A gift card is a stored value card that is utilized as an alternative for money at a particular store or business for purchases related to goods or services. Gift cards are also known as gift certificate, gift voucher, gift token, and others, which are generally issued by a retailer or bank as a developmental strategy used for promoting a particular function. These cards can be used at a selected outlet or group outlets depending on the issuing authority. Gift cards are an improved version of paper gift certificates earlier used for transaction purposes. 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 gift cards market is expected to experience significant growth during the forecast period, owing to technological innovation in product offerings, increase in application areas among end users, increased market for prepaid cards, rise in need for advanced promotional strategies, high adoption rate of smartphones, growth associated with e-commerce and m-commerce industry, increased spending capacity of consumers, and flexibility associated with ease of use feature drive the global gift cards market. Moreover, increase in popularity of these cards during traveling abroad are expected to boost the gift cards market growth in the future. However, diverse types of fees associated with card transaction and dearth of security measures as compared to credit or debit cards are major restraints that hinder the growth of the market.
The global gift cards market is segmented based on functional attribute, industry vertical, and region. Based on functional attribute, it is bifurcated into open loop and closed loop. Based on industry vertical, it is divided into retail and corporate institutions. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the gift cards market 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, TransGate Solutions, and others.
KEY BENEFITS FOR STAKEHOLDERS
Key Market Segments
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