Rise in demand for advanced payment solutions, high adoption rate of smartphones, and increase in demand for innovative products drive the growth of the global digital gift cards market.
Allied Market Research published a report, titled, “Digital Gift Card Market by Functional Attribute (Open-Loop Card and Closed-Loop Card), End User (Retail and Corporate) and Application (Consumer Goods, Health & Wellness, Restaurants & Bars, Travel & Tourism, Media & Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030”. According to the report, the global digital gift cards industry generated $258.34 billion in 2020, and is anticipated to generate $1101.03 billion by 2030, witnessing a CAGR of 15.8% from 2021 to 2030.
Prime determinants of growth
Rise in demand for advanced payment solutions, high adoption rate of smartphones, and increase in demand for innovative products drive the growth of the global digital gift cards market. However, Lack of security hinders the market growth. On the other hand, surge in demand for digital gift cards from developing countries presents new opportunities in the coming years.
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he retail segment to maintain its leadership status throughout the forecast period
Based on end user, the retail segment held the highest market share in 2020, accounting for three-fifths of the global digital gift cards market, and is estimated to maintain its leadership status throughout the forecast period. This is due to increase in consumers trends & preferences toward shopping at the retail store fuels. However, corporate segment is projected to manifest the highest CAGR of 17.2% from 2021 to 2030, owing to increase in awareness among the business owner to deliver gift cads to their employees.
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The consumer goods segment to maintain its lead position during the forecast period
Based on application, the consumer goods segment accounted for the largest share in 2020, contributing to more than one-fourth of the global digital gift cards market, and is projected to maintain its lead position during the forecast period. This is due to availability of large number of digital payment technology among the people to accept gift card digitally. Moreover, the travel & tourism segment is expected to portray the largest CAGR of 19.2% from 2021 to 2030, owing to meet the requirements of the travelers by allowing access to a vast array of choices to many destinations.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global digital gift cards market. This is due to rise in popularity of corporate gifting cultures during special occasions, such as birthdays, incentives, festivals, etc. However, the Asia-Pacific region is expected to witness the fastest CAGR of 17.2% from 2021 to 2030, owing to surge in adoption of these cards for online purchases, traveling, and distribution among children as cash alternative.
Leading Market Players:-
- Amazon.com, Inc.
- Apple, Inc.
- Blackhawk Network Holdings, Inc.
- Fiserv, Inc.
- InComm Payments
- Loop Commerce, Inc.
- National Gift Card Corporation
- PayPal Holdings, Inc.
- Target Brands, Inc.
- Walmart Inc.
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