Reportocean.com have announced the addition of a new report titled "Global Gift Cards Market Growth 2019-2024"
Delhi, India -- (SBWIRE) -- 11/26/2019 -- Based on the latest insights in the report title "Global Gift Cards Market Growth 2019-2024", by Report Ocean, the Market is is likely to grow to USD506 billion by 2025.
The report published on the global gift cards market revealed the growth to be at a decent CAGR of 6% over the forecast period. The valuation of the gift cards market was further stated to surpass its previous valuation of USD 318 billion in 2017 to USD 506 billion by 2025.
The global gift card industry is majorly influenced by the rising need for cashless transactions, high adoption rate of smartphone devices, penetration of the World Wide Web, rising demand for advanced products, growing application areas among the end users, and accelerating demand from the e-commerce and m-commerce industries. A key trend that is being reported in the market is the rising adoption of gift cards in the retail sector. This is highly beneficial for the retailers as they generate more than the face value of the cards due to the additional spend of around 38% being made by the recipients while purchasing the cards.
Among another key trend, it was reported that there has been significant demand for gift cards in the corporate landscape around the world. Companies are seen providing incentives or benefits to employees in the form of such gift cards in order to recognize their achievements and contributions. An approx. figure of 25% to 35% of the merchant's gift card value is fulfilled by the B2B sales of the same. Compared to gift vouchers, gift cards have gained significant prominence in the market, especially due to benefits like partial redemption option that it offers.
The global gift cards market has been segmented in terms of type and applications.
By type, the market segments into Miscellaneous Closed Loop, Restaurant Closed Loop, Universal Accepted Open Loop, E-Gifting, Retail Closed Loop, and others.
By application, the market includes coffee shop, restaurant, entertainment, departmental store, and others.
The global gift cards market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa.
As per study, the European regional market for gift cards generated considerably high revenue during the last forecast period. This is expected to be the case even this time and the market is slated to garner positive growth over the ongoing forecast period to stand out as the leading regional market. The surging growth herein can be attributed to technological advancements related to payment solutions and increasing demand for advanced products. The presence of untapped demands and the growing need for improved transactional solutions are some of the other factors driving the regional market. Additionally, the lucrative demand enjoyed by the market across various emerging Asia Pacific countries is due to the rising per capita income, increasing penetration of the internet, and fast-paced industrialization.
The global gift cards market comprises a host of key players. This includes names like Google Play, Walmart, ITunes, Home Depot, Carrefour, Amazon, Virgin, Lowes, Sephora, Best Buy, Starbucks, H&M, Sainsbury's, AL-FUTTAIM ACE, Zara, JCB Gift Card, Walgreens, JD, JCB Gift Card, Macy's, IKEA, and others.
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