Gift Cards Market : Digital gift cards to Rise at 20.7% CAGR by 2024
A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/11560
In 2016, more than US$ 20 Bn worth of global revenues were amassed from e-Gifting. The report projects that by the end of 2024, global revenues arising from sales of e-Gifting or digital gift cards will grow at a staggering CAGR of 20.7%.
Nevertheless, the global gift cards market is anticipated to be dominated by brimming sales of universally-accepted open loop gift cards. While the demand for restaurant closed loop gift cards, retail closed loop gift cards and miscellaneous closed loop gift cards witnesses a decline, universally-accepted open loop gift cards will register a value CAGR of 12.1%. Blackhawk Network Holdings, Inc., Edge Loyalty Systems Pty. Ltd., Gyft, InComm, and National Gift Card Corp., QwikCliver Solutions are leading companies offering open loop gift cards. Other key players in the global gift cards market are Apple Inc., Starbucks Corporation, Target Corporation, and Wal-mart Stores, Inc.
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Instances where consumers seek alternatives to cash for buying goods will continue to be on a rise in the future. Considering that many people will explore such options, leading retail and banking organizations are offering their customers or members prepaid stored-value money cards, which are commonly called as gift cards. Persistence Market Research, thus, expects the demand for gift cards to witness a considerable upsurge in the years to come. According to its latest report, Persistence Market Research estimates that by the end of 2024, around US$ 698 Bn worth of gift cards will be sold across the globe.
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The report has also fragmented the market’s growth on basis of merchants. Close to 60% of global gift card revenues during the forecast period are projected to be accounted by restaurant and department store merchants. Likewise, growth of global gift cards market will remain largely concentrated in Asia-Pacific. In 2016, North America has been observed to dominate the global gift cards market, but the region will witness a steep decline towards the end of 2024. Asia-Pacific will emerge as the largest market for gift cards, procuring one-third share in terms of global revenues. Europe’s gift cards market will also grow robustly, exhibiting revenue growth at 11.7% CAGR.
Global Market Study on Gift Cards is available for US$4,900 http://www.persistencemarketresearch.com/checkout/11560
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