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Global gift card market is anticipated to witness an exponential growth in the forecast period. A gift card, also termed as “Gift Certificate”, or “Gift voucher”, is a prepaid stored-value money card typically issued by a bank or retailer to be used as a substitute to cash for purchases within a specific store or related businesses.
The factors that propel the growth of the market include rising demand for gift cards among businesses and corporates, extensive acceptance of gift cards among consumers, soaring acceptance of gift cards as corporate incentives, widespread desirability of gift card programs among businesses, and improving brand consciousness and attracting new clients. Gift card market is anticipated to expand at a significant CAGR of 14.8% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Market could be explored by product type, application, industry vertical, and geography. Market could be explored by product type as E-Gifting, Universal Accepted Open Loop, Restaurant Closed Loop, Miscellaneous Closed Loop, and Retail Closed Loop. The “E-Gifting” segment led the gift card market in 2017 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of the market includes increasing convenience experienced by the consumers and digital literacy across the globe.
The key applications that could be explored in the market include Coffee Shop, Department Store, Restaurant, Entertainment (Music, and Movie) and Other. The market could be explored based on industry vertical as Corporate and Retail Institutions. The “Corporate” segment led the market in 2016 and will continue to lead in the forecast period.
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The market could be explored based on sale channel as online retail stores, bricks and fintech companies, mortar stores, and other channels. The “Retail store and Online store” segment led the market in 2015 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of the market includes growing inclination of customers towards online retail stores to simply relate numerous rewards and offers related with gift cards and make purchase choice in less time.
North America accounted for the major share of the gift card market in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include the high level of digital consciousness among end users in the region and increasing demand. In addition, intense competition among gift card issuer is encouraging them to offer gift cards with unique offers to surge their client base and market share in the gift cards industry. North America is followed by EMEA and APAC owing to growing demand in emerging countries, improving lifestyle and increasing disposable income.
Some of the key players that fuel the growth of the gift card market comprise Quicksilver Solutions Pvt. Ltd., First Data Corporation, Blackhawk Network Holdings, Inc., National Gift Card Corp., Duracard, Plastek Card Solutions, Inc., DOCUMAX INC., Trans Gate Solutions, Tender Card, Vantiv, and others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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