PORTLAND, Ore., November 10, 2021 / PRNewswire / – Allied Market Research released a report titled, “Digital Gift Card Market by Functional Attribute (Open Loop Card and Closed Loop Card), End User (Retail and Business) and Application (Consumer Goods, Health and Wellness, Restaurants and Bars, Travel and Tourism, Media and Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030 “. According to the report, the global digital gift card industry has generated $ 258.34 billion in 2020, and should generate $ 1,101.03 billion by 2030, with a CAGR of 15.8% from 2021 to 2030.
Main determinants of growth
Rising demand for advanced payment solutions, high adoption rate of smartphones, and increasing demand for innovative products are driving the growth of the global digital gift card market. However, the lack of security is hampering the growth of the market. On the other hand, the sharp increase in demand for digital gift cards from developing countries presents new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic has positively impacted the global digital gift card market, due to the increased adoption of digital gift cards by businesses.
- Additionally, the global gift card industry has seen strong growth during the COVID-19 pandemic, as governments in several regions have imposed new regulations to accelerate the growth of electronic payments in the respective countries.
Retail segment to maintain its leadership status throughout the forecast period
On an end-user basis, the retail segment held the highest market share in 2020, accounting for three-fifths of the global digital gift card market, and is expected to maintain its leadership status throughout. of the forecast period. This is due to increasing trends and consumer preferences towards shopping in retail stores. However, the business segment is expected to post the highest CAGR of 17.2% from 2021 to 2030, due to increased awareness among business owners about delivering gift certificates to their employees.
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Consumer goods segment to maintain its leading position during the forecast period
On the basis of applications, the consumer goods segment accounted for the largest share in 2020, contributing over a quarter of the global digital gift card market, and is expected to maintain its leading position during the forecast period. . This is due to the availability of a large number of digital payment technologies among the people who accept gift cards digitally. In addition, the travel and tourism segment is expected to represent the largest CAGR of 19.2% from 2021 to 2030, in order to meet the demands of travelers by providing access to a wide range of choices to many destinations.
North America maintain its dominance by 2030
Depending on the region, North America held the highest market share in terms of 2020 revenue, accounting for over two-fifths of the global digital gift card market. This is due to the growing popularity of corporate gift cultures on special occasions, such as birthdays, incentives, festivals, etc. Asia Pacific The region is expected to experience the fastest CAGR of 17.2% from 2021 to 2030, due to the increased adoption of these cards for online shopping, travel and distribution among children as a cash alternative .
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Main market players: –
- Amazon.com, Inc.
- Apple Inc.
- Blackhawk Network Holdings, Inc.
- Fiserv, Inc.
- InComm Payments
- Loop Commerce, Inc.
- National Gift Card Company
- PayPal Holdings, Inc.
- Target brands, Inc.
- Walmart inc.
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