards over the forecast period.

Regionally, North America dominated the global gift card market in 2018, accounting for around 34% share in terms of value, followed by Europe and Asia-pacific, respectively

Market Opportunities

The growing popularity of digital gift cards which is attracting customers is projected to foster the market growth of gift cards. Digital gift cards offer companies to track a consumer’s buying behavior and use of redeem gift cards by the customer, which provide accurate information. Therefore, the digital gift card provides marketers to record data of the user as well as the receiver which can be used in personalize future promotions. This factor is estimated to augment the market growth of digital gift cards.

Competitive Section

Key players operating in global gift card market are Apple Inc., Amazon.com Inc., Best Buy Co., Inc., Starbucks Corporation, Target Corporation and Wal-Mart Stores, Inc.

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This release was published on openPR.