Digital Gift Card Market Segments, Opportunity, Growth and Forecast by End-use Industry 2023-2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Digital Gift Card Global Market Report 2023 identifies rise in surge in awareness of digital payment as the major driver for the Digital Gift Card market's growth in the forecast period. The gift cards are quickly purchased and used at critical businesses including grocery stores and online-only retailers as a mode of digital and contactless payment option. Due to the simplicity of sending and using digital gift cards as a contactless payment method, their popularity has surged. For instance, according to the report published by the Ministry of Electronics & IT, an Indian-based executive agency, digital payment transactions have increased significantly over the past four years, from 3,134 crores ($ 3.96 Million) in FY 2018-19 to 5,554 crores ($ 7.02 Million) in FY 2020-21. As of February 2022, there have been 7422 crores ($ 9.38 million) reported digital transactions during the current fiscal year, or FY 2021-2022. Furthermore, according to Payments Cards & Mobile, a UK based-based payments industry magazine, in 2021, 82% of Americans are using digital payments, in-store checkout using a mobile phone and/or QR code, and browser-based or in-app internet transactions. Therefore, the surge in awareness of digital payments is driving the growth of the digital gift card market.

The global digital gift card market size grew from $342.66 billion in 2022 to $405.17 billion in 2023 at a compound annual growth rate (CAGR) of 18.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital gift card market size is expected to grow to $740.41 billion in 2027 at a CAGR of 16.3%.

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Major competitors in the Digital Gift Card market are Amazon.com Inc., Apple Inc., Blackhawk Network Holdings Inc., Fiserv Inc., InComm Payments, Loop Commerce Inc., Qwikcilver Solutions Pvt Ltd.

A key trend in the Digital Gift Card market includes Product innovation. Major companies operating in the market are introducing new technologies such as allowing customers to trade cryptocurrency into their favourite retailers and tracking sites to ensure cards don't go missing.

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The Digital Gift Card market is segmented -
1) By Functional Attribute: Open Loop Gift Card, Closed Loop Gift Card
2) By Business Type: Business to Business (B2B), Business to Consumer (B2C)
3) By Application: Consumer Goods, Health and Wellness, Restaurants and Bars, Travel and Tourism, Media and Entertainment, Other Applications

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Digital Gift Card market.

The Business Research Company's "Global Digital Gift Card Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Digital Gift Card Market Include:
1. Executive Summary
2. Digital Gift Card Market Characteristics
3. Digital Gift Card Market Trends And Strategies
4. Digital Gift Card Market - Macro Economic Scenario
5. Digital Gift Card Market Size And Growth
……
27. Digital Gift Card Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Digital Gift Card Market
29. Digital Gift Card Market Future Outlook and Potential Analysis
30. Appendix

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