New York, NY -- (SBWIRE) -- 09/12/2017 -- Surge in incentives as recognition to contributions, and achievements of employees has led to surge in demand for gift cards. Moreover, increasing adoption of smartphones and use of m-commerce platforms is likely to impact the market growth for gift cards significantly.

Increasing adoption of smartphones has led the users to download various apps including Ebay, Flipkart, and Amazon. Cheaper plans offered by various companies for data connectivity is further boost adoption of mobile-based commerce platforms. Such factors will rev up demand for gift cards globally during the predicted period.

In terms of revenue, nearly 25% - 30% of the gift cards is mainly fuelled by the B2B sales in the global gift card market throughout 2024. Additionally, attributed to innovative properties, gift cards witness an upsurge in demand among various organizations. The e-tailing giants including BestbuyCo. Inc., and Amazon.com Inc. will represent major suppliers of the closed-loop gift cards in the global gift card market through 2024.

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Moreover, due to increasing use of e-commerce, and m-commerce platforms, consumers increasingly prefer gift cards over gift vouchers. Attributed to on-the-go, easy, and quick purchases, consumers prefer using m-commerce platforms for making transactions.

Further, various gift cards that are purchased through the m-commerce platforms can be retrieved, and stored on smartphones irrespective of time and place. Such factors will further impact the market growth of gift cards positively during the predicted years.

Retail closed loop gift cards, miscellaneous closed loop gift cards, and restaurant closed loop gift card among various types of products will witness a dip in demand in the global gift card market.

Further, universally-accepted open loop gift cards is likely to witness a CAGR growth of 12.1% in the global gift card market globally. Departmental stores, and restaurants among other end users will represent revenue share of nearly 60% in the global gift card market during the predicted period.

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North America among other regions has remained dominant in the global gift cards market. However, the gift card market in this region is likely to register a significant dip by the end of 2024. APAC among other regions is likely to represent a major market for gift cards throughout 2024.

The market for gift cards in this region is likely to account for one-third of the market share in terms of revenues globally. The gift card market in Europe is further likely to witness a significant growth through 2024. The market in this region is likely to register a growth of 11.7% CAGR in terms of revenue throughout 2024.

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Major market players in the global gift card market include Edge Loyalty Systems Pty. Ltd., Blackhawk Network Holdings, Inc., Gyft, Edge Loyalty Systems Pty. Ltd., National Gift Card Corp., InComm, and QwikCliver Solutions. Other market players working in the global market for gift card include Starbucks Corporation, Apple Inc., Wal-mart Stores, Inc., and Target Corporation.

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