IMARC Group’s report titled “Digital Gift Card Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global digital gift card market growth. The global market size reached US$ 343.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 827 Billion by 2032, exhibiting a growth rate (CAGR) of 15.23% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/digital-gift-card-market/requestsample
Factors Affecting the Growth of the Digital Gift Card Industry:
- Increasing Focus on Enhanced Convenience:
The growing demand for digital cards due to the rising focus on enhanced convenience among the masses across the globe is offering a positive market outlook. Digital gift cards offer instant delivery and redemption, eliminating the need for physical cards or shipping delays. In line with this, individuals can purchase and send digital gift cards effortlessly, even at the last minute, enhancing convenience for both senders and recipients. Furthermore, digital gift cards can be personalized with messages and designs, catering to various occasions and preferences.
- Growing Adoption of Smartphones:
The escalating demand for digital gift cards on account of the rising adoption of smartphones among the masses around the world is propelling the market growth. Smartphones allow individuals to engage with digital content and conduct transactions. Moreover, digital gift cards offer mobile-friendly experiences, allowing users to purchase, send, and redeem cards directly from their mobile devices. These cards provide a seamless and intuitive gifting solution that aligns with their mobile-centric lifestyles. Furthermore, increasing preferences for digital solutions among people with busy lifestyles is bolstering the market growth.
- Rising Focus on Personalization:
Digital gift cards offer enhanced opportunities for personalization, allowing senders to tailor their gifts to the preferences and interests of recipients. Digital gift cards enable a level of personalization through customizable designs, messages, and the options to select specific products or experiences. This ability to add a personal touch enhances the emotional connection between the sender and recipient, making digital gift cards more meaningful and memorable. Besides this, people are increasingly seeking unique and thoughtful gifts, making digital gift cards an attractive option for gifting purposes.
Leading Companies Operating in the Global Digital Gift Card Industry:
- Amazon.com Inc.
- American Express Company
- Apple Inc.
- Blackhawk Network Holdings Inc.
- First Data Corporation
- Fiserv Inc.
- Givex Corporation
- InComm Inc.
- Paytronix Systems,Inc.
- Qwikcilver Solutions Pvt Ltd (Pine Labs).
Digital Gift Card Market Report Segmentation:
By Card Type:
- Open Loop Gift Card
- Closed Loop Gift Card
Closed loop gift card represents the largest segment as it encourages loyalty among individuals by incentivizing repeat purchases from the issuing retailer or brand.
By Business Type:
- Business to Business (B2B)
- Business to Consumer (B2C)
On the basis of the business type, the market has been bifurcated into business to business (B2B) and business to consumer (B2C).
By Application:
- Food and Beverage
- Health, Wellness and Beauty
- Apparel, Footwear and Accessories
- Books and Media Products
- Consumer Electronics
- Restaurants and Bars
- Kids Products
- Others
Based on the application, the market has been divided into food and beverage, health, wellness and beauty, apparel, footwear and accessories, books and media products, consumer electronics, restaurants and bars, kids products, and others.
By End User:
- Retail
- Festival Celebrations
- Special Celebrations
- Self-Use
- Others
- Corporate
- Corporate Gift
- Employee Prize
- Incentive Program
Retail accounts for the largest market share due to the rising focus on enhanced convenience.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys a leading position in the digital gift card market, which can be attributed to increasing preferences for online shopping among individuals.
Global Digital Gift Card Market Trends:
Digital gift cards can be seamlessly integrated into e-commerce ecosystems, allowing recipients to redeem them directly on their favorite online stores. Individuals are increasingly relying on e-commerce for their shopping needs. Moreover, digital gift cards serve as versatile and practical gifts, enabling recipients to choose from a vast array of products and services available online.
Apart from this, digital gift cards are equipped with security features, such as unique codes or personal identification number (PINs), reducing the risk of fraud as compared to traditional paper gift certificates. Additionally, the rising focus on eco-friendly gifting solutions is impelling the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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