Gift Card Market is expected to demonstrate a CAGR of 15.5% by 2030

The Global Gift Card Market size is estimated to be USD 901.84 billion in 2019 and is predicted to reach USD 4400.80 billion by 2030 with a CAGR of 15.5% from 2020-2030. Gift Card are the integrated payment system which eases the payment and makes it hassle free at various places such as retails store, dining, entertainment and others. Now-a-days gift cards became an easy option for gift purpose which eases the comfort of an individual and also receiver can utilize as per their convenience which makes it easy for both of them. Apart from retail stores gifts are also used in corporate institution by gifting it to their employees at various small achievement, contributions and recognitions.

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There has been increase in technological advancement coupled with increased individual preferences and hassle free payments at various outlets are expected to be the major driving factors of gift cards market. Furthermore, Increase in cash less payment and increased offers and coupled with increased use of technology and smart phones further expected to augment the market growth

There are various other factors such as increased internet penetration, coupled with increased use of E-services on a large scale and convenience associated with it are further expected to support the market growth on a large scale. Furthermore, increase in e-commerce and increase in retail industry further drive the market growth. However, the expiry of gift cards and its redemption at specific premises are expected to hamper the growth of gift card market in near future, Moreover, increased proliferation of Smartphone and increased use of m-commerce coupled with innovation and offers are expected to further create ample opportunities in the market over the forecast period.

Market Segmentations and Scope of the Study:

The global gift card market share is analyzed on the basis of product, end user, and geography. On the basis of product, the market is segmented into Universal Accepted Open Loop, E-Gifting, Restaurant Closed Loop, Retail Closed Loop, and Miscellaneous Closed Loop. On the basis of end user, the market is divided into Retail and Corporate Institutions. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America represents the developed market owing to the presence of developed economies such as U.S., Canada and others coupled with increased internet penetration with technological advancement are expected to fuel the market growth. Moreover, increase in e-commerce and demand from commercial institutions is further expected to anticipate the market growth.

Asia Pacific is expected to develop significantly with gradual increase in market size owing to the presence of emerging economies coupled with increased use of smart phones, rapid industrialization and increased demand of cashless payment and hassle free payment at stores. Moreover, increase in retail business over the forecast period is further expected to augment the market growth.

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The gift card market, which is highly competitive and fragmented in nature, consists of a various market players. Some of the major market players include First Data Corporation, Blackhawk Network Holdings, Inc., Qwikcilver Solutions Pvt. Ltd., Duracard, Vantiv, TransGate Solutions, National Gift Card Corp., DOCUMAX INC., TenderCard, and Plastek Card Solutions, Inc. among others.

There have been numerous developments taken place in the past and various developments will take place in the near future which further contribute the growth of gift card market. For instance, in August 2019, Village Roadshow Limited has announced that it has signed an agreement to sell its wholly owned promotional solutions agency, Edge Loyalty Systems to Blackhawk Network (Australia) Pty Ltd (“Blackhawk”). The transaction is subject to approval from Australia’s Foreign Investment Review Board and customary conditions precedents, and is expected to complete by November 2019.