PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1539204
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1539204
India Gift Card and Incentive Card Market, By Card Type; By Consumer; By Distribution Channel; By Spend Category; By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2030
India Gift Card and Incentive Card Market Size Expands at Accelerating CAGR of 12.1% to Surpass USD 83.2 Billion
India Gift Card and Incentive Card Market is flourishing due to the thriving e-commerce sector, increasingly high adoption of smartphones, evolving consumer preferences, and skyrocketing demand for cashless solutions.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Gift Card and Incentive Card Market size by value at USD 36 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Gift Card and Incentive Card Market size to expand at a CAGR of 12.1% reaching a value of USD 83.2 billion by 2030. The Gift Card and Incentive Card in India is propelled by rich gifting traditions, the surge in digital engagement, and e-commerce growth. Gift cards are gaining traction due to their ease of use and versatility, appealing to tech-savvy millennials and Gen Z who favor cashless and personalized options. The thriving e-commerce sector enhances market potential, with companies in retail, travel, and dining offering attractive deals through gift cards. The rise of mobile payments and digital transactions further bolsters this growth trajectory.
Opportunity - Growing Trend of Corporate Gifting
Digital gift cards are surging in popularity due to their convenience and eco-friendly attributes. With 76% of consumers favoring eco-friendly options and 85% preferring personalized designs, businesses are adopting e-gift cards to enhance their corporate gifting strategies. Integration with mobile wallets has simplified usage, contributing to a 30% increase in transaction frequency. Additionally, the rise of experiential gift cards, accounting for 35% of the market, reflects a shift towards memorable experiences over material goods. These trends not only align with modern consumer preferences but also present significant opportunities for the expansion of India Gift Card and Incentive Card Market and innovations in corporate gifting solutions.
Online Segment Holds Larger Share in Indian Market
Online is a more popular distribution channel segment in India Gift Card and Incentive Card Market. The deepening penetration of internet and smartphone usage has significantly boosted online shopping, especially among younger consumers who prefer mobile transactions. The segment trend expected to drive substantial growth in digital gift cards over the coming quarters. Digital gift cards are gaining traction in industries like hospitality and spa services, with many restaurants employing them to reward loyal patrons. For businesses, gift cards serve as a strategic asset to enhance sales, achieve targets, and ensure consistent cash flow from returning customers. This market expansion is predominantly fueled by the increasing adoption of digital technologies in India.
Impact of Escalating Geopolitical Tensions on India Gift Card and Incentive Card Market
India Gift Card and Incentive Card Market may face significant challenges from intensifying geopolitical tensions across the world. Such tensions can disrupt global supply chains, affecting the availability of crucial technology and payment systems for gift card operations. Additionally, instability can lead to currency fluctuations, complicating transactions and pricing strategies. As a result, companies in this market may encounter increased costs and operational challenges, potentially causing delays and diminishing market confidence. These factors collectively constrain the growth of the Gift Card and Incentive Card Market in India.
Competitive Landscape
India Gift Card and Incentive Card Market is fragmented, with numerous players serving the market. The key players dominating India Gift Card and Incentive Card Market include EbixCash, QwikCilver, LivQuik, IGP, eVoucher India, Woohoo, Zingo, and GyFTR. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and India Gift Card and Incentive Card Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Gift Card and Incentive Card Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. India Gift Card and Incentive Card Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. E-commerce boom
- 3.2.1.2. Increased smartphone penetration
- 3.2.1.3. Shifting consumer preferences
- 3.2.1.4. Demand for cash alternatives
- 3.2.2. Restraints
- 3.2.2.1. Limited acceptance
- 3.2.2.2. Security concerns
- 3.2.3. Opportunities
- 3.2.3.1. Corporate gifting
- 3.2.3.2. Technological innovation
- 3.2.4. Challenges
- 3.2.4.1. High fees
- 3.2.4.2. Lack of transparency
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. India Gift Card and Incentive Card Market: Marketing Strategies
5. India Gift Card and Incentive Card Market: Pricing Analysis
6. India Gift Card and Incentive Card Market Overview
- 6.1. Market Size & Forecast, 2019-2030
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Card Type
- 6.2.1.1. Closed-Loop Card
- 6.2.1.2. Open-Loop Card
- 6.2.2. By Consumer
- 6.2.2.1. Individual
- 6.2.2.2. Corporate
- 6.2.3. By Distribution Channel
- 6.2.3.1. Online
- 6.2.3.2. Offline
- 6.2.4. By Spend Category
- 6.2.4.1. E-commerce & Departmental Stores
- 6.2.4.2. Restaurants & Bars
- 6.2.4.3. Supermarket
- 6.2.4.4. Hypermarket & Convenience Store
- 6.2.4.5. Entertainment & Gaming
- 6.2.4.6. Specialty Store
- 6.2.4.7. Others (Travel, Health & Wellness)
- 6.2.5. By Region
- 6.2.5.1. North India
- 6.2.5.2. South India
- 6.2.5.3. East India
- 6.2.5.4. West India
- 6.2.1. By Card Type
7. North India Gift Card and Incentive Card Market
- 7.1. Market Size & Forecast, 2019-2030
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Card Type
- 7.2.2. By Consumer
- 7.2.3. By Distribution Channel
- 7.2.4. By Spend Category
8. South India Gift Card and Incentive Card Market
- 8.1. Market Size & Forecast, 2019-2030
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Card Type
- 8.2.2. By Consumer
- 8.2.3. By Distribution Channel
- 8.2.4. By Spend Category
9. East India Gift Card and Incentive Card Market
- 9.1. Market Size & Forecast, 2019-2030
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Card Type
- 9.2.2. By Consumer
- 9.2.3. By Distribution Channel
- 9.2.4. By Spend Category
10. West India Gift Card and Incentive Card Market
- 10.1. Market Size & Forecast, 2019-2030
- 10.1.1. By Value (USD Billion)
- 10.2. Market Share & Forecast
- 10.2.1. By Card Type
- 10.2.2. By Consumer
- 10.2.3. By Distribution Channel
- 10.2.4. By Spend Category
11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. India Gift Card and Incentive Card Company Market Share Analysis, 2023
- 11.3. Competitive Benchmarking, By Operating Parameters
- 11.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
12. Impact of Escalating Geopolitical Tensions on India Gift Card and Incentive Card Market
13. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 13.1. EbixCash
- 13.2. QwikCilver
- 13.3. LivQuik
- 13.4. IGP
- 13.5. eVoucher India
- 13.6. Woohoo
- 13.7. Zingo
- 13.8. GyFTR
- 13.9. Other Prominent Players
14. Key Strategic Recommendations
15. Research Methodology
- 15.1. Qualitative Research
- 15.1.1. Primary & Secondary Research
- 15.2. Quantitative Research
- 15.3. Market Breakdown & Data Triangulation
- 15.3.1. Secondary Research
- 15.3.2. Primary Research
- 15.4. Breakdown of Primary Research Respondents, By Country
- 15.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
- Figure 1 India Gift Card and Incentive Card Segmentation
- Figure 2 India Gift Card and Incentive Card Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Figure 5 India Gift Card and Incentive Card Market Share, By Card Type, By Value, 2019-2030
- Figure 6 India Gift Card and Incentive Card Market Share, By Consumer, By Value, 2019-2030
- Figure 7 India Gift Card and Incentive Card Market Share, By Distribution Channel, By Value, 2019-2030
- Figure 8 India Gift Card and Incentive Card Market Share, By Spend Category, By Value, 2019-2030
- Figure 9 North India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Figure 10 North India Gift Card and Incentive Card Market Share, By Card Type, By Value, 2019-2030
- Figure 11 North India Gift Card and Incentive Card Market Share, By Consumer, By Value, 2019-2030
- Figure 12 North India Gift Card and Incentive Card Market Share, By Distribution Channel, By Value, 2019-2030
- Figure 13 North India Gift Card and Incentive Card Market Share, By Spend Category, By Value, 2019-2030
- Figure 14 South India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Figure 15 South India Gift Card and Incentive Card Market Share, By Card Type, By Value, 2019-2030
- Figure 16 South India Gift Card and Incentive Card Market Share, By Consumer, By Value, 2019-2030
- Figure 17 South India Gift Card and Incentive Card Market Share, By Distribution Channel, By Value, 2019-2030
- Figure 18 South India Gift Card and Incentive Card Market Share, By Spend Category, By Value, 2019-2030
- Figure 19 East India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Figure 20 East India Gift Card and Incentive Card Market Share, By Card Type, By Value, 2019-2030
- Figure 21 East India Gift Card and Incentive Card Market Share, By Consumer, By Value, 2019-2030
- Figure 22 East India Gift Card and Incentive Card Market Share, By Distribution Channel, By Value, 2019-2030
- Figure 23 East India Gift Card and Incentive Card Market Share, By Spend Category, By Value, 2019-2030
- Figure 24 West India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Figure 25 West India Gift Card and Incentive Card Market Share, By Card Type, By Value, 2019-2030
- Figure 26 West India Gift Card and Incentive Card Market Share, By Consumer, By Value, 2019-2030
- Figure 27 West India Gift Card and Incentive Card Market Share, By Distribution Channel, By Value, 2019-2030
- Figure 28 West India Gift Card and Incentive Card Market Share, By Spend Category, By Value, 2019-2030
List of Tables
- Table 1 India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Table 2 India Gift Card and Incentive Card Market Size, By Card Type, By Value, 2019-2030
- Table 3 India Gift Card and Incentive Card Market Size, By Consumer, By Value, 2019-2030
- Table 4 India Gift Card and Incentive Card Market Size, By Distribution Channel, By Value, 2019-2030
- Table 5 India Gift Card and Incentive Card Market Size, By Spend Category, By Value, 2019-2030
- Table 6 North India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Table 7 North India Gift Card and Incentive Card Market Size, By Card Type, By Value, 2019-2030
- Table 8 North India Gift Card and Incentive Card Market Size, By Consumer, By Value, 2019-2030
- Table 9 North India Gift Card and Incentive Card Market Size, By Distribution Channel, By Value, 2019-2030
- Table 10 North India Gift Card and Incentive Card Market Size, By Spend Category, By Value, 2019-2030
- Table 11 South India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Table 12 South India Gift Card and Incentive Card Market Size, By Card Type, By Value, 2019-2030
- Table 13 South India Gift Card and Incentive Card Market Size, By Consumer, By Value, 2019-2030
- Table 14 South India Gift Card and Incentive Card Market Size, By Distribution Channel, By Value, 2019-2030
- Table 15 South India Gift Card and Incentive Card Market Size, By Spend Category, By Value, 2019-2030
- Table 16 East India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Table 17 East India Gift Card and Incentive Card Market Size, By Card Type, By Value, 2019-2030
- Table 18 East India Gift Card and Incentive Card Market Size, By Consumer, By Value, 2019-2030
- Table 19 East India Gift Card and Incentive Card Market Size, By Distribution Channel, By Value, 2019-2030
- Table 20 East India Gift Card and Incentive Card Market Size, By Spend Category, By Value, 2019-2030
- Table 21 West India Gift Card and Incentive Card Market Size, By Value (USD Billion), 2019-2030
- Table 22 West India Gift Card and Incentive Card Market Size, By Card Type, By Value, 2019-2030
- Table 23 West India Gift Card and Incentive Card Market Size, By Consumer, By Value, 2019-2030
- Table 24 West India Gift Card and Incentive Card Market Size, By Distribution Channel, By Value, 2019-2030
- Table 25 West India Gift Card and Incentive Card Market Size, By Spend Category, By Value, 2019-2030
- Table 26 EbixCash Company Overview
- Table 27 EbixCash Financial Overview
- Table 28 QwikCilver Company Overview
- Table 29 QwikCilver Financial Overview
- Table 30 LivQuik Company Overview
- Table 31 LivQuik Financial Overview
- Table 32 IGP Company Overview
- Table 33 IGP Financial Overview
- Table 34 eVoucher India Company Overview
- Table 35 eVoucher India Financial Overview
- Table 36 Woohoo Company Overview
- Table 37 Woohoo Financial Overview
- Table 38 Zingo Company Overview
- Table 39 Zingo Financial Overview
- Table 40 GyFTR Company Overview
- Table 41 GyFTR Financial Overview
