The Gift Cards Market was valued USD 775.0 billion in 2021 and expand to register a double digit CAGR of 15.1% during, 2022-2028 and is expected to reach USD 2,387.3 billion in 2029.
The factors driving the growth of Gift Cards Market includes rising popularity of e-gift cards, expansion of the digital commerce, increasing penetration of smartphones around the world and growing acceptance towards gifting culture. According to the report published by Statista, the transaction value in digital commerce market was calculated around USD 5.49 trillion in 2022 and is projected to reach USD 9.24 trillion by the end of 2027, growing at a CAGR of 10.98% over the forecast period (2022-2027), which will accelerate the Gift Cards Market size in the approaching years. Moreover, rise in the launch of innovative gift cards, strategic mergers, and acquisition between leading industry players, growing demand for branded products and incentives given by various companies to their employees, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes and rapid urbanization, are further contributing towards the market growth.
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However, the growth of Gift Cards Market is hindered attributed to growing concerns related to the use of plastics.
The major players operating in the market are Duracard, TenderCard, TransGate Solutions, Fiserv, Inc., Blackhawk Network, Plastek Card Solutions, Inc., Qwikcilver Solutions Pvt Ltd., NGC US, LLC, Buyatab and Apple Inc., among others.
Based on Functional Attribute, the Open Loop segment is predicted to grow at a significant CAGR during the forecast period
Increasing use of open loop gift cards at clothing stores, grocery stores and restaurants, are propelling the segment’s growth.
Based on Merchant, the Grocery Store/Food Supermarkets segment is projected to hold the highest market share over the forecast period
Gift cards are increasingly used by customers as payment option in the retail stores, is pushing the segment’s growth.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Government initiatives to promote digital payments, trend of giving gift cards at corporate offices, increasing penetration of smartphones, rising population growth rates, improved living standards and high per capita income, are some of the important factors augmenting the market growth in North American region.
Key Development
- In 2020, Qwikcilver Solutions Pvt Ltd. collaborated with Google Pay’s Spot Platfrom to launch its “Woohoo virtual gift card store”.
Market Segmentation
Segmentation by Functional Attribute
- Open Loop
- Closed Loop
Segmentation by Merchant
- Restaurants
- Departmental Store
- Grocery Store/Food Supermarkets
- Discount Stores
- Coffee Shops
- Entertainment
- Others
Segmentation by Products
- E- Gift Cards
- Physical Cards
Segmentation by Industry Vertical
- Retail
- Corporate Institutions
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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