Global Gift Cards Market Expected to Generate a Revenue of $1,396.01 Billion by 2028, Growing at a CAGR of 15.4% from 2021-2028 - Exclusive Report [193-Pages] by Research Dive

NEW YORK, Oct. 7, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Gift Cards Market by Type (Open Loop and Closed Loop), Sales Channel (Instore and Online), End-use (Retail and Corporate), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".

According to the report, 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).

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Dynamics of the Market

The global gift cards market is expected to witness a noteworthy growth during the forecast period, owing to the increasing smart phone penetration around the globe. In addition, the rising demand for online shopping among people and the increasing internet penetration around the globe is further anticipated to drive the growth of the market during the forecast period. However, the unavailability of proper security of gift cards is expected to impede the growth of the market during the analysis period. On the other hand, the persistent technological enhancements for a convenient payment procedure are expected to create ample opportunities for the growth of the market during the forecast period.

Negative Impact of COVID-19 on the Gift Cards Market

The pandemic has had a negative impact on the growth of the global gift cards market, due to the redundant lockdowns that took place around the globe. The lockdowns led to the closure of retail outlets, restaurants, cafeterias, etc., affecting the sale and distribution of physical gift cards across the globe. This led to a subsequent decrease in the demand for gift cards. Thus, the outbreak of COVID-19 has had a negative impact on the market.

Access our comprehensive analysis of the IMPACT OF COVID-19 ON GIFT CARDS MARKET

Segments of the Market

The report has divided the market into various segments based on type, sales channel, end-use, and region.

• By type, the open loop sub-segment is expected to be most profitable, and generate a revenue of $724.93 billion during the forecast period. Maximized convenience to shop at different locations and the increased security are anticipated to drive the growth of the sub-segment during the forecast period.
• By sales channel, the online sub-segment is expected to be most beneficial, and generate a revenue $706.05 billion during the forecast period. Online gift cards significantly help companies to attract new customers, increase brand awareness, and reduce fraudulent activities. This factor is expected to bolster the growth of the sub-segment during the forecast period.
• By end-use, the retail sub-segment is predicted to be most lucrative, and generate a revenue of $876.72 billion during the forecast period. Rising penetration of supermarkets, hypermarkets, retail outlets, restaurants, and other food chains are expected to accelerate the growth of the sub-segment during the forecast period.
• By region, the North America region is anticipated to dominate the market, and generate a revenue of $604.47 billion during the forecast period. Increasing prominence of gift cards in various occasions and festivals like Christmas, Thanksgiving, birthday, graduation day, Mother's Day, etc. are expected to drive the growth of the market in this region during the forecast period.

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Top 10 Key Players of the Gift Cards Market

1. Amazon.com Inc.
2. Walmart Inc.
3. Best Buy Company, Inc.
4. Blackhawk Network Holdings Inc.
5. Starbucks Corporation
6. American Express Company
7. InComm Payments
8. Target Corporation
9. Qwickcilver Solution Pvt Ltd.
10. Apple Inc., and many more.

-Inquire and Get Quick Access to Top Companies Development Strategies Summary Report

For instance, in March 2019, Pine Labs, a New Delhi-based online retail payments platform, acquired Qwickcilver Solutions, a Bengaluru-based digital gift card firm, for a whooping $110 million in order to maximize Pine Labs' presence in the Indian and International gift cards market.

They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations. 

More about Gift Cards:

• Persistent Technological Advancements and Strategic Partnerships among Major Companies to Create Enormous Opportunities for the Growth of the Global Gift Cards Market by 2028
• Gift Cards: A Purchase that Brings a Smile

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