IMARC Group's report titled "Digital Gift Card Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", The global digital gift card market size reached US$ 396.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,337.8 Billion by 2032, exhibiting a growth rate (CAGR) of 14.5% during 2024-2032.
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Factors Affecting the Growth of the Digital Gift Card Industry:
Rising Need for Enhanced Convenience:
The increasing adoption of digital gift cards, as they offer enhanced convenience, is supporting the growth of the market. People are preferring hassle-free gifting solutions that can be purchased online anytime, anywhere, and delivered instantly via email or mobile. Digital gift cards aid in eliminating the need for physical visits to stores. Recipients can conveniently redeem these cards online or in-store, usually with just a few clicks or taps. This convenience factor not only saves time but also reduces the stress associated with finding a suitable gift for their friends, families, and colleagues.
Increasing Focus on Personalization:
The growing demand for digital gift cards due to the rising focus on personalized gifting solutions is offering a positive market outlook. Individuals can customize digital gift cards with personalized messages, images, and video content, adding a personal touch that enhances the emotional connection with the recipient. This ability to tailor the gift to suit preferences and interests of recipient benefits in enhancing the gifting experience and making digital gift cards more appealing than generic gifts or traditional gift cards.
Growing Adoption of Smartphones:
The widespread adoption of smartphones is catalyzing the demand for digital cards. These cards offer the convenience of instant access and easy redemption on mobile devices. Individuals can conveniently store and manage their digital gift cards within mobile wallet apps, eliminating the need for physical cards or printed vouchers. This mobile-centric approach resonates with the on-the-go nature of modern people. In addition, increasing preferences for digital gifting solutions among people with busy lifestyles and hectic working schedules is bolstering the market growth.
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).
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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 enhances loyalty among individuals by incentivizing repeat purchases.
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 segmented 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 increasing need for 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, driven by rising preferences for online shopping among individuals.
Global Digital Gift Card Market Trends:
The increasing adoption of digital gift cards via e-commerce platforms is contributing to the market growth. Digital gift cards seamlessly integrate into the e-commerce ecosystem, offering a convenient and digital-first solution that aligns with the modern behavior of individuals.
In addition, digital gift cards are equipped with various security features, such as unique codes or personal identification numbers (PINs), that benefit in lowering the risk of fraud as compared to traditional paper gift certificates. Furthermore, the increasing focus on eco-friendly gifting solutions to lower carbon footprint is supporting the market growth.
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The report on the Digital Gift Card Market 2034 adds insights into emerging trends, share analysis of prominent players with a projected forecast to understand how innovations and evolving consumer preferences will shape this dynamic market.
