Gift Cards Market: High Adoption Rate of Smartphones, Fuels the Growth

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Gift Cards Market

“Key players in the market have major opportunities such as to increase sales by introducing new & innovative gift cards and providing excellent consumer services. In addition, due to an unprecedented COVID-19 pandemic, eCommerce activities have tremendously increase and therefore, demand for eGift cards is continuing to rise in the market.”

Pramod Borasi Research Analyst, BFSI at Allied Market Research

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Gift Cards Market According to a recent report published by Allied Market Research, titled, “Gift Cards Market by Card Type and End User: Opportunity Analysis and Industry Forecast, 2020-2027,” the global gift cards market size was valued at $619.25 billion in 2019, and is projected to reach $2,076.51 billion by 2027, growing at a CAGR of 16.2% from 2020 to 2027.

Gift cards are also known as gift certificates, gift vouchers, and gift tokens, which are generally issued by a retailer or bank as a developmental strategy used for promoting businesses, attract new customers, increase brand awareness, reduce fraud, and improve sales.

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Gift Cards Market North America is the highest revenue contributor across the globe; owing to increase in government initiatives for adoption of digital payments alternatives for cash in many sectors such as hospitality, banking, corporate institutions, and retailers.

Technological innovations in product offerings, rise in adoption of digital gift cards by the retail industry in the U.S. & Canada, and promotion of gift card programs through omnichannel drive the gifts card market growth in these countries.

Furthermore, North America has one of the most advanced and well-established payment infrastructures globally, which drives the gift cards market trends in the region. Moreover, gift card vendors have started investing in Asia-Pacific, owing to improved Information and Communication Technologies (ICT) infrastructure in majority of countries such as China, India, Malaysia, Australia, and Japan, which creates lucrative opportunities for the gift cards market in Asia-Pacific.

On the basis of end user, the corporate institutions segment is the fastest growing segment in 2019, and is projected to maintain its dominance during the forecast period. Majority of businesses are increasingly using gift cards as a reward tool for multiple groups, which is expected to create significant opportunities for the market during the forecast period.

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Gift Cards Market

Key Findings of the Study • By card type, the closed-loop card segment led the gift cards market size, in terms of revenue in 2019.

• By end user, the retail establishments segment accounted for the highest gift cards market share in 2019.

• By region, North America generated the highest revenue in 2019.

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Gift Cards Market

Major Companies:          

Amazon, Inc. American Express Company Blackhawk Network Holdings, Inc. Fiserv, Inc. Givex Corporation InComm Payments PayPal, Inc. Paytronix Systems, Inc. Qwikcilver Solutions Pvt Ltd. Walmart Inc.

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Gift Cards Market Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free (USA/Canada): +1-800-792-5285, +1-503-894-6022, +1-503-4461141 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-2066346060 Fax: +1⟨855⟩5505975 help@alliedmarketresearch.com Web: https://www.alliedmarketresearch.com

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