Global Gift Cards Market Along with Top key Players like Amazon.com, Inc., American Express Company, Apple Inc, etc.
The global gift cards market size is estimated to be valued at $1,396.0 billion by 2028, surging from $437.78 billion in 2020, at a CAGR of 15.4%.
Global Gift Cards Market Insight
Consistent consumer engagement with shopping, thanks to rapid expansion in digital commerce, as well as an increase in the number of new technologies that enable customers with creative and seamless payment choices, are the primary growth factors for the market. Furthermore, increasing technological advances in gift cards assist organizations to increase sales by making their product offers more unique and appealing, hence propelling the gift cards market forward. Furthermore, during the forecast period, the increased use of smartphones and digital wallets is likely to provide chances for the gift cards market.
The gift card industry faces a number of security challenges, including the risk of being abused by hackers and criminals, which poses a significant barrier to expansion. Furthermore, in their efforts to make smartphone gift card adoption as quick and economical as possible, few merchants have overlooked security holes that allow any consumer to spend money on another shopper's gift card.
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Global Gift Cards Market Forecast, Segmentation
The global gift cards market is segmented based on type, sales channel, end-use, and region.
Type:
The type sub-segment is further classified into open loop and closed loop. The open loop sub-segment is predicted to have a dominating market share in the global market and register a revenue of $724.93 billion during the forecast period.
Because they allow customers to shop at multiple places, open loop gift cards have grown in popularity. Another major factor fueling the growth of the open loop gift card market is increased security. Because these cards can be used at a variety of stores, they can be used even if one of them closes. As a result, the gift card remains functional. Given these considerations, the segment's expansion is likely to continue in the next years.
Sales Channel:
The sales channel segment is further divided into instore and online sub-segments of which the online sales channel sub-segment is projected to grow at a faster CAGR and register maximum revenue during the forecast period. It is predicted that the market shall generate a revenue of $706.05 billion by 2028, growing from $185.5 billion in 2020, with a CAGR of 17.9%.
Online gift cards are commonly used in business expansion plans to boost brands, combat fraud, and attract more customers, among other things (sometimes, free gift cards are provided to consumers on their purchases). As a response, credit cards and prepaid cards are widely utilized in a variety of sectors, such as retail, food & beverage, consumer technology, hotel, and so on.
End-use:
The end-use segment is further bifurcated into retail and corporate. Among these, retail gift cards market sub-segment is anticipated to hold the maximum share of the global market revenue while corporate gift cards market is expected to be the fastest growing. The retail sub-segment is predicted to have a dominating market share in the global market and register a revenue of $876.72 billion during the forecast period.
The retail industry includes supermarkets and food products, pharmaceutics and drugs, hypermarkets, computers, and other communication gadgets. Due to the country's booming retail industry, gift card sales are likely to increase in the future. The rising presence of supermarkets/hypermarkets and other food and restaurant chains is anticipated to help boost gift card acceptance.
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Key Players in the Global Gift Cards Market
Some of the leading global gift cards market players are
Amazon.com, Inc.
American Express Company
Apple Inc.
Best Buy Company, Inc.
Blackhawk Network Holdings, Inc.
InComm Payments
Qwikcilver Solutions Pvt Ltd.
Target Corporation
Starbucks Corporation
Walmart Inc.
Click Here! To Get in touch with our Expert@
https://www.researchdive.com/connect-to-analyst/8492Global Gift Cards Market Along with Top key Players like Amazon.com, Inc., American Express Company, Apple Inc, etc.
The global gift cards market size is estimated to be valued at $1,396.0 billion by 2028, surging from $437.78 billion in 2020, at a CAGR of 15.4%.
Global Gift Cards Market Insight
Consistent consumer engagement with shopping, thanks to rapid expansion in digital commerce, as well as an increase in the number of new technologies that enable customers with creative and seamless payment choices, are the primary growth factors for the market. Furthermore, increasing technological advances in gift cards assist organizations to increase sales by making their product offers more unique and appealing, hence propelling the gift cards market forward. Furthermore, during the forecast period, the increased use of smartphones and digital wallets is likely to provide chances for the gift cards market.
The gift card industry faces a number of security challenges, including the risk of being abused by hackers and criminals, which poses a significant barrier to expansion. Furthermore, in their efforts to make smartphone gift card adoption as quick and economical as possible, few merchants have overlooked security holes that allow any consumer to spend money on another shopper's gift card.
Explore more Insights, Access an Exclusive PDF Sample of Gift Cards Market@ https://www.researchdive.com/download-sample/8492
Global Gift Cards Market Forecast, Segmentation
The global gift cards market is segmented based on type, sales channel, end-use, and region.
Type:
The type sub-segment is further classified into open loop and closed loop. The open loop sub-segment is predicted to have a dominating market share in the global market and register a revenue of $724.93 billion during the forecast period.
Because they allow customers to shop at multiple places, open loop gift cards have grown in popularity. Another major factor fueling the growth of the open loop gift card market is increased security. Because these cards can be used at a variety of stores, they can be used even if one of them closes. As a result, the gift card remains functional. Given these considerations, the segment's expansion is likely to continue in the next years.
Sales Channel:
The sales channel segment is further divided into instore and online sub-segments of which the online sales channel sub-segment is projected to grow at a faster CAGR and register maximum revenue during the forecast period. It is predicted that the market shall generate a revenue of $706.05 billion by 2028, growing from $185.5 billion in 2020, with a CAGR of 17.9%.
Online gift cards are commonly used in business expansion plans to boost brands, combat fraud, and attract more customers, among other things (sometimes, free gift cards are provided to consumers on their purchases). As a response, credit cards and prepaid cards are widely utilized in a variety of sectors, such as retail, food & beverage, consumer technology, hotel, and so on.
End-use:
The end-use segment is further bifurcated into retail and corporate. Among these, retail gift cards market sub-segment is anticipated to hold the maximum share of the global market revenue while corporate gift cards market is expected to be the fastest growing. The retail sub-segment is predicted to have a dominating market share in the global market and register a revenue of $876.72 billion during the forecast period.
The retail industry includes supermarkets and food products, pharmaceutics and drugs, hypermarkets, computers, and other communication gadgets. Due to the country's booming retail industry, gift card sales are likely to increase in the future. The rising presence of supermarkets/hypermarkets and other food and restaurant chains is anticipated to help boost gift card acceptance.
Avail 10%OFF on Report Customization of Gift Cards Market@ https://www.researchdive.com/request-for-customization/8492
Key Players in the Global Gift Cards Market
Some of the leading global gift cards market players are
Amazon.com, Inc.
American Express Company
Apple Inc.
Best Buy Company, Inc.
Blackhawk Network Holdings, Inc.
InComm Payments
Qwikcilver Solutions Pvt Ltd.
Target Corporation
Starbucks Corporation
Walmart Inc.
Click Here! To Get in touch with our Expert@ https://www.researchdive.com/connect-to-analyst/8492
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