PORTLAND, Oregon and PUNE, India, September 29, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, the global Gift Cards Market was valued at $679,743 million in 2016, and is projected to reach $3,003,320 million by 2023, growing at a CAGR of 24.0% from 2017 to 2023. The open loop segment is anticipated to grow at the highest rate during the forecast period.
Europe generated the highest revenue in 2016 due to adequate technological development for the adoption of gift cards. The Asia-Pacific gift cards market is expected to grow at the highest rate during the forecast period, owing to the growth of retail industry, remarkable economic growth in Southeast Asia, India, & other economies and growth in trend of integrated payment technologies.
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The retail business segment contributed the highest share in 2016. This segment accounted for $503,109 million in 2016, and is projected to grow at the CAGR of 23.4% during the forecast period. However, the gift cards market for corporate institutions segment is projected to grow at the highest rate of 25.7%.
Technological innovation in product offerings, rise in adoption for advanced payment solutions, increase in application areas among end users, growth associated with e-commerce and m-commerce industry, increased spending capacity of consumers, and flexibility associated with ease of use feature drive the market. In addition, increase in popularity of these cards during traveling expenditures fuel the market demand. This in turn boosts the gift cards market growth.
According to Pankaj Lanjudkar, Research Analyst, ICT & Media at Allied Market Research, "The gift cards market is in its growth phase, and is expected to grow at a CAGR of 24.0% during the forecast period. Organizations focus on improving their product offering to cater to the rise in market demands, which drive the market growth during the forecast period. Europe was the highest shareholder in terms of revenue, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period."
The report features a competitive scenario of the global gift cards industry and provides a comprehensive analysis of key growth strategies adopted by the major players. The key players profiled in the study are First Data Corporation, Qwikcilver Solutions Pvt. Ltd., National Gift Card Corp., Blackhawk Network Holdings, Inc., Plastek Card Solutions, Inc., Duracard, DOCUMAX INC., Vantiv, TenderCard, and TransGate Solutions. These players adopt competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the gift cards market.
KEY FINDINGS OF THE STUDY
- The closed loop segment accounted for the highest share of the global gift cards industry in 2016, growing at a CAGR of 23.3% from 2017 to 2023.
- The retail sector of the gift cards market generated the highest revenue share in 2016, and is projected to grow at a rate of 23.4%.
- The Europe gift cards market generated the highest share, valued at $282,239 million, in terms of revenue in 2016.
- The gift cards market for corporate institutions segment is expected to witness the highest growth rate during the forecast period.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research