New York, NY -- (SBWIRE) -- 02/08/2018 -- According to the report, the global gift card market will continue to gain traction owing to demand from the corporate sector. Gift cards are often handed out to employees on performance awards day, farewell days, and birthdays. Demand from the corporate segment is expected to sustain the growth of the market in the near future.

The global gift card market is also driven by the increasing penetration of e-commerce companies in emerging economies. Many e-commerce companies accept gift cards, and as collaboration between e-commerce companies and corporations extends, they seem to have become more ubiquitous.

The impact of online is visible in the global gift card market, as e-Gifting continues to remain popular. The e-Gifting segment accounted for nearly US$ 20 Bn worth of global revenues, and it is expected that this segment will grow at over 20% CAGR through 2024.

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Among the various types of gift cards, demand will remain robust for universally-accepted open loop gift cards. This segment is projected to grow at 12% CAGR through 2024.

On the basis of merchants, demand for gift cards will remain significant from the restaurant and department store merchants. It is projected that over 60% of global gift card revenues will be accounted for by the restaurant and department store merchants.

North America is the largest market for gift cards, owing to strong demand from the U.S. However, the market share of North America will witness a decline during the forecast period as gift cards gain further penetration in Asia Pacific.

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Asia Pacific is projected to become the largest market for gift cards during the assessment period. Growth of the e-commerce industry will continue to create opportunities for gift card manufacturers. The Asia Pacific gift card market is projected to grow at a CAGR of nearly 15% during the forecast period. Valued at nearly US$ 80 Bn, the Asia Pacific gift card market will surpass US$ 200 Bn in revenues by 2024-end.

Leading gift card companies profiled in the report are InComm, Gyft, QwikCliver Solutions, Edge Loyalty Systems Pty. Ltd., Blackhawk Network Holdings, Inc., and National Gift Card Corp.

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