What is Gift Card and Incentive Card Market?
All Digital Rewards has an in-depth offering of prepaid reward products. In the U.S., corporate clients are looking for more digital incentive cards with an immediacy factor for driving quick results which will be analyzed to sharpen marketing tactics. Growing adoption of gift card solutions and increasing e-commerce are the major factors driving the gift card and incentive card market growth. The rising importance of e-gifting can create opportunities for the market during the forecast period.
Highlights from Gift Card and Incentive Card Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Givex Corporation (Canada), American Express (United States), Qwikcilver Solutions Pvt. Ltd. (India), Blackhawk Network Holdings, Inc. (United States), First Data Corporation (United States), National Gift Card Corp. (United States), Visa Inc. (United States), Mastercard Incorporated (United States), American Express Company (United States) and PayPal Holdings Inc. (United States) |
Global Gift Card and Incentive Card is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Products. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Givex Corporation (Canada), American Express (United States), Qwikcilver Solutions Pvt. Ltd. (India), Blackhawk Network Holdings, Inc. (United States), First Data Corporation (United States), National Gift Card Corp. (United States), Visa Inc. (United States), Mastercard Incorporated (United States), American Express Company (United States) and PayPal Holdings Inc. (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are JCB Co. Ltd. (Japan), Bank of America (United States), Walmart (United States) and Google Play (United States). Gift Card and Incentive Card Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Restaurant, Gift Cards, Department Store, Merchandise and Others |
Type | Gift Card and Incentive Card |
Function | Closed Loop,Open Loop |
End-User | Corporate,Individual,Others |
Sales Channel | Online,Offline |
On the basis of geography, the market of Gift Card and Incentive Card has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Innovation in Product Offerings and Rising Number of Occasions and Growing Popularity of the Gifting and Reward Culture
Market Growth Drivers:
Growing Demand for Gift Card and Incentive Card in the Corporate Sector across the Globe and Growing Adoption Among Millennial
Challenges:
Security Related to Contactless Technology
Restraints:
Stringent Government Rules and Regulation
Opportunities:
Robust Technological and Product Development Attracting Number of Consumer and Blockchain Technology Enhancing Security Features
Key Target Audience
Gift Card and Incentive Card Manufacturers, Gift Card and Incentive Card Suppliers and Distributors, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
Market Leaders & Development Strategies
In April 2020, Rybbon, a global incentives program, came into partnership with Voxco, a leading omnichannel survey service provider and automated data collection and analytics services. This partnership promotes higher response rates to the program by giving respondents digital incentives such as e-gift cards and Visa reward cards. The incentive rewards allow employees of Voxco to optimize survey collection response rates and drive engagement with participants
All Canadian provinces have legislations passed to ban expiry dates and fees collected on gift cards. Provincial gift card legislation does not apply to sectors that are regulated under federal laws. For example, gift cards that resemble credit cards (i.e. Visa, MasterCard, or American Express branding) and phone cards are regulated by the federal government.