Gift Card & Incentive Card Market Size
| 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 |
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.
Gift Card & Incentive Card Market Trends
This section covers the major market trends shaping the Gift Card & Incentive Card Market according to our research experts:
Growing E-commerce Worldwide is Driving the Adoption of Gift Cards
After the covid Pandemic, the online purchase of retail products has increased leading to the increase in e-commerce and people followed lockdown and restrictions. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. The worldwide digital population in April 2022 stands at 63 percent of the global population i.e five billion internet users worldwide.
The number of consumers who turned to online shopping increased significantly over the last 2 years because of the prolonged lockdown restriction and rising internet and smartphone penetration rate in the country. Many small businesses have started offering gift cards to make the customer loyal to their brands and bring instant cash flow to the business.
Corporate offices are looking for ways to improve employee engagement programs which have also supported the virtual gift cards market's growth. This has led to increased spending on corporate incentives such as gift cards and meal coupons over the last four to eight quarters.
Increasing adoption of smartphone is helping gift card market to grow
The number of smartphone subscriptions worldwide in 2021 surpassed 6.6 billion and is forecasted to further grow further. China, India, and the United States are the countries with the highest number of smartphone users. Around 83.37% of the world's population owns a smartphone.
The increase in smartphone penetration has led to growth in mobile commerce and rising the use to gift cards and incentive cards. Gift cards can be added by users to the app and used whenever they go shopping. It is anticipated that more of these connections will accelerate market growth.
Gift Card & Incentive Card Industry Overview
The Global Gift card and Incentive card Market is moderately Fragmented with big players dominating the market. As the market is lucrative, numerous player is aggressively growing their industry penetration in order to get a competitive advantage over others. With the growing E-commerce, growing trend of e-gifting, technological advancements, and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Some of the major players in the market include Apple Inc, Amazon, Aldo, Sodexo, and Carrefour SA.
Gift Card & Incentive Card Market Leaders
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Apple Inc
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Amazon.com Inc
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Aldi Group
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Carrefour SA
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Sodexo
*Disclaimer: Major Players sorted in no particular order
Gift Card & Incentive Card Market News
- In October 2022, InComm Payments, a leading global payments technology firm, acquired The Card Network, a domestic gift card provider. InComm Payments offers a customizable and personable gift card solution to consumers.
- In June 2022, Apple introduced a new type of gift card the"all-in-one" Apple Gift Card that can finally be purchased in Europe. It will allow customers to shop in its stores and pay for digital purchases on iTunes and the App Store.
Gift Card & Incentive Card Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Landscape
4.5 Insights on impact of technology and innovation in market
4.6 Industry Attractiveness - Porters' Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Card Type
5.1.1 Closed-Loop Card
5.1.2 Open-Loop Card
5.2 By Consumer
5.2.1 Individual
5.2.2 Corporate
5.3 By Distribution Channel
5.3.1 Online
5.3.2 Offline
5.4 By Spend Category
5.4.1 E-commerce & departmental stores
5.4.2 Restaurants & Bars
5.4.3 Supermarket
5.4.4 Hypermarket and Convenience Store
5.4.5 Entertainment & Gaming
5.4.6 Specialty Store
5.4.7 Health & Wellness
5.4.8 Travel
5.4.9 Others
5.5 By Geography
5.5.1 North America
5.5.2 South America
5.5.3 Asia-Pacific
5.5.4 Europe
5.5.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Apple Inc
6.2.2 Amazon.com Inc
6.2.3 Auchan Group SA
6.2.4 Sodexo
6.2.5 Carrefour SA
6.2.6 American Express Company
6.2.7 Walmart Inc
6.2.8 PayPal Inc
6.2.9 Blackhawk Network Holdings, Inc.
6.2.10 Aldi Group*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Gift Card & Incentive Card Industry Segmentation
The Gift Card and Incentive Card Market is Segmented By card type (Closed-loop card, open-loop card), By Consumer (Individual, Corporate), and By Distribution Channel (Online, Offline), by spend category (E-commerce & departmental stores, restaurants & bars, supermarket, hypermarket and convenience store, entertainment & gaming, specialty store, Health & wellness, travel, others) and By Region (North America, South America, Europe, Asia Pacific, Middle East & Africa). The report offers market size and forecast values for the Gift Card and Incentive Card Market in USD million for the above segments.
| By Card Type | |
| Closed-Loop Card | |
| Open-Loop Card |
| By Consumer | |
| Individual | |
| Corporate |
| By Distribution Channel | |
| Online | |
| Offline |
| By Spend Category | |
| E-commerce & departmental stores | |
| Restaurants & Bars | |
| Supermarket | |
| Hypermarket and Convenience Store | |
| Entertainment & Gaming | |
| Specialty Store | |
| Health & Wellness | |
| Travel | |
| Others |
| By Geography | |
| North America | |
| South America | |
| Asia-Pacific | |
| Europe | |
| Middle-East and Africa |
Gift Card & Incentive Card Market Research FAQs
What is the current Gift Card and Incentive Card Market size?
The Gift Card and Incentive Card Market is projected to register a CAGR of 9.5% during the forecast period (2024-2029)
Who are the key players in Gift Card and Incentive Card Market?
Apple Inc, Amazon.com Inc, Aldi Group, Carrefour SA and Sodexo are the major companies operating in the Gift Card and Incentive Card Market.
Which is the fastest growing region in Gift Card and Incentive Card Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Gift Card and Incentive Card Market?
In 2024, the North America accounts for the largest market share in Gift Card and Incentive Card Market.
What years does this Gift Card and Incentive Card Market cover?
The report covers the Gift Card and Incentive Card Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Gift Card and Incentive Card Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Gift Card and Incentive Card Industry Report
Statistics for the 2024 Gift Card and Incentive Card market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gift Card and Incentive Card analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
