Digital Gift Card Global Market is Likely to Upsurge $932.11 Billion at a CAGR of 17.1% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Digital Gift Card Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $932.11 billion In 2028 At A CAGR Of 17.1% :

The digital gift card market size has grown rapidly in recent years. It will grow from $418.74 billion in 2023 to $495.05 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to rise of mobile payments, contactless payments, increased gifting culture, social media integration, seasonal promotions and holidays.

The digital gift card market size is expected to see rapid growth in the next few years. It will grow to $932.11 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to enhanced personalization features, environmental sustainability, innovative redemption options, cross-platform compatibility, expansion in emerging markets. Major trends in the forecast period include mobile app integration, subscription-based gifting services, augmented reality (AR) experiences, blockchain for digital gift security, corporate gifting programs.

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Digital Gift Card Market Major Segments
The digital gift card market covered in this report 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

Key Driver - Digital Payment Awareness Fuels Growth In Gift Card Market

The surge in awareness of digital payment is expected to propel the growth of the digital gift card market going forward. Digital payments are payments, made via digital or internet channels without the exchange of actual money. 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.

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Prominent Trend - Revolutionizing Gifting With Cryptocurrency-Based Digital Gift Cards

Product innovation is the key trend in gaining popularity in the digital gift card market. Major companies operating in the market are introducing new technologies such as allowing customers to trade cryptocurrency into their favorite retailers and tracking sites to ensure cards don't go missing. For instance, in November 2021, Cross Tower, a US-based trading platform and digital asset investment company, launched a digital gift card feature based on cryptocurrencies for its Indian users, enabling them to send and gift cryptocurrencies of their choice. Indian users can personalize a gift card by adding their preferred cryptocurrency from their Cross Tower wallet, to generate a unique card that is ready for sharing. This original cryptocurrency gift card is available as a voucher that can be shared via email, social media, or by sharing the link directly, and its value can range from $ 1.25 (INR 100) to $ 125.944 (INR 10,000).

Digital Gift Card Market Players
Major companies operating in the digital gift card market report are Walmart Inc., Amazon.com Inc., Target Brands Inc., American Express Company, PayPal Holdings Inc., Fiserv Inc., Loop Commerce Inc., Blackhawk Network Holdings Inc., InComm Payments, Apple Inc., First Data Corporation, Treatful Inc., Stored Value Solutions, Prezzee, Givex Corporation, Yiftee Inc., Qwikcilver Solutions Pvt Ltd, Tango Card, Giftango Corporation, Buyatab Online Inc., Paytronix Systems Inc., GiftbitInc, Rixty Inc., GiftRocket Inc., eGifter LLC, Giftogram Inc., Giftly Inc., National Gift Card Group, SVM Global Limited, Giveter Inc., The Gift Card Café LLC, Eagle Eye Solutions Group plc

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Largest And Fastest Growing Region In The Market
North America was the largest region in the digital gift card market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital gift card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Gift Card Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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