$ 527.11 Billion growth expected in Gift Card Market | 14.03% YOY growth in 2020 amid COVID-19 Spread | North America to Notice Maximum Growth | Technavio
NEW YORK, May 4, 2021 /PRNewswire/ -- The global gift card market by type (e-gift cards and physical gift cards) and geography (North America, Europe, APAC, MEA, and South America) has been added to Technavio's offering. The global gift card market is expected to grow by USD 527.11 billion, at a CAGR of over 14% during 2020-2024.
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The rapid surge in the number of COVID-19 cases led to the temporary closure of various businesses in 2020. To help such businesses, several governments have designed gift card programs that can provide immediate cash flow to ensure businesses run smoothly. For instance, the Government of Prince Edward Island, Canada, has partnered with Sobeys on the PEI Employee Gift Card Program. The temporary program offers a USD 100 Sobeys gift value to every employee, living and working on Prince Edward Island. Such initiatives are expected to foster the growth of the market amid the ongoing crisis.
The market is expected to be driven by factors such as the growth of the e-commerce sector, increase in the gifting culture, and the growing realization of the inherent benefits of gift cards.
The report also offers information on the upcoming trends and challenges that will influence market growth.
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Gift Card Market: Opportunities
Online retailers are starting to offer instant e-gifting solutions that allow customers to choose from a wide range of gifting products. Besides, many vendors in the market are planning to expand their operations across emerging markets such as APAC through partnerships and product launches. For instance, in January 2019, MatchMovePay Pte. Ltd., one of the leading fintech companies, partnered with Blackhawk Network and launched the Only 1 Mastercard Gift Card in Singapore. Such developments are expected to offer immense growth opportunities in the market during the forecast period.
Gift Card Market: Segmentation by Type
Based on the segmentation by type, the market generated maximum revenue in the e-gift cards segment in 2019. The segment is driven by the growth in digitalization across the global retail sector. In addition, benefits such as enhanced versatility and flexibility offered by e-gift cards are expected to fuel the growth of the segment during the forecast period.
Gift Card Market: Segmentation by Geography
North America held the largest market share in 2019 and the market growth in the region is expected to be slower compared to the growth of the market in APAC. The growth of the market in North America can be attributed to the rise in consumer retail spending, better e-commerce strategies, and relatively low inflation rates. Also, the presence of a large number of retail companies such as Walmart Inc., Costco Wholesale Corp., The Kroger Co., The Home Depot Inc., and Target Corp. brands is expected to boost the growth of the gift cards market in North America during the forecast period.
One of the fortune 500 companies had used the detailed research report on the gift card market and had decided to increase their market share in the North American region which offers the highest market opportunities during the forecast period.
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Gift Card Market: Major Vendors
Blackhawk Network Holdings Inc.
The company offers a broad portfolio of reward card options, including plastic, digital, and mobile wallet. The company offers a wide range of gift cards including Themed gifting cards, Consumer rebate cards, Themed gifting cards, and others.
Documax Inc.
The company offers loyalty cards, scratch cards, and membership cards through its Promotional cards business segment. The company offers opaque CR80 PVC cards with magnetic strips.
Fidelity National Information Services Inc.
The company offers a gift cards platform through its subsidiary Worldpay Inc. These gifts, rewards, and stored value solutions help merchants to attract new customers, encourage repeat business, and increase sales.
InComm Holdings Inc.
The company develops gift cards for retailers such as Apple Inc., Google Inc., and Disney Inc. The company offers gift cards under Vanilla Gift, OneVanilla, InComm Incentives, and American Express Gift Cards.
National Gift Card Corp.
The company offers plastic gift cards and digital eGift cards to more than 450 international brands. The company also offers gift card API and physical fulfillment services for corporate and non-profit customers.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the gift card market report:
Regional Analysis
- Further breakdown of the market segmentation at requested regions.
Market Player Information
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
- Know the strategies adopted by vendors during the COVID-19 Recovery Phase.
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Related Reports on Gift Card Market:
Global Gifts Novelty and Souvenirs Market – Global gifts novelty and souvenirs market is segmented by product (souvenirs and novelty items, seasonal decorations, greeting cards, and other gift items), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and MEA).
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Global Gifts Retailing Market – Global gifts retailing market is segmented by product (souvenirs and novelty items, seasonal decorations, greeting cards, giftware, and other gift items) and geography (Europe, North America, APAC, South America, and MEA).
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Global Personalized Gifts Market – Global personalized gifts market is segmented by product (non-photo personalized gifts and photo personalized gifts), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America, and South America).
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Global Non-Photo Personalized Gifts Market – Global non-photo personalized gifts market is segmented by product (wearables and accessories, decoration, kitchenware and tableware, stationery and greeting cards, and others), distribution channel (online and offline), and geography (APAC, Europe, MEA, North America, and South America).
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Global Photo Printing and Merchandise Market – Global photo printing and merchandise market is segmented by device (desktop and mobile), distribution channel (online, retail, and kiosk), product (photo only, wall decor, photo cards, photo gifts, and calendars), and geography (North America, Europe, APAC, South America, and MEA).
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- E-gift cards - Market size and forecast 2019-2024
- Physical gift cards - Market size and forecast 2019-2024
- Market opportunity by Type
Customer landscape
- Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Blackhawk Network Holdings Inc.
- Documax Inc.
- Fidelity National Information Services Inc.
- Givex Corp.
- InComm Holdings Inc.
- National Gift Card Corp.
- Plastek Card Solutions Inc.
- Qwikcilver Solutions Pvt. Ltd.
- Stored Value Solutions Inc.
- Village Roadshow Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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