Gift Cards Market Research Insights, Trends Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the gift cards market is expected to be worth USD 421.7 billion in 2022, growing at a 1.9% CAGR from 2022 to 2028. The increased use of gift cards as marketing tools is a significant element driving the gift card market forward. Furthermore, rising demand from commercial sectors, e-commerce trends, digitalization, gifting culture trends, and technological improvements are projected to propel the gift card market forward. Increased acceptance of IoT technologies at the home, commercial, and industrial levels and the rising penetration of m-commerce and e-commerce firms are projected to drive the growth of the gift card market throughout the forecast period. The rising popularity of e-commerce, which allows users to conveniently utilize gift cards and explore more products with simple transactions, is expected to boost the market for gift cards. Furthermore, users can pick between digital and physical gift cards when making online purchases. Moreover, the ease with which consumers may acquire gift cards online is another essential element luring customers to make online purchases, increasing demand for gift cards and driving market growth.

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E- Gift Cards Segment to Dominate the Gift Cards Market:
The E- gift cards segment is expected to account for a larger revenue share in the global Gift Cards market, with a value share of 23.4% in worldwide market. It is projected to grow at a 2.2% CAGR between 2022 and 2028. Virtual cards, Digital cards, and mobile gift cards are all terms used to describe e-gift cards. The importance of digital cards over plastic cards is growing rapidly. Many merchants have begun to use e-gifting after recognizing that if their customers are online, they should be there as well. Virtual cards are highly rated in terms of operational and usage flexibility, as they are supplied directly to the beneficiary in the form of a code and link by e-mail or SMS. Another factor driving virtual card acceptance across borders is the rapid development of online payment systems.

Asia Pacific Gift Cards Market:
The Asia Pacific market is expected to hold a significant market share in the global gift card market over the forecast period. It is projected to grow at a CAGR of 2.3% in the coming years. The rapid expansion of the e-commerce platform is one of the primary factors driving the growth of the gift card market in India. Due to the protracted lockdown restriction and expanding internet and smartphone penetration rates in the country, the number of consumers who switched to online shopping climbed dramatically over the last four to eight quarters. The internet retail business, in particular, is predicted to exceed US$350 billion by 2030. In India, the internet retail business will be predominantly pushed by the younger population, who like to shop on their phones. Within the next four to eight quarters, this rise in the e-commerce business will promote the growth of digital gift cards and the broader gift card industry in India.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global gift cards market further reveals that the key players are increasingly adopting strategies such as launching newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In November 2021, Qwikcilver also entered into a strategic partnership with Airlink, an independent Southern African airline. Under the partnership, Airlink also launched gift cards for its customers that are redeemable against air tickets and several other services on its official website. Notably, Pine Labs, the global payments technology firm, acquired Qwikcilver in 2019 to foray into the gift card market in India.

The gift card market is segmented based on functional attributes, industry verticals, merchant, product, and geography.
Based on the functional attribute, the market is segmented into the following:
• Open Loop
• Closed Loop

Based on the industry vertical, the market is segmented into the following:
• Retail
• Corporate Institutions

Based on the merchant, the market is segmented into the following:
• Restaurants
• Departmental Store
• Grocery Store/Food Supermarkets
• Discount Stores
• Coffee Shops
• Entertainment
• Others

Based on the products, the market is segmented into the following:
• E- Gift Cards
• Physical Cards

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the gift cards market report are Amazon.com, Inc., American Express Company, Blackhawk Network Holdings, Inc., Fiserv, Inc., Givex Corporation, InComm Payments, PayPal, Inc., Paytronix Systems, Inc., Qwikcilver Solutions Pvt Ltd., and Walmart Inc.

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This release was published on openPR.