PUBLISHER: Allied Market Research | PRODUCT CODE: 1344422
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344422
According to a new report published by Allied Market Research, titled, "Gift Cards Market," The gift cards market was valued at $835.21 billion in 2022, and is estimated to reach $4183.9 billion by 2032, growing at a CAGR of 17.7% from 2023 to 2032.
Increased usage of gift cards as rewards and incentives is a major propelling factor for the growth of gift cards market as these cards are majorly used as rewards and incentives by various users such as corporate offices use to give these cards as rewards and incentives to their employees. In addition, making online payments to a merchant offers gift cards as rewards. Therefore, this is a major growth factor for the market. Moreover, increasing demand for digital gifting options and customer preference for experiences over tangible gifts are major driving factors for the gifts card market. However, security concerns pertaining to the use of gift card is a major restraining factor for the market growth as hackers and fraudsters may hack the gift card and use it for illegal purposes. Furthermore, limited acceptance of gift cards is also a major factor hampering the growth of the market. On the contrary, rising popularity of gifts card among different users including corporate clients and individual users along with easy transferable feature of a gift card will provide major lucrative opportunities for the growth of the market
The gift card market is segmented on the basis of card type and end user. Based on card type, the market is segmented into closed-loop cards and open-loop cards. On the basis of end user, it is segmented into retail establishments and corporate institutions. By region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the Gift card market such as 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the Gift card market.