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Global Sales of Gift Cards Poised to Reach US$ 698.2 Bn by End of 2024
Instances where consumers seek alternatives to cash for buying goods will continue to be on a rise in the future. Considering that many people will explore such options, leading retail and banking organizations are offering their customers or members prepaid stored-value money cards, which are commonly called as gift cards. Persistence Market Research, thus, expects the demand for gift cards to witness a considerable upsurge in the years to come. According to its latest report, Persistence Market Research estimates that by the end of 2024, around US$ 698 Bn worth of gift cards will be sold across the globe.
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The global gift cards market, which is valued just over US$ 307 Bn at present, will progress at an impressive 10.8% CAGR during the forecast period, 2016-2024. Key findings from the report, titled “Gift Card Market: Global Industry Analysis and Forecast, 2016-2024,” indicate that demand for gift cards is expected to gain traction in the corporate sector. The world’s corporate setting has actively adopted gift cards as an incentive to employees for their credible performances. The demand for gift cards is further propelled rising proliferation of mobile phones and smartphones. Innovative features in gift cards are also responsible in driving their sales, especially among young demographics. Moreover, rise in number of e-commerce platforms are also expected to boost global sales of gift cards. E-tailing giants such as Amazon.com Inc. and BestBuyCo. Inc. are observed among the world’s leading providers of closed-loop gift cards. In 2016, more than US$ 20 Bn worth of global revenues were amassed from e-Gifting. The report projects that by the end of 2024, global revenues arising from sales of e-Gifting or digital gift cards will grow at a staggering CAGR of 20.7%. Download Report Table of Content, Figures, and Tables @
http://www.persistencemarketresearch.com/market-research/gift-card-market/toc
Nevertheless, the global gift cards market is anticipated to be dominated by brimming sales of universally-accepted open loop gift cards. While the demand for restaurant closed loop gift cards, retail closed loop gift cards and miscellaneous closed loop gift cards witnesses a decline, universally-accepted open loop gift cards will register a value CAGR of 12.1%. Blackhawk Network Holdings, Inc., Edge Loyalty Systems Pty. Ltd., Gyft, InComm, and National Gift Card Corp., QwikCliver Solutions are leading companies offering open loop gift cards. Other key players in the global gift cards market are Apple Inc., Starbucks Corporation, Target Corporation, and Wal-mart Stores, Inc. The report has also fragmented the market’s growth on basis of merchants. Close to 60% of global gift card revenues during the forecast period are projected to be accounted by restaurant and department store merchants. Likewise, growth of global gift cards market will remain largely concentrated in Asia-Pacific. In 2016, North America has been observed to dominate the global gift cards market, but the region will witness a steep decline towards the end of 2024. Asia-Pacific will emerge as the largest market for gift cards, procuring one-third share in terms of global revenues. Europe’s gift cards market will also grow robustly, exhibiting revenue growth at 11.7% CAGR. Browse Complete Report @ http://www.persistencemarketresearch.com/market-research/gift-
card-market.asp
About Us: Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes. Our offerings include pre-built reports that address every major sale, customized solutions to cater to client-specific needs, and consulting services to offer more value addition. Our next-generation research approach for exploring emerging technologies has allowed us to solve the most complex problems of clients. We do not follow a reactive approach, but a pro-active one. Expert analysts at PMR keep a tab on next-generation technologies in their R&D phase and provide the latest insights into these technologies when they are being commercialized. Our ground-breaking approach allows us to deliver market solutions before the technologies reach the market. Our client success stories feature a range of clients from Fortune 500 companies to fast-growing startups. PMR’s collaborative environment is committed to building industry-specific solutions by transforming data from multiple streams into a strategic asset.
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