Persistence Market Research (PMR) released a new market research on the gift cards market covering the global industry analysis 2014-2018 and forecast 2019–2029. The global gift cards market was valued at ~US$ 264 Bn in 2014, and is estimated to generate a value of ~US$ 1,211 Bn by the end of 2019. The gift cards market is projected to expand at a CAGR of ~11% during the forecast period.
The report includes vital macroeconomic factors and forecast factors that are anticipated to fuel the growth of the global gift cards market. This PMR study briefs on the key restraining factors that are likely to hamper market growth, along with potential opportunities and latest trends in the market.
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Key Players to Find Growth Opportunities in Untapped Regions
Among different regions, North America is the largest market for gift cards. However, North America is gradually reaching maturity phase for gift cards due to availability of large number of players and corresponding customers in the region at present. The demand for gift cards is rapidly increasing in the Asia Pacific region, particularly in China, Japan, and India. Whereas Latin America and the Middle East & Africa are still at nascent stage. Europe is expected to grow at a prominent and high CAGR, owing to increasing number of companies that are present in the region and changing trend in the banking sector.
Gif Card Sales through Websites and Mobile Apps to Fuel Market Growth
Key players in the gift cards market are showing keen interest in selling gift cards through their own or other company’s website and through mobile apps. For example, in 2017, Early waring services company, under the name of Zelle, launched an app to increase sales in the gift card market across the globe, in terms of volume.
The trend of incentive-based gift cards is adopted by multiple companies. This trend is fueling the growth of the gift cards market, and is expected to register new growth opportunities for the existing and new players in the market during the forecast period. Furthermore, leading companies in the global gift cards market are expanding their business through mergers, acquisitions, and collaboration strategies in a bid to seize a prominent share in the global gift cards market. Acquisitions of mobile app companies, e-Commerce companies, and others have significantly helped companies increase their online sales across the world.
- In 2019, National Gift Card (NGC) acquired Benefit Mobil (Digital payments and fundraising company) to enhance its digital services and gift card technology provided by the company.
- In 2019, Tango Card acquired GiftCertificates.com, which helped the company to increase approximately 1000 customers to the company.
- In 2019, InComm (Payments Technology Company) acquired Linq3 Technologies to penetrate in the lottery industry by providing gift cards.
- In 2017, Blackhawk Network expanded its partnership with eBay to provide the online marketplace with end-to-end and business-to-business (B2B) gift card services. This partnership helped the company to increase products availability to customers across the world.
- In 2016, Blackhawk Network, (prepaid and payments network) acquired com, LLC and OmniCard, LLC to increase number of customers and expand its e-Commerce business across the world.
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A few prominent market players in the value chain of the global gift cards market include Amazon.com Inc., Apple Inc., Best Buy Co., Inc., Blackhawk Network Holdings, Inc., Edge Loyalty Systems Pty Ltd., Gyft, InComm, National Gift Card Corp., QwikCilver Solutions, Starbucks Corporation, Target Corporation, and Wal-mart Stores, Inc.