Gift Card Market to see Huge Growth by 2029

The global gift card market is anticipated to grow at a considerable CAGR of 15.2% during the forecast period (2023-2029). Constant consumer engagement with shopping, as a result of fast expansion in digital commerce, and an increase in the number of new technologies that give customers creative and smooth payment choices are important growth factors for the industry. Furthermore, ongoing technological advancements in gift cards enable businesses to increase sales by making their product offerings more distinctive and appealing, propelling the gift card market expansion.

Another factor that assists in the market's growth is the increasing online gaming community. For instance, according to the International Trade Administration's Global Media & Entertainment (M&E) Team, with 2.7 billion gamers worldwide, the global video game industry was valued at $159.3 billion in 2020. In online gaming, gamers often purchase and utilize gaming gift cards for purchasing anything within the game, which makes their shopping experience convenient and secure on the gaming platform.

Additionally, the increasing penetration of smartphones has also supported the market's growth since many apps are available on smartphones that offer ease and simplified payment options to the user. For instance, Gyft, an app available on Android and iPhone, is a popular payment solution. This app allows users to load their gift cards into the app and use them while shopping.

Besides, expansions, new product launches, and investments by established and new gift cards companies such as NGC US, LLC, Plastek Card Solutions, Inc., Prime Plastic Cards, and PSM Cards, as well as banking merchants, also increase the market's growth. For instance, in February 2023, Prizeout Corp. partnered with nine credit unions across the country through a CUSO (credit union service organization) to provide them with access to proprietary ad technology that will put additional cash in their members' pockets while also providing the credit union with an offering that will support their local merchants. The new Prizeout Partners CUSO, designed to integrate with the Prizeout platform, allows credit unions to offer digital gift cards via their institution's online or mobile banking channels. According to the results of a trial program, credit union members may get an average bonus of 12% over the cash value of the card.

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Market Coverage

· The Market Number Available for - 2021-2029

· Base year- 2022

· Forecast period- 2023-2029

Segment Covered-

· By Functional Attribute

· By Merchant

· Card Type

Regions Covered-

· North America

· Europe

· Asia-Pacific

· Rest of the World

· Competitive Landscape- Duracard, First Data, Micro Labels Pvt. Ltd., NGC US, LLC, Plastek Card Solutions, Inc., and others.

Gift Card Market Report Segment

By Functional Attribute

· Open Loop

· Closed Loop

By Merchant

· Restaurants

· Department Stores

· Grocery Stores/Food Supermarkets

· Discount Stores

· Coffee Shops

· Entertainment

· Others

By Card Type

· E- Gift Cards

· Physical Cards

A full Report of Gift Card Market is Available @ https://www.omrglobal.com/industry-reports/gift-card-market

Gift Card Market Report Segment by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

· Apple Inc.

· Basic Visual Id Technologies.

· Blackhawk Network Holdings

· Buyatab

· C. M. M. Info Tech

· Creative Cards & Solutions

· Duracard

· First Data

· Micro Labels Pvt. Ltd.

· NGC US, LLC.

· Plastek Card Solutions, Inc.

· Prime Plastic Cards.

· PSM Cards

· Qwikcilver Solutions Pvt. Ltd.

· TenderCard

· TransGate Solutions

· Walmart Inc.

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