Digital Gift Card Market Growth Accelerates: Strategic Forecast Predicts $1083.58 Billion by 2029

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What Will the Digital Gift Card Industry Market Size Be by 2025?
In recent times, the digital gift card market has witnessed a swift expansion. The market which was valued at $493.12 billion in 2024 is projected to escalate to $581.38 billion in 2025, progressing at a compound annual growth rate (CAGR) of 17.9%. The growth observed during the historical period was a result of factors such as the surge in mobile transactions, the advent of contactless payments, the growing culture of gifting, incorporation of social media, as well as seasonal offers and celebrations.

What's the Long-Term Growth Forecast for the Digital Gift Card Market Size Through 2029?
There is an expectation for a considerable expansion in the digital gift card market over the coming years, with a projected increase to $1083.58 billion by 2029, inferring a compound annual growth rate (CAGR) of 16.8%. This surge during the prediction period can be attributed to factors such as improved personalization capabilities, eco-friendliness, novel redemption options, compatibility across various platforms, and growth in budding markets. Key trends expected in the projected period comprise integration with mobile applications, subscription based gift service offerings, augmented reality (AR) experiences, utilizing blockchain for enhanced digital gift security and business gifting schemes.

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What Are the Key Growth Drivers Fueling the Digital Gift Card Market Expansion?
The anticipated growth of the digital gift card market is believed to be driven by the increasing recognition of digital payments. These electronic payments are made through digital or internet platforms, eliminating the need for physical currency. In essential sectors such as grocery stores and online-exclusive retailers, gift cards are regularly used as a form of digital and contactless payment. The use of digital gift cards as a seamless and contactless form of payment has increased their demand. For instance, the European Central Bank report in January 2024 indicated that the first half of 2023 saw a 10.1% rise in non-cash payment transactions in the eurozone, reaching 67.0 billion, despite a 4.5% fall in the total value to €111.4 trillion compared to the same timeframe in 2022. As a consequence, the digital gift card market growth is being fueled by the growing knowledge of digital payments.

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What Are the Key Trends Driving Digital Gift Card Market Growth?
Innovation in product development is a crucial trend propelling the digital gift card market's rise to prominence. Key players in this industry are pioneering new technologies, such as the ability for customers to convert cryptocurrency into gift cards for their preferred stores and systems to track locations of these cards to prevent loss. For instance, Codego, a fintech organization rooted in Italy and known for delivering financial solutions, unveiled its crypto gift cards in June 2023. This innovative product blends conventional gifting methods with the contemporary digital asset world. These forward-thinking gift cards enable users to effortlessly gift digital assets like Bitcoin and Ethereum to their friends and family. This process entails buying the gift cards from the web or selected physical stores, each bearing an exclusive code that links to a preset cryptocurrency value. The Codego Giftcard app, used for redeeming these cards, also allows users to effortlessly track their digital asset value.

How Is the Digital Gift Card Market Segmented?
The digital gift cardmarket 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

Subsegments:
1) By Open Loop Gift Card: General Purpose Reloadable Cards, Non-Rechargeable Cards, Multi-Brand Gift Cards
2) By Closed Loop Gift Card: Retailer-Specific Cards, Brand-Specific Cards, Promotional Cards

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Which Companies Are Leading the Charge in Digital Gift Card Market Innovation?
Major companies operating in the digital gift card market include 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, 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

Which Regions Are Leading the Global Digital Gift Card Market in Revenue?
North America was the largest region in the digital gift card market share in 2024. 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.

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