Digital Gift Card Market Share, Revenue, Analysis Report 2024-2032

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 Popularity of E-Commerce Platforms:

The increasing use of e-commerce platforms is impelling the growth of the market. As more people shop online for convenience and a wider range of products, digital gift cards have become a popular choice for gifting. E-commerce platforms often integrate digital gift card options, encouraging people to purchase them as gifts for others. This integration not only simplifies the gifting process but also ensures that recipients have the flexibility to choose items that match their preferences. Furthermore, many online retailers offer promotions and discounts on gift card purchases, incentivizing customers to buy more. The growing trend of online shopping is thus closely tied to the demand for digital gift cards, making them a versatile and convenient option for both personal and corporate gifting purposes.

• Increased Consumer Preference for Cashless Payments:

The shift towards cashless payments is another key factor propelling the market growth. With the rise of digital wallets and mobile payment solutions, individuals are increasingly favoring digital transactions over cash. Digital gift cards fit seamlessly into this cashless ecosystem, offering a secure and convenient payment method that can be easily stored on smartphones or other devices. This appeal is further enhanced by the growing concern over physical contact and hygiene. Additionally, digital gift cards provide flexibility and ease of use, allowing recipients to make purchases online or in-store without the need for physical cards, thus aligning with the broader trend of digital transformation in financial transactions.

• Corporate Gifting and Rewards Programs:

The increasing use of digital gift cards in the corporate sector for employee rewards and customer loyalty programs is supporting the market growth. Companies are leveraging digital gift cards as an effective tool to motivate employees, enhance engagement, and build customer loyalty. These cards offer a customizable and versatile way to reward achievements or incentivize desired behaviors, making them an attractive choice for businesses. Moreover, digital gift cards can be distributed instantly, regardless of the recipient’s location, which is particularly beneficial in a globalized business environment. This immediacy and ease of distribution are making digital gift cards a preferred option in corporate gifting strategies, contributing to their rising demand.

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:

Enhanced security features associated with digital gift cards are contributing to their growing adoption. Unlike physical gift cards that can be lost, stolen, or damaged, digital gift cards offer better security, as they are stored electronically and can be easily replaced or canceled if compromised. Many digital gift cards come with features, such as encryption, two-factor authentication, and fraud detection, providing consumers with confidence in their transactions. Additionally, digital gift cards reduce the risk of theft and unauthorized use, as they are directly linked to the email or phone number of the recipient and often require verification before use. These robust security measures make digital gift cards a safer option for both givers and recipients, increasing their attractiveness.

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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