According to its latest report, Persistence Market Research estimates that by the end of 2024, around US$ 698 Bn worth of gift cards will be sold across the globe.
New York, NY -- (SBWIRE) -- 10/31/2017 -- Instances where consumers seek alternatives to cash for buying goods will continue to be on a rise in the future. Considering that many people will explore such options, leading retail and banking organizations are offering their customers or members prepaid stored-value money cards, which are commonly called as gift cards. Persistence Market Research, thus, expects the demand for gift cards to witness a considerable upsurge in the years to come. According to its latest report, Persistence Market Research estimates that by the end of 2024, around US$ 698 Bn worth of gift cards will be sold across the globe.
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The global gift cards market, which is valued just over US$ 307 Bn at present, will progress at an impressive 10.8% CAGR during the forecast period, 2016-2024. Key findings from the report, titled "Gift Card Market: Global Industry Analysis and Forecast, 2016-2024," indicate that demand for gift cards is expected to gain traction in the corporate sector. The world's corporate setting has actively adopted gift cards as an incentive to employees for their credible performances. The demand for gift cards is further propelled rising proliferation of mobile phones and smartphones. Innovative features in gift cards are also responsible in driving their sales, especially among young demographics. Moreover, rise in number of e-commerce platforms are also expected to boost global sales of gift cards. E-tailing giants such as Amazon.com Inc. and BestBuyCo. Inc. are observed among the world's leading providers of closed-loop gift cards.
In 2016, more than US$ 20 Bn worth of global revenues were amassed from e-Gifting. The report projects that by the end of 2024, global revenues arising from sales of e-Gifting or digital gift cards will grow at a staggering CAGR of 20.7%.
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Nevertheless, the global gift cards market is anticipated to be dominated by brimming sales of universally-accepted open loop gift cards. While the demand for restaurant closed loop gift cards, retail closed loop gift cards and miscellaneous closed loop gift cards witnesses a decline, universally-accepted open loop gift cards will register a value CAGR of 12.1%. Blackhawk Network Holdings, Inc., Edge Loyalty Systems Pty. Ltd., Gyft, InComm, and National Gift Card Corp., QwikCliver Solutions are leading companies offering open loop gift cards. Other key players in the global gift cards market are Apple Inc., Starbucks Corporation, Target Corporation, and Wal-mart Stores, Inc.
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The report has also fragmented the market's growth on basis of merchants. Close to 60% of global gift card revenues during the forecast period are projected to be accounted by restaurant and department store merchants. Likewise, growth of global gift cards market will remain largely concentrated in Asia-Pacific. In 2016, North America has been observed to dominate the global gift cards market, but the region will witness a steep decline towards the end of 2024. Asia-Pacific will emerge as the largest market for gift cards, procuring one-third share in terms of global revenues. Europe's gift cards market will also grow robustly, exhibiting revenue growth at 11.7% CAGR.
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