The global gift cards market is expected to witness a noteworthy growth, owing to the increase in demand for online shopping among people across the globe. The retail sub-segment is expected to be most lucrative. The North America region is expected to dominate in the global market during the analysis period.
New York. USA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global gift cards market is expected to generate a revenue of $1,396.01 billion by 2028, growing exponentially at a CAGR of 15.4% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Key Players of the Market
The major players of the gift cards market include
American Express Company
Best Buy Company, Inc.
Blackhawk Network Holdings, Inc.
Qwickcilver Solutions Pvt Ltd.
InComm Payements, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Dynamics of the Market
Drivers: Increasing smartphone penetration across the globe is expected to drive the growth of the market during the forecast period, and is also favoring the gradual shift from plastic gift cards to digital gift cards. In addition, increasing online shopping among customers and the rising prevalence of eased, improved transactional solutions are further expected to bolster the growth of the gift cards market during the forecast period.
Restraints: Unavailability of proper security for gift cards is expected to impede the growth of the market during the analysis period.
Opportunities: Persistent technological advancements from companies to accelerate their business operations and invention of innovative gift cards in order to use it as a promotional tool are further expected to create immense opportunities for the growth of the gift cards market during the forecast period.
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Segments of the Market
The report has divided the market into various segments based on type, sales channel, end-use, and region.
Type: Open Loop Sub-segment to be Most Profitable
The open loop sub-segment is expected to generate a revenue of $724.93 billion during the forecast period. Open loop gift cards are extensively used as it allows recipients to buy or shop at different locations, making it extremely flexible. In addition, increased security in these gift cards is further expected to accelerate the growth of the sub-segment during the forecast period.
Sales Channel: Online Sales Channel Sub-segment to be Most Beneficial
The online sales channel sub-segment is expected to generate a revenue of $706.05 billion during the forecast period. Online gift cards are used in various industries such as retail, food & beverage, hospitality, consumer electronics, and many more. This factor is expected to bolster the growth of the sub-segment during the forecast period.
End-Use: Retail Sub-segment to be Most Lucrative
The retail sub-segment is expected to generate a revenue of $876.72 billion during the forecast period. Rising penetration of supermarkets, hypermarkets, food and restaurant chains, etc. is expected to favor accelerated gift cards acceptance. This factor is expected to drive the growth of the sub-segment during the forecast period.
Region: North America is Expected to Dominate the Market
The North America gift cards market is predicted to garner a revenue of $604.47 billion during the forecast period. Extensive use of gift cards in this region due to the increased prevalence of celebrations in occasions like Christmas, Thanksgiving, Halloween, baby showers, Mother’s Day, and so on are expected accelerate the growth of the market. In addition, availability of prominent stores that sell gift cards in this region like Amazon, Spotify, Walmart, etc. is further expected to propel the growth of the regional market during the forecast period.
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Impact of COVID-19 on the Market
The outbreak of coronavirus has had an adverse impact on the global gift cards market, owing to the prevalence of lockdowns that took place in various countries across the globe. Lockdowns led to the closure of retails stores across the globe, reducing the sale of physical gift cards. This led to the decreased demand for physical gift cards across the globe, and hence there is a gradual shift towards digital gift cards among companies. Thus, the pandemic has had a negative impact on the growth of the global gift cards market.
For instance, in July 2021, Blackhawk Network Holdings, Inc., a global branded payments provider, acquired National Gift Card, one of the biggest North American prepaid tech and card companies, in order to maximize Blackhawk’s presence in the gift card and prepaid card market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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