Market Size of Gift Card and Incentive Card Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gift Card & Incentive Card Market Analysis
The gift card and Incentive Card Market is expected to achieve a CAGR of 9.5% during the forecast period. Despite near-term challenges in 2022, the medium to long-term growth story of gift cards in America and the Asia Pacific remains strong. The rising use of digital currency, e-commerce, and increased smartphone penetration will boost the market.
The worldwide coronavirus pandemic has accelerated the rise in the use of digital gift cards. The demand for cash alternatives has unexpectedly increased worldwide. The pandemic had a positive impact on e-commerce and the rise in e-commerce has spiked the growth of digital gift cards and Incentive cards.
The gift card and Incentive market were driven by a wide range of factors, which supported growth across retail and corporate segments such as the growth of e-commerce, increased adoption to incentivize employees working remotely, digital gifting, and initiatives undertaken by governments, hospitality, and travel industries to revive growth.
Globally, gift card companies are targeting niche areas to expand their businesses.Due to the prolonged lockdown worldwide, there has been shortage of gift products which has ultimately pushed consumers to go for digital gift cards.
