Global Gift Card Market Size By Product Type (Open Loop Gift Card, Closed Loop Gift Card), By Application (Food And Beverage, Health, Wellness And Beauty), By End User (Retail Establishment, Corporate Institutions), By Geographic Scope And Forecast

Gift Card Market Size And Forecast

Gift Card Market size was valued at USD 625.31 Billion in 2022 and is projected to reach USD 2080.17 Billion by 2030, growing at a CAGR of 15.8% from 2023 to 2030.

Global Gift Card Market growth is primarily driven by some factors including the growing use of gift cards as marketing tools is a major factor driving the Gift Card Market’s expansion. Additionally, rising demand from commercial sectors, growing e-commerce, rising digitalization, increasing gifting culture, and technological advancements are expected to propel the Gift Card Market significantly. The Global Gift Card Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Gift Card Market Definition

A gift card, also known as a gift voucher, enables users to obtain services or products from malls, shopping centers, showrooms, and so on. These coupons are usually provided by merchant establishments, banks, and large organizations in the form of a festival offer for a specific product or service. This card simplifies modes of transaction for the user while also lowering the cost of printing bills. When compared to cash payments, gift card services make the system more secure and traceable. For example, gift cards include a PIN for transactions, which can be blocked if misplaced.

Global Gift Card Market Overview

The market overview section of this report mainly consists of the basic dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. The Global Gift Card Market report provides an outlook on the development of the market in terms of revenue throughout the prognosis period. The Global Gift Card Market is expected to experience remarkable growth in the upcoming years owing to the rapid growth of digital commerce and the increase in the number of new technologies that provide customers with innovative and seamless payment options are major growth factors for the market. Additionally, ongoing technological innovations in gift cards enable high sales in businesses by making their product offerings more unique and appealing, which also propels market growth.

Developing economies, on the other hand, provide significant growth opportunities for market players to expand and develop their offerings, particularly in emerging economies such as Australia, China, India, Singapore, and South Korea. Moreover, rising retail adoption, technological advancements in payment solutions, as well as an increase in demand for branded products, are expected to provide lucrative opportunities for the market during the forecast period. However, one of the major factors limiting market growth is ensuring secure management and privacy of consumer data. In addition, growing concern about the use of plastics and the risk of additional financial loss is expected to hinder the growth of the Global Gift Card Market over the forecast period.

Global Gift Card Market Segmentation Analysis

The Global Gift Card Market is segmented based on Product Type, Application, End User, and Geography.

Gift Card Market, By Product Type

• Open Loop Gift Card
• Closed Loop Gift Card

Based on Product Type, the market is segmented into Open Loop Gift Card and Closed Loop Gift Card. The closed-loop gift card segment accounts for the highest revenue share of the Global Gift Card Market in 2020 and is expected to dominate the market over the forecast period owing to several benefits, including the ability for businesses to earn money on products purchased with gift cards and free activation for users, which drives the adoption of closed-loop gift cards significantly.

Gift Card Market, By Application

• Food and Beverage
• Health, Wellness and Beauty
• Apparel, Footwear and Accessories
• Books and Media Products
• Consumer Electronics
• Restaurants and Bars
• Kids Products
• Others

Based on Application, the market is segmented into Food and Beverage, Health, Wellness and Beauty, Apparel, Footwear and Accessories, Books and Media Products, Consumer Electronics, Restaurants and Bars, Kids Products, and Others. The restaurants and bars segment is expected to hold the largest revenue share of the Global Gift Card Market during the forecast period because of the increasing demand for gift cards in the hospitality industry which will drive the market growth of Gift Card in this segment during the projected period.

Gift Card Market, By End User

• Retail Establishment
• Corporate Institutions
• Others

Based on End User, the market is segmented into Retail Establishment, Corporate Institutions, and Others. The retail establishment segment is expected to hold the largest revenue share of the Global Gift Card Market during the forecast period because of the increasing issue of gift cards, gift certificates, gift vouchers, or gift tokens by retailers. Additionally, gift cards are used as a growth strategy to promote businesses, attract new customers, raise brand awareness, reduce fraud, and increase business sales. These above-mentioned factors are propelling the growth of the market in this segment.

Gift Card Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Gift Card Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Among the regional markets, North America accounts for the largest revenue share in the Global Gift Card Market in 2020 and is expected to retain its dominance throughout the forecast period. The revenue growth in the North American market is mainly attributed to the increased demand for gift cards and technological advancements in payment solutions across the region.

Key Players

The “Global Gift Card Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are 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., and Walmart Inc.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In November 2021, Qwikcilver formed a strategic alliance with Airlink, an independent Southern African airline. Airlink launched gift cards for its customers that can be redeemed against air tickets and other services on its official website as part of the partnership. Notably, Pine Labs, a global payments technology firm, acquired Qwikcilver in 2019 to enter the Indian Gift Card Market.
• In September 2021, Qwikcilver, one of India’s leading gift card providers, formed a strategic alliance with Vistara. Vistara launched a Purple Ticket, a new gift card for travel on Vistara that can be used by individual consumers as well as corporate gifting in India, as part of the collaboration. Customers can use the gift card solution to book tickets as well as additional services such as seat reservations, excess baggage, and lounge access.
• In June 2021, Qwikcilver launched no-cost EMI on e-gift cards, which consumers can obtain by using credit cards issued by listed banks. With the use of BNPL increasing among Indian consumers, including BNPL payment options on digital gift cards is expected to increase BNPL adoption in the short to medium term.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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