Gift Card Market by Product (Universal Accepted Open Loop, E-Gifting, Restaurant Closed Loop, Retail Closed Loop, and Miscellaneous Closed Loop), by End User (Retail and Corporate Institutions)- Global Opportunity Analysis and Industry Forecast, 2020
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The Global Gift Card Market size was valued at USD 615.34 billion in 2019 and is predicted to reach USD 2097.13 billion by 2030, with a CAGR of 11.7% from 2020-2030.
Gift cards are prepaid cards issued by retailers, corporates, banks, or utilized as a promotional tool for endorsing business strategies. These stored value cards are alternative to cash payments for purchasing various good/commodities at designated outlets, thereby making the payment process hassle-free. Gift cards are also offered as gift vouchers, gift certificates, or loyalty cards.
The evolving concept of omni-channel and multi-channel marketing is anticipated to bring an escalation in the growth chart of gift card market over the forecast period.
Market Dynamics and Trends
The global gift card market has observed a substantial growth in the past few years, and is expected to proliferate in the coming future. This is attributed to increasing consumer preferences to go-digital, increasing purchase of gift-cards from various online-retailers for gifting purposes, and growing trend of corporate gift-cards to reward the employees for their contributions and achievements.
Furthermore, higher penetration of m-commerce and e-commerce businesses, increasing adoption of IoT technologies at domestic, commercial, and industrial front, are expected to propel the growth of gift card market throughout the forecast period.
However, the limited validity of gift cards, redemption at specific premises, fees associated with transactions, and security concerns, are the limiting factors expected to hamper the growth of gift card market during the forecast period.
On contrary, rewards in form of loyalty points, vouchers, or schemes offered by key players to maintain their position in the highly competitive gift card market, as well as increasing penetration of gift cards as promotional tool, specifically by banking & finance sector, are the factors paving the way for several lucrative opportunities in the global gift card market.
Market Segmentations and Scope of the Study:
The global gift card market share has been analyzed based on product, end user, and geography.
Based on product, the gift card market is segmented into universal accepted open loop, e-gifting, restaurant closed loop, retail closed loop, and miscellaneous closed loop. Based on end user, the gift card market is divided into retail and corporate institutions. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America demonstrates a developed market, and is expected to maintain its dominance in the global gift card market, throughout the forecast period, accounting for the highest market share. This is attributed to presence of advanced telecommunication networks, key market players and well-established hospitality infrastructures in this region.
Asia Pacific region is expected to grow with the highest CAGR values, throughout the forecast period, representing a substantial growth in the global gift card market. This is due to increasing penetration of smart-gadgets, increasing per-capita income, growing e-commerce business, and most importantly, increasing government initiatives encouraging digital payment methods, specifically in the emerging economies.
The gift card market, which is highly competitive consists of various market player such as National Gift Card Corp., First Data Corporation, Fidelity National Information Services, Inc., Blackhawk Network Holdings, Inc., Qwikcilver Solutions Pvt. Ltd., Duracard, TransGate Solutions, DOCUMAX INC., TenderCard, and Plastek Card Solutions, Inc. among others.
The key players are employing strategies such as collaboration, capacity expansion, mergers, and acquisition in-order to gain stronger position in the global gift card market.
For instance, in January 2020, the National Gift Card Corp. (NGC), one of the major players in the gift card market, announced its facility expansion, by opening a new office in Holland, Michigan, and appointing nine new software engineers, to cater the growing demand of NGC's gift card technology solutions.
In the same month, Union Bank collaborated with Fidelity National Information Services, Inc., (FIS global), to develop a digitally advanced core banking platform for its clients. With this collaboration, Union Bank aims at co-developing and co-engineering its finance & banking platform, with FIS’s next-generation digital banking solution, thereby phasing a new era for digital banking solutions and stimulating the growth of global gift card market.
Furthermore, in February 2020, FIS global announced its partnership with PayPal, enabling the cardholders of the US financial institutions, participating in the FIS Premium Payback Network, to redeem their loyalty points for purchase at millions of PayPal channels world-wide.
KEY BENEFITS
The gift card market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
The study comprises a deep dive analysis of the gift card market trend including the current and future trends for depicting the prevalent investment pockets in the market.
The report provides detailed information related to key drivers, restraints and opportunities and their impact on the gift card market.
The report incorporates competitive analysis of the market players along with their market share in the global gift card market.
The SWOT analysis and Porters Five Forces model is elaborated in the study of the global gift card market.
Value chain analysis in the global gift card market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS:
Global Gift Card market –
Open Loop Gift Card
Closed Loop Gift Card
Global Gift Card market – By End User
Retail Establishments
Corporate Institutions
Global Gift Card market –By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
RoW
Latin America
Middle East
Africa
Gift cards are prepaid cards issued by retailers, corporates, banks, or utilized as a promotional tool for endorsing business strategies. These stored value cards are alternative to cash payments for purchasing various good/commodities at designated outlets, thereby making the payment process hassle-free. Gift cards are also offered as gift vouchers, gift certificates, or loyalty cards.
The evolving concept of omni-channel and multi-channel marketing is anticipated to bring an escalation in the growth chart of gift card market over the forecast period.
Market Dynamics and Trends
The global gift card market has observed a substantial growth in the past few years, and is expected to proliferate in the coming future. This is attributed to increasing consumer preferences to go-digital, increasing purchase of gift-cards from various online-retailers for gifting purposes, and growing trend of corporate gift-cards to reward the employees for their contributions and achievements.
Furthermore, higher penetration of m-commerce and e-commerce businesses, increasing adoption of IoT technologies at domestic, commercial, and industrial front, are expected to propel the growth of gift card market throughout the forecast period.
However, the limited validity of gift cards, redemption at specific premises, fees associated with transactions, and security concerns, are the limiting factors expected to hamper the growth of gift card market during the forecast period.
On contrary, rewards in form of loyalty points, vouchers, or schemes offered by key players to maintain their position in the highly competitive gift card market, as well as increasing penetration of gift cards as promotional tool, specifically by banking & finance sector, are the factors paving the way for several lucrative opportunities in the global gift card market.
Market Segmentations and Scope of the Study:
The global gift card market share has been analyzed based on product, end user, and geography.
Based on product, the gift card market is segmented into universal accepted open loop, e-gifting, restaurant closed loop, retail closed loop, and miscellaneous closed loop. Based on end user, the gift card market is divided into retail and corporate institutions. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America demonstrates a developed market, and is expected to maintain its dominance in the global gift card market, throughout the forecast period, accounting for the highest market share. This is attributed to presence of advanced telecommunication networks, key market players and well-established hospitality infrastructures in this region.
Asia Pacific region is expected to grow with the highest CAGR values, throughout the forecast period, representing a substantial growth in the global gift card market. This is due to increasing penetration of smart-gadgets, increasing per-capita income, growing e-commerce business, and most importantly, increasing government initiatives encouraging digital payment methods, specifically in the emerging economies.
Competitive Landscape
The gift card market, which is highly competitive consists of various market player such as National Gift Card Corp., First Data Corporation, Fidelity National Information Services, Inc., Blackhawk Network Holdings, Inc., Qwikcilver Solutions Pvt. Ltd., Duracard, TransGate Solutions, DOCUMAX INC., TenderCard, and Plastek Card Solutions, Inc. among others.
The key players are employing strategies such as collaboration, capacity expansion, mergers, and acquisition in-order to gain stronger position in the global gift card market.
For instance, in January 2020, the National Gift Card Corp. (NGC), one of the major players in the gift card market, announced its facility expansion, by opening a new office in Holland, Michigan, and appointing nine new software engineers, to cater the growing demand of NGC's gift card technology solutions.
In the same month, Union Bank collaborated with Fidelity National Information Services, Inc., (FIS global), to develop a digitally advanced core banking platform for its clients. With this collaboration, Union Bank aims at co-developing and co-engineering its finance & banking platform, with FIS’s next-generation digital banking solution, thereby phasing a new era for digital banking solutions and stimulating the growth of global gift card market.
Furthermore, in February 2020, FIS global announced its partnership with PayPal, enabling the cardholders of the US financial institutions, participating in the FIS Premium Payback Network, to redeem their loyalty points for purchase at millions of PayPal channels world-wide.
KEY BENEFITS
The gift card market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
The study comprises a deep dive analysis of the gift card market trend including the current and future trends for depicting the prevalent investment pockets in the market.
The report provides detailed information related to key drivers, restraints and opportunities and their impact on the gift card market.
The report incorporates competitive analysis of the market players along with their market share in the global gift card market.
The SWOT analysis and Porters Five Forces model is elaborated in the study of the global gift card market.
Value chain analysis in the global gift card market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS:
Global Gift Card market –
By Type
Open Loop Gift Card
Closed Loop Gift Card
Global Gift Card market – By End User
Retail Establishments
Corporate Institutions
Global Gift Card market –By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
RoW
Latin America
Middle East
Africa
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Details
NMS-18644794
01-Oct-2020
187
01-Oct-2020
187
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