Digital Gift Cards Market to Reach USD 1,352.45 Billion by 2032; New E-Gift Incentive Policies by E-Commerce Companies to Propel Growth
The surge in the penetration of smartphones has offered customers convenient and flexible payment options, boosting the digital gift cards market. North America region emerged as the largest market for the global digital gift cards market, with a 41.34% share of the market revenue in 2022.
Newark, Dec. 19, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global digital gift cards market is expected to grow from USD 328.26 Billion in 2022 to USD 1,352.45 Billion by 2032, at a CAGR of 15.21% during the forecast period 2023-2032.
This market is primarily growing based on moves concerning consumer buying behaviour. It has been observed that consumers are shifting from paper gift vouchers to digital ones. Wholesalers and retailers are noticing this trend as the opportunity for digital gift certificates has increased significantly in recent years. The main reason is the rapidly expanding mobile benefit of gift cards and other creative tools in e-commerce.
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To enhance their market position in the global Digital Gift Cards market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In October 2022: Givex Corporation announced the opening of a gift card marketplace in Cittamobi’s digital wallet. This partnership starts with the sale of gift cards for iFood, a key online food delivery service in Latin America. It is processed by Givex and distributed to many partners using GivexHub in the Cittamobi digital wallet. It is eventually helping the organization gain market share in the Digital Gift Cards market.
Market Growth & Trends
Consumers can easily purchase and send the gift card digitally, and hence, there is no need for a physical card. It also enables the recipient to redeem it easily using mobile devices or smartphones. As the e-commerce sector and mobile technology grow, the demand for digital gift cards is growing. It provides flexibility, convenience and instant delivery. Hence, it is broadly preferred by both consumers and the business. Digital gift cards have changed how personal gifting and consumer rewards were given earlier. This has led to the growing use of digital gift cards among people, which are mobile-friendly and are not just limited to metros but also other cities. All businesses broadly follow the digital gifting trend, and this market is growing substantially. Employers or organizations broadly use digital gift cards as gifts or rewards. Marketers and retailers generally distribute consumer promotion strategies that persuade customers to return to the store. Digital gift cards are used to motivate the channel partners and sales teams in terms of incentives.
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• In 2022, the closed loop gift card segment dominated the market with the largest market share of 64.34% and market revenue of USD 211.20 Billion.
The card type segment is divided into open loop gift card and closed loop gift card. In 2022, the closed loop gift card segment dominated the market with the largest market share of 64.34% and market revenue of USD 211.20 Billion. This significant share is due to the growing demand for the software as closed loop cards, which creates the opportunity to expand the market.
• In 2022, the business to consumer (B2C) segment dominated the market with the largest market share of 60.24% and market revenue of USD 197.75 Billion.
The business type segment is divided into business to business (B2B) and business to consumer (B2C). In 2022, the business to consumer (B2C) segment dominated the market with the largest market share of 60.24% and market revenue of USD 197.75 Billion. This significant share is attributed to smooth incorporation, which improves the customer experience and thus increases the use of gift cards.
• In 2022, the consumer electronics segment dominated the market with the largest market share of 31.55% and market revenue of USD 103.57 Billion.
The application segment is divided into food and beverage, health, wellness and beauty, apparel, footwear and accessories, books and media products, consumer electronics, restaurants and bars, kids products and others. In 2022, the consumer electronics segment dominated the market with the largest market share of 31.55% and market revenue of USD 103.57 Billion. This significant share is due to the easy accessibility of mobile e-commerce stores.
• In 2022, the retail segment dominated the market with the largest market share of 68.85% and market revenue of USD 226.01 Billion.
The end user segment is divided into retail and corporate. In 2022, the retail segment dominated the market with the largest market share of 68.85% and market revenue of USD 226.01 Billion. There is growing use of closed-loop gift cards in the retail sector, which contributes to the segment’s significant share.
Regional Segment Analysis of the Digital Gift Cards Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global digital gift cards industry, with a market share of 41.34% and a market value of around USD 135.70 Billion in 2022. This significant market share is due to a surge in the demand for gift cards on special occasions such as birthdays and Christmas. In the US, the gift card is considered the most common type of Christmas gift. The Asia Pacific region has shown the highest growth in the digital gift card market.
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Key players operating in the global Digital Gift Cards market are:
• Givex Corporation
• InComm Inc.
• Paytronix Systems, Inc
• Apple Inc.
• First Data Corporation
• Blackhawk Network Holdings Inc.
• American Express Company
• Fiserv Inc.
• Amazon.com Inc
• Qwikcilver Solutions Pvt Ltd (Pine Labs)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Digital Gift Cards market based on below mentioned segments:
Global Digital Gift Cards Market by Card Type:
• Open Loop Gift Card
• Closed Loop Gift Card
Global Digital Gift Cards Market by Business Type:
• Business to Business (B2B)
• Business to Consumer (B2C)
Global Digital Gift Cards Market by Application:
• Food and Beverage
• Health, Wellness and Beauty
• Apparel, Footwear and Accessories
• Books and Media Products
• Consumer Electronics
• Restaurants and Bars
• Kids Products
Global Digital Gift Cards Market by End User:
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About the report:
The global Digital Gift Cards market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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