Digital Gift Cards Market : Increase in Demand for Advanced Payment Options |2032

Allied Market Research published a report, titled, "Digital Gift Card Market by Functional Attribute (Open-Loop Card and Closed-Loop Card), End User (Retail and Corporate) and Application (Consumer Goods, Health & Wellness, Restaurants & Bars, Travel & Tourism, Media & Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global digital gift cards industry generated $258.34 billion in 2020, and is anticipated to generate $1101.03 billion by 2030, witnessing a CAGR of 15.8% from 2021 to 2030.

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Prime determinants of growth

Rise in demand for advanced payment solutions, high adoption rate of smartphones, and increase in demand for innovative products drive the growth of the global digital gift cards market. However, Lack of security hinders the market growth. On the other hand, surge in demand for digital gift cards from developing countries presents new opportunities in the coming years.

The retail segment to maintain its leadership status throughout the forecast period

Based on end user, the retail segment held the highest market share in 2020, accounting for three-fifths of the global digital gift cards market, and is estimated to maintain its leadership status throughout the forecast period. This is due to increase in consumers trends & preferences toward shopping at the retail store fuels. However, corporate segment is projected to manifest the highest CAGR of 17.2% from 2021 to 2030, owing to increase in awareness among the business owner to deliver gift cads to their employees.

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The consumer goods segment to maintain its lead position during the forecast period

Based on application, the consumer goods segment accounted for the largest share in 2020, contributing to more than one-fourth of the global digital gift cards market, and is projected to maintain its lead position during the forecast period. This is due to availability of large number of digital payment technology among the people to accept gift card digitally. Moreover, the travel & tourism segment is expected to portray the largest CAGR of 19.2% from 2021 to 2030, owing to meet the requirements of the travelers by allowing access to a vast array of choices to many destinations.

North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global digital gift cards market. This is due to rise in popularity of corporate gifting cultures during special occasions, such as birthdays, incentives, festivals, etc. However, the Asia-Pacific region is expected to witness the fastest CAGR of 17.2% from 2021 to 2030, owing to surge in adoption of these cards for online purchases, traveling, and distribution among children as cash alternative.

Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the digital gift card market analysis from 2022 to 2032 to identify the prevailing digital gift card market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the digital gift card market forecast assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global digital gift card market trends, key players, market segments, application areas, and market growth strategies.

Digital Gift Card Market Report Highlights

By Channel
Brick and Mortor
Digital
Digital
E-commerce
Loyalty
By Transaction Type
B2B
B2C
By Card Type
Closed Loop
Closed Loop
Dining
Fashion
Travel
Gaming
Betting
Others
Open Loop
Open Loop
Visa Card
Master Card
Others
By Application Area
Consumer Goods
Health and Wellness
Restaurants and Bars
Travel and Tourism
Media and Entertainment
Others
By End Users
Retail Establishments
Retail Establishments
Generation Z or Millennials
Generation X
Baby Boomers
Corporate Institutions

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By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Netherlands, Spain, Italy, Nordic Countries, Rest of Europe)
Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

Key Market Players Blackhawk Network, Amazon.com, Inc., InComm Payments LLC, Target Brands, Inc., PayPal Holdings, Inc., Walmart, Fiserv, Inc., NGC US, LLC., Loop Commerce, Inc., Apple Inc.

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