The gift card market was valued at $884.76 Million in 2021 and is expected to reach $2097.13 Billion by 2030 at a CAGR of 8.3% over the forecast period from 2022 to 2030.

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The demand for gift cards is on the rise due to the increasing penetration of smartphones and internet facilities around the world that provide customers with flexible and convenient payment options. According to the World Population Review 2022 data study, about 69% of the world’s population accounts for 4.

NEW YORK, Jan. 09, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Gift Cards Market by Type, by End User – Global Opportunity Analysis and Industry Forecast, 2022-2030” – https://www.reportlinker.com/p06379284/?utm_source=GNW
9 billion people have active access to the Internet.
The high adoption of e-gift cards as a promotional tool and source of rapid revenue stream for businesses like restaurants, hospitality and aviation among others is fueling the demand for digital gift cards. In addition, the market is strongly driven by the rapid development of the e-commerce sector as it provides the convenience of making purchases through websites offering gift cards and coupons.
However, prevalence of security issues related to digital gift cards along with lack of awareness of the benefits of gift cards among consumers are factors that are expected to limit the growth of the market during the forecast period. On the other hand, advances in gift card technologies allow flexible sending options and corporate promotional campaigns. By enhancing the uniqueness and attractiveness of product offerings, it also helps companies to increase sales, which is expected to generate lucrative expansion opportunities for players in the gift card market in the coming years.

Sector overview

Type (open loop and closed loop), and by end user (retail and commercial establishments) –
The global artificial intelligence market is segmented on the basis of type, end user, and geography.
Based on the type, the market is categorized into open loop and closed loop.
Based on end user, the market is segmented into retail establishments and corporate organizations.
At the region level, the market is segmented into North America, Europe, Asia Pacific, and RoW.

Regional analysis

The European region is expected to occupy the dominant share by 2030.
North America has the largest market share of gift cards due to the increase in e-commerce activity due to the rising population of millennials and Gen Z who tend to adopt gift cards. According to reports published by the US Census Bureau in 2021, Millennials made up the largest demographic group in the United States at 72.2 million Millennials making up about 21.7% of the population.
The increasing prevalence of smartphones among consumers, which allows digital gift cards to be easily managed via mobile applications, is also accelerating market demand. According to a study by the US Census Bureau, as of 2021, the United States had one of the highest smartphone penetration rates in the world with 82.2 percent of the population using a smartphone.
Moreover, major retailers and restaurant chains such as Walmart, Amazon, Target, Starbucks, and Chipotle are offering customers both digital and physical gift cards that are driving the market in this region. The market in this region is also driven by major retailers and restaurant chains such as Walmart, Amazon, Target, Starbucks, and Chipotle, which provide customers with physical and digital gift cards. The above factors are expected to significantly boost the growth of the gift card market in this region.

Major market players

Key emerging and instrumental players in the Gift Cards market research include companies such as:
• Amazon.com, Inc
• Apple company
• American Express
• Black Hawk Network Holdings Inc
• Best Buy Co., Inc.
• Wal-Mart
• Starbucks Corporation
• InComm Payments
• Chipotle Mexican Grill Inc.
• Qwik Silver Solutions Private Limited

Recent developments

August 2022
American Express has relaunched the Platinum Card as a credit product for new members with the rewards of membership in travel vouchers. Membership Rewards points can be used for purchases with travel partners including British Airways, Emirates Airlines, Singapore Airlines, Radisson and Marriott.
April 2022
Wal-Mart has developed a new technology to identify and freeze the one million gift cards that were purchased by thousands of elderly victims primarily at the direction of the scammers who swindled them. After the gift cards are confiscated, the victims can claim their money back.
April 2022
Starbucks has launched its new Paper Gift Card, the first implantable gift card in the United States. These cards allow the recipient to seed the cards instead of discarding or losing them. These gift tags use seed paper to create the final flower shape.
January 2022
Blackhawk Network announced a strategic partnership with Tender Retail to expand gift card payment delivery, integration with enterprise merchants along with improving payment options and meeting diversified customer demands.
November 2021
Amazon.com Inc. has partnered with the Apple Store where Apple Store Gift Cards can be purchased through Amazon.com that will allow users of Apple devices to purchase apps and subscriptions to music and audiobooks.
November 2021
Apple has launched a holiday gift guide and personalized cards for the holidays at Apple. This guide offers favorite recommendations for creators and photographers intended for those passionate about health, fitness, and entertainment.
October 2021
Best Buy has announced the launch of gift cards produced entirely from paper that can be recycled or placed directly in the trash, providing consumers with eco-friendly products while also protecting the environment.
Read the full report: https://www.reportlinker.com/p06379284/?utm_source=GNW

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