Pune India, Jan. 02, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the gloves market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the gift card market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the card type, product type, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global gift card market are Blackhawk Network Holdings Inc., Yiftee Inc, FleetCor Technologies Inc., The Voucher Market Ltd., Walmart Inc., Plastek Card Solutions, Amazon.com Inc., Givex Corporation, Basic Visual Id Technologies, TenderCard, Qwikcilver Solutions Pvt Ltd., Micro Labels Private Limited, LVMH Moet Hennessy Louis Vuitton SE, Tele Pak Inc., Hennes & Mauritz AB, Fidelity National Information Services Inc., Jifiti.com Inc., TransGate Solutions LLC, Kindcard Inc. and Fiserv Inc. among others. To achieve a substantial market share in the worldwide gift card market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
These coupons are basically provided by merchant establishments, banks, and large organizations offering a particular product or service as part of a festival offer that is referred to as gift vouchers. They can be used in malls, shopping centers, showrooms, etc. The market is growing is accelerating as a result of the increased use of gift cards as a marketing and advertising tool. In addition, a growing demand from commercial sectors, a growing trend in e-commerce, a growing trend in digitalization, and a growing trend in gifting cultures as well as technological advancements are all expected to drive the growth of the gift card market. The penetration of smart devices and Increasing levels of digitalization are the key factors responsible for the maximum usage of gift cards. Moreover, the expanding e-commerce sector has led to the growing adoption of e-gift vouchers for promoting unique and appealing products, which eventually increases the sales of the market. It is expected that the digital gift card market will grow as a result of the rise in awareness of digital payments. Gift cards are easily purchased and used as a form of contactless and digital payment option at critical businesses like grocery stores and online-only retailers. Due to the concern over the depletion of natural wood for paper consumption, paper-based cards are gradually being phased out in favor of digital alternatives, which will further propel the global market in the foreseeable future.
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Scope of Gift Card Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Card Type, Product Type, End-User, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Blackhawk Network Holdings Inc., Yiftee Inc, FleetCor Technologies Inc., The Voucher Market Ltd., Walmart Inc., Plastek Card Solutions, Amazon.com Inc., Givex Corporation, Basic Visual Id Technologies, TenderCard, Qwikcilver Solutions Pvt Ltd., Micro Labels Private Limited, LVMH Moet Hennessy Louis Vuitton SE, Tele Pak Inc., Hennes & Mauritz AB, Fidelity National Information Services Inc., Jifiti.com Inc., TransGate Solutions LLC, Kindcard Inc. and Fiserv Inc. among others|
Open-loop is expected to be the fastest-growing segment in 2022.
The type segment includes closed loop and open loop. The open-loop segment is expected to witness the highest growth rate during the forecast period. Gift cards that are open-loop have become popular because they allow recipients to shop at different retail locations, and since they can be used at multiple stores, gift cards don’t become obsolete if one of the stores goes out of business.
E-cards are expected to be the fastest-growing segment in 2022.
The type segment includes physical gift cards and e-cards. The e-cards segment is expected to witness the highest growth rate during the forecast period. Corporations consider e-cards to be the most suitable gifting option since they reduce the effort needed to select personalized gifts for their employees, clients, and other stakeholders. A growing number of vendors have been launching e-gift cards in recent years, which will drive the growth of the segment during the forecast period, and, in turn, the market.
Retail is expected to be the fastest-growing segment in 2022.
The end-user segment includes children, men and women. The retail segment is expected to witness the highest growth rate during the forecast period. The retail sector includes supermarkets and foodstuffs, hypermarkets, computers, pharmaceuticals, and other communication devices. Gift card sales are predicted to increase in the future due to the growing retail sector.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for gift cards include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. A surge in demand for better transactional solutions and advanced products has been recorded in recent years, fueled by unmet demand and a growing need for better products. The gift card market in the region is also expected to benefit from an increase in the use of digital wallets and smartphones during the forecasted period.
Germany’s gift card market size was valued at USD 48.23 billion in 2022 and is expected to reach USD 175.23 billion by 2029, at a CAGR of 17.5% from 2023 to 2030.
There is a surge in gift card sales across the country as technology advances create an environment filled with discount offers and captivating customer attractions, boosting the growth of the market in the country.
China’s gift card market size was valued at USD 49.20 billion in 2022 and is expected to reach USD 181.20 billion by 2029, at a CAGR of 17.7% from 2023 to 2030.
During the last four to six quarters, the Chinese e-commerce market grew significantly, and the global pandemic accelerated the growth even further, boosting the growth of the market.
India’s gift card market size was valued at USD 37.8 billion in 2022 and is expected to reach USD 138.27 billion by 2029, at a CAGR of 17.6% from 2023 to 2030.
The Indian gift card market is among one of the potential markets for the future digital gift card industry, according to Paynxt 360, the overall market has exceeded USD 1 billion yearly in the last four consecutive years.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand for gift cards in shopping to avail various offers and discounts.
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