According to the report published by Allied Market Research, the global gift cards market generated $619.25 billion in 2019, and is estimated to reach $1,922.87 billion by 2027, registering a CAGR of 15.4% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Increase in application areas such as banking, hospitality, and retail stores and growing technological innovation in product offerings drive the growth of the global gift cards market. However, various types of fees associated with card transactions hinder the market growth. On the other hand, surge in demand for gift cards from developing economies such as China and India creates new opportunities for the market player in the coming years.
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Covid-19 scenario:
Due to lockdown in several countries, the tourism and hospitality industry have been affected badly. If market players in the industry cannot sell their services due to the restrictions, they can sell their gift cards on a lower than the nominal value. This will motivate customers to purchase such services and offer a chance to earn for market players.
The demand for gift card is likely to get affected as their printing and production has been halted amid lockdown due to COVID-19 pandemic situation.
The revenue generated from the retail establishment segment is likely to increase as retail shops have been allowed to do the business during the lockdown.
The report offers detailed segmentation of the global gift cards market based on card type, end user, and region.
Based on card type, the closed-loop card segment contributed to the largest share in 2019, accounting for more than two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. However, the open-loop card segment is estimated to portray the highest CAGR of 17.1% during the forecast period.
Based on end user, the retail establishment segment accounted for the largest share in 2019, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. However, the corporate institutions segment is expected to register the highest CAGR of 16.8% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is also expected to grow at the highest CAGR of 17.0% from 2020 to 2027.
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CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key forces shaping gift cards industry/market
3.4.Market dynamics
3.4.1.Drivers
3.4.1.1.Rise in demand for advanced payment solutions
3.4.1.2.High adoption rate of smartphones
3.4.1.3.Increase in demand for innovative products
3.4.2.Restraint
3.4.2.1.Lack of security
3.4.3.Opportunity
3.4.3.1.Surge in demand for gift cards from developing countries
3.1.COVID-19 impact analysis on gift cards market
3.1.1.Impact on gift card market size
3.1.2.Change in consumer trends, preferences, and budget impact due to COVID-19
3.1.3.Framework for solving market challenges faced by gift cards solution providers
3.1.4.Economic impact on gift cards solution providers
3.1.5.Key player strategies to tackle the negative impact
3.1.6.Opportunity window analysis for gift cards solution providers
CHAPTER 4:GIFT CARDS MARKET, BY CARD TYPE
4.1.Overview
4.2.Closed-loop Card
4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market analysis, by region
4.2.3.Market analysis, by country
4.3.Open-loop Card
4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market analysis, by country
Leading market players analyzed in the research include American Express, Amazon.com, Inc., First Data Corporation, Blackhawk Network Holdings, Inc., Givex Corporation, Fiserv, Inc., NGC US LLC, InComm Inc, Paytronix Systems, Inc, and Qwikcilver Solutions Pvt Ltd.
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 potential.
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Key market segments
By Card type
- Closed-loop Card
- Open-loop Card
By End User
- Retail Establishment
- Corporate Institutions
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Netherlands
- Spain
- Italy
- Nordic Countries
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key market players
- Amazon.com, Inc.
- American Express Company
- Blackhawk Network Holdings, Inc.
- Fiserv, Inc.
- Givex Corporation
- InComm Payments
- PayPal, Inc.
- Paytronix Systems, Inc.
- Qwikcilver Solutions Pvt Ltd.
- Walmart Inc.
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