According to a recent report published by Allied Market Research, titled, “Gift Cards Market by Card Type (Closed-Loop Card and Open-Loop Card) and End User (Retail Establishment and Corporate Institutions): Global 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.
Growing trust & awareness toward electronic payments as well as digital technologies such as smartphones are increasing gift card adoption among consumers. The global players are focusing toward product development and increasing their geographical presence, owing to growth in competition among local vendors, in terms of features, quality, and price. Gift cards are similar to prepaid debit cards; however, these cards are funded in advance and named as stored-value cards.
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Key benefits for stakeholders
- The study provides in-depth analysis of the global gift cards market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- An extensive analysis of the key segments of the industry helps to understand the global gift cards market trends.
- The quantitative analysis of the global gift cards market from 2020 to 2027 is provided to determine the market
The gift cards industry has experienced significant impact on revenue, owing to massive penetration of work from home strategy across several industry verticals, organizations are increasingly making use of gift cards to offer their employees & business partners with rewards and sales incentive cards. Therefore, to maintain regulatory COVID-19 guidelines, organizations & business entities have largely switched toward digitalized gifting models during the pandemic situation.
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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.
By region, the global gift cards market was dominated by North America in 2019 and is expected to maintain this trend during the forecast period. Due to governments in countries such as the U.S. and Canada have extended their involvement in the use of digital payments which are becoming major factors that influence growth of the gift cards market in this region.