The gift cards market is in its growth phase, and is expected to grow at a CAGR of 24.0% during the forecast period. Organizations focus on improving their product offering to cater to the rise in market demands, which drive the market growth during the forecast period.
Portland, OR -- (SBWIRE) -- 10/03/2017 -- Gift Cards Market an integrated payment solution developed to facilitate the transaction at stores or businesses as an alternative for money. These cards establish a medium that supports smooth and hassle-free purchasing procedure during variety of events, such as dining, entertainment, retail purchases, convenience shopping, and others.
The global gift cards market was valued at $679,743 million in 2016, and is projected to reach $3,003,320 million by 2023, growing at a CAGR of 24.0% from 2017 to 2023. The major factors that drive the gift cards market are technological innovation in product offerings, rise in adoption for retail industry, increase in application areas among end users, and high adoption rate of smartphones.
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The gift cards market is influenced by the rise in demand for technologically advanced products, increase in need for cashless transactions, surge in application areas among end users, high adoption rate of smartphones, and growth associated with e-commerce and m-commerce industry.
The Europe gift cards market generated the highest revenue in 2016, attributed to rise in demand for advanced products, and technological advancements related payment solutions. The Asia-Pacific gift cards market is expected to grow at the highest CAGR, owing to the presence of untapped demands and surge in need for better transactional solutions.
The global gift cards market is segmented on the basis of (Functional Attribute, Industry Vertical and Region):
By Functional Attribute
-Open Loop
-Closed Loop
By Industry Vertical
-Retail
-Corporate Institutions
By Region
-North America
-Europe
-Asia-Pacific
-LAMEA
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The key players profiled in the report are as follows:
-First Data Corporation
-Qwikcilver Solutions Pvt. Ltd.
-National Gift Card Corp.
-Blackhawk Network Holdings, Inc.
-Plastek Card Solutions, Inc.
-Duracard
-DOCUMAX INC.
-Vantiv
-TenderCard
-TransGate Solutions