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The Princeton Review’s Company Look Back at 2024 and Look Ahead to 2025

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NEW YORK, Dec. 30, 2024 /PRNewswire/ — The Princeton Review®, one of the nation’s leading education providers, today shared its annual look back at some of the company’s key offerings over the past year and look ahead to projects in the works for the year ahead.

In 2024, more than a million people turned to The Princeton Review for education-related information and resources. Students used the company’s services and products to score their best on tests; tackle school assignments; improve their grades; research and gain admission to undergraduate, graduate, and medical schools; and maximize opportunities for scholarships and financial aid. Post-graduates used the company’s resources to upskill for career advancement as well as prepare for professional licensing exams. Parents, teachers, counselors, advisors and members of the media reached out to The Princeton Review for information on everything from its survey findings and school rankings to trending topics in education.

The Princeton Review’s services and products in 2024 included:

• Test-prep Courses. Offered for dozens of tests and regularly updated to reflect changes in the tests, The Princeton Review courses are available in various formats from live online to in-person to self-paced. Some of the most popular courses carry The Princeton Review Better Scores Money Back Guarantee. Among its courses for tests taken by college applicants—the SAT®, PSAT/NMSQT®, ACT®, and AP® subject tests—the company’s SAT 1400+  course was the most popular in 2024. Among its courses for tests taken by applicants to graduate, law, business and medical schools—the GRE®, LSAT®, GMAT®, and MCAT®—the company’s LSAT 165+ and MCAT 515+ courses were among the most popular.

The Princeton Review’s courses for professional licensing and certification exams include its USMLE® Test Pack for MD candidates taking the medical licensing exam, and its suite of resources for the NCLEX-RN® exam which is required for licensing as a Registered Nurse. These include its NCLEX-RN LiveOnline and NCLEX Self-Paced course, and its Next Gen NCLEX-RN QBank. The company also offers courses for people preparing to take the CFA® (Chartered Financial Analyst®) Level I, Level II, and Level III exams. Through a marketing partnership with Surgent Accounting & Financial Education, The Princeton Review offers exclusive discounts on Surgent’s exam reviews for the CPA® (Certified Public Accountant), CMA® (Certified Management Accountant), and CISA® (Certified Information Systems Auditor) exams.

• Tutoring. The company’s more than 3,000 trusted tutors are available in 80+ subjects online and on demand, 24/7. They provide customized learning sessions for elementary school through college level students as well as for post-grads. At the company’s Instant Homework Help hub, tutors help students tackle school assignments and improve their study habits. At the LiveOnline Academic Tutoring hub, tutors help students earn higher grades in school, prepare for tests and achieve academic goals. In 2024, the top subjects for which students requested help from the company’s tutors were: Calculus, Pre-Calculus, Algebra-based Physics, and Physics.

Admissions Counseling. The majority (80%) of students working with the company’s college admissions counselors in 2024 gained admission to at least one of their top three “dream” schools including such highly selective institutions as Harvard, MIT, and the University of Chicago. Students working with the company’s medical school admissions counselors gained admission to top medical schools in the U.S. (Duke, Harvard and Stanford among them) as well as outside of the U.S. (the University of Cambridge, the University of Melbourne, and the University of Toronto among them).

Books. The Princeton Review’s line of 150+ books, distributed by Penguin Random House, includes test-prep guides and college guides, many of which have been annually updated for more than three decades. Among those long-running titles published in 2024 were the 39th edition of The Princeton Review’s primary guide to the SAT; the 36th edition of its primary guide to the ACT; and the 33rd edition of its flagship college guide, The Best 390 Colleges. Additionally, the 32nd edition of its book Paying for College holds the distinction of being the only annually updated guide to financial aid with guidance on completing the upcoming school year’s FAFSA® (Free Application for Federal Student Aid), a form that all aid applicants must submit, and the College Board’s CSS Profile® which hundreds of selective colleges require. Other notable releases in 2024 included 575+ Practice Questions for the Digital PSAT/NMSQT  and 800+ SAT Practice Questions. Popular Princeton Review guides also hit Amazon.com bestseller lists in 2024. Among them were  Digital SAT Premium Prep and AP World History: Modern Premium Prep which were bestsellers in the College Entrance and Test Guides category, and AP Psychology Premium Prep which was #1 in the Amazon.com bestseller category Teen & Young Adult AP Study Aids New Releases.

AI Tools. Students using The Princeton Review’s award-winning generative AI-based tools AI College Admissions Essay Counseling and AI Homework Essay Feedback, which debuted in 2023, can upload essays they have written, and—within seconds—receive feedback, evaluation, and recommendations of ways to make their essays even better. (Note: These products do not write the student’s essays.) Designed with input from the company’s college admission and tutoring experts, the tools provide feedback on coherence, conciseness, grammar, spelling, punctuation, and more.

In 2024, The Princeton Review also:

• Reported school rankings in dozens of categories including its

Top Undergrad and Grad Schools to Study Game Design (March)

Best Value Colleges (June)

Best Business Schools and Best Law Schools (July)

Best Colleges (August)

Top Green Colleges (October) and

Top Undergrad and Grad Schools to Study Entrepreneurship (November).

• Conducted national education surveys including its

College Hopes & Worries 2024 Survey. Now in its 22nd year, this survey polled 10,800 college applicants and their parents in February on their application perspectives, need for financial aid, “dream” college (the school they wished they (or their child) could attend if acceptance was a given and cost was not a concern), as well as other timely issues. Among the findings: 82% of respondents overall said financial aid would be very necessary to pay for college and 73% reported high stress about their college applications. The #1 dream college among surveyed students was Harvard. The #1 dream college among surveyed parents was MIT.

College Administrator Summer 2024 Survey. Now in its 5th year, this survey polled administrators at 246 colleges in July on their fall enrollment forecasts, test policies, opinions about the revised FAFSA as well as the use of AI in college applications and admissions, and other issues. Among the findings: 75% of the administrators projected their fall 2024 enrollment to be on par with that of fall 2023; 89% reported their schools were test optional (7% said test blind; 4% said test scores were required); and 70% reported low or very low confidence that the release of the FAFSA for 2025-26 would be timely and smooth.

• Promoted mental health services on college campuses 

The Princeton Review Mental Health on College Campuses project, supported by a partnership with the Ruderman Family Foundation, began with a survey of administrators at 2,000+ colleges about the availability of mental health services and resources at their schools. The company also surveyed college students about their awareness of such services and resources on their campuses. A report on The Princeton Review Campus Mental Health Survey findings is accessible here. In October, The Princeton Review uploaded information about schools’ mental health services to 250 of its college profiles on PrincetonReview.com and named 16 schools to its Mental Health Services Honor Roll for 2025. The company also launched a content hub on its website dedicated to mental health resources. A short video on the project is viewable here.

• Provided free resources for students, parents, teachers, counselors and others

From college-night talks to test-strategy sessions to career-related webinars, The Princeton Review hosted thousands of free events in 2024. Its education experts also created dozens of videos that were uploaded to its YouTube channel. The channel’s 600+ videos feature updates on standardized tests and tips for scoring well on them as well as strategies for gaining admission to (and financial aid from) colleges and universities. In 2024, the videos that were most viewed on The Princeton Review YouTube channel were AP Exams Going Digital!, The New Digital SAT: 15 Must-Know Answers About the Test, and How to Make the Best College Decision by May 1st.

• Was referenced widely in media broadcasts and print and online features

Each year, members of the media reach out to The Princeton Review for comment, advice, and information about education issues. In 2024, the company’s Editor in Chief Rob Franek appeared on several national broadcasts including a segment on NBC TODAY on October 7th that was his 31st appearance on the show. It featured his advice for college applicants, reports on the company’s recently reported college rankings, and comments on trending issues in education. Other media sourcing Rob included: CNBC, the BBC, Teen Kids News and Voice of America. In 2024, hundreds of regional, local and niche media reported on schools that earned various Princeton Review rankings and honors. Many schools are citing these accolades now in their 2024 end-of-year retrospectives.

• Received awards and recognition

In November, two of the leading edtech publications—Campus Technology and THE Journal—honored The Princeton Review along with its affiliate,Tutor.com, naming the company’s AI-based tools for tutoring a Platinum Award-winner in their 2024 Product of the Year Awards. More information about the publications’ awards program is here.

In December, The Princeton Review reported that an effectiveness study has demonstrated that the company’s institutional SAT Prep program meets Level II requirements of the federal Every Student Succeeds Act (ESSA). An accompanying logic model demonstrated that the program is informed by high-quality research that satisfies Level IV requirements of the ESSA. The effectiveness study and logic model were completed by Instructure Research, a third-party research and evaluation group. The study and model were designed to assess student outcomes for an institutional program in which a K–12 district partnered with The Princeton Review to provide test prep for its students.

• Welcomed new executive management

In May, The Princeton Review announced that Robert (Bob) Batten, joined the company as Chief Executive Officer, and in June, it reported that Sarah Robinson, joined the company as Chief Product Officer.

Projects The Princeton Review has in the works for 2025 include:

• Updates of its courses for standardized tests. Having updated its courses for many tests that underwent major revisions in 2024 (including the SAT, GMAT, GRE, and LSAT), the company is revising its courses for the ACT and the AP subject tests to align with significant changes in the tests in 2025. In April, the “Enhanced” ACT” will officially debut with a digital option and in a shorter format. Other changes in the test are forthcoming in September. In May 2025, 28 AP Exams will transition to digital versions.

• Updated editions of many of the company’s books. The Princeton Review will publish significantly updated editions of its test-prep guides for exams referenced above that are undergoing major changes in 2025 as well as create additional resources to prepare for the new tests. The Best 391 Colleges, the 2026 edition of its annual college guide, will reveal the top colleges in 50 categories based on The Princeton Review’s surveys of nearly 170,000 college students. The 2026 edition of Paying for College will provide guidance on completing the 2026–27 FAFSA as well as updates on changes in other financial aid forms and the methodologies by which aid awards are determined.

“As The Princeton Review begins its 44th year, the mission that drove the company’s founding in 1981 remains as vital and relevant today,” said Bob Batten, Chief Executive Officer. “Our full team is dedicated to education and to helping students reach their academic and career goals. We look forward to serving even more students in 2025 and we join with all who care about them and their promising futures.”

About The Princeton Review

The Princeton Review is a leading tutoring, test prep, and college admissions services company. Every year, it helps millions of college- and graduate school–bound students as well as working professionals achieve their education and career goals through its many education services and products. These include online and in-person courses delivered by a network of more than 4,000 teachers and tutors; online resources; more than 150 print and digital books published by Penguin Random House; and dozens of categories of school rankings. Founded in 1981, The Princeton Review is now in its 44th year. The company’s Tutor.com brand, now in its 24th year, is one of the largest online tutoring services in the U.S. It comprises a community of thousands of tutors who have delivered more than 27 million tutoring sessions. The Princeton Review is headquartered in New York, NY. The Princeton Review is not affiliated with Princeton University. For more information, visit PrincetonReview.com and the company’s Media Center. Follow the company on X (formerly Twitter) @ThePrincetonRev and Instagram @theprincetonreview.

All tests are registered trademarks of their respective owners. None of the trademark holders are affiliated with The Princeton Review.

CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by The Princeton Review. CFA® and Charted Financial Analyst® are trademarks owned by CFA Institute.

FAFSA® is a registered trademark of the U.S. Department of Education.

LSAT® is a trademark registered by Law School Admission Council (LSAC) which is not affiliated with, and does not endorse, The Princeton Review.

MCAT® is a registered trademark of the Association of American Medical Colleges.

PSAT/NMSQT® is a registered trademark of the College Board and the National Merit Scholarship Corporation, which are not affiliated with,  and do not endorse, The Princeton Review or its offerings. 

SAT® and AP® are trademarks registered by the College Board, which is not affiliated with, and does not endorse, The Princeton Review or its offerings.

WEBSITE: www.princetonreview.com

 

 

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Alpha Partners Releases Third Annual List of Rising Stars in Venture for 2024

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The list honors the exceptional accomplishments of emerging venture capital professionals at the pre-partner level, highlighting their diverse expertise and impactful contributions to the industry.

NEW YORK, Jan. 6, 2025 /PRNewswire/ — At Alpha Partners, we believe that relationships drive success in the venture capital industry. The 2024 Rising Star Pre-Partner Venture Investor list celebrates the next generation of venture talent that’s driving success by fostering deeper collaboration, developing bold strategies and fresh perspectives. This initiative is completely community driven and the people below were all recognized by one or more of their peers.

The 2024 selection process built upon prior years’ successes and further expanded Alpha Partners’ network of nominators. This year, over 300 VCs from around the world were invited to nominate pre-partner peers from other funds who they believe represent the future of venture capital. The response was remarkable, with over 175 votes for 130 junior VCs from 120 different VC firms.

All nominations reflected the thoughtful recognition of pre-partner VCs whose behind-the-scenes work is pivotal to the success of their firms and their portfolio companies. Their efforts are instrumental in shaping the future of venture capital while often remaining under the radar.

“We’re thrilled to recognize this year’s Rising Stars—not just for their incredible talents, but for the way they embody the collaborative spirit that makes venture capital such a rewarding space,” said Steve Brotman, Founder and Managing Partner at Alpha Partners. “At Alpha, we’re fortunate to work with so many incredible investors, and this initiative is a small way to celebrate their contributions.”

This initiative underscores Alpha Partners’ commitment to building a collaborative and inclusive venture ecosystem. By spotlighting the up-and-coming talent, we aim to strengthen connections and celebrate the individuals who are crucial to shaping the next great companies. Alpha Partners is proud to co-invest with our fellow investors into growth stage rounds to maximize their investment upside while celebrating the talent that drives their success.

Alpha Partners extends heartfelt gratitude to everyone who participated in the nomination process. Your insights and engagement play a crucial role in spotlighting the next generation of VC leaders.

Looking ahead, we invite the venture community to join us in recognizing the industry’s future leaders by contributing nominations for the 2025 list. Nominations can be submitted by emailing the Alpha Partners team at risingstars@alphapartners.com or by completing this form. Together, we can celebrate the individuals whose work is driving the venture ecosystem forward.

And now, without further ado, we are excited to announce this year’s rising star investors.

Congratulations to you all.

The following nominees were recognized by more than one investor for their outstanding contributions to the venture capital community:

Zach Jaffe, Glasswing VenturesSakib Jamal, Crossbeam VenturesDaniel Paredes, Sierra VenturesAlexandra Burbey, Sound VenturesAndie Steinberg, Town Hall VenturesBo Berluti, RTP GlobalCarter Bourassa, Moneta VenturesMax Harrison, Remarkable VenturesRyan Peslis, Sidekick PartnersSpencer Henry, White Star CapitalTamar Vidra, Red Sea VenturesValentina Pidgaina, Vibranium

For the full list of 2024 nominees and contributing funds, find it here.

About Alpha Partners
At Alpha Partners, initiatives like the Rising Stars list are just one way we aim to support the venture community. Whether through providing resources for early-stage VCs to capitalize on their pro-rata rights, or fostering connections across our network of 1,000+ funds, Alpha Partners is dedicated to building a more inclusive and prosperous ecosystem for all.

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Magma Power’s 16th Patent Granted By the USPTO Positions It As the Leading Replacement for Nuclear Energy in Green Fuel Production

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NEW YORK, Jan. 6, 2025 /PRNewswire/ — Magma Power, LLC, the global innovator of low-cost baseload renewable energy production technology, proudly announces that it has been granted its 16th patent from the U.S. Patent and Trademark Office (USPTO). 

This patent cements Magma Power’s leadership in harnessing magma-driven energy to produce green hydrogen and green synthetic hydrocarbon fuels far more efficiently and cost-effectively than other baseload power sources like nuclear power.

The patent covers Magma Power’s innovations related to the use of magma-powered thermochemical water splitting to produce green hydrogen, a key feedstock for synthetic green gasoline, green kerosene, and other green hydrocarbons.

“This patent isn’t just a technological milestone—it’s a game changer for global energy markets,” said Levi Conner, CEO of Magma Power. “By leveraging the immense, consistent, and virtually unlimited power of magma, we’ve unlocked a path to produce synthetic green fuels at costs that will make fossil fuels obsolete. This positions Magma Power as the clean, sustainable, and scalable alternative to nuclear energy.”

How Magma Power Stands Apart From Nuclear Energy

Magma Power’s patented green fuel production methodology positions the company as a viable and superior replacement for nuclear energy in green fuel production. Key comparisons include:

Zero Waste: Unlike nuclear energy, which generates hazardous waste requiring long-term storage, Magma Power produces no such waste.Lower Costs: With magma power costing $0.01$0.04/kWh, Magma Power outpaces nuclear energy, which ranges from $0.07–$0.08/kWh.Environmental Impact: Magma Power achieves comparable lifecycle emissions to nuclear power but avoids the challenges of mine reclamation, waste storage, and power plant decommissioning.

“This is about more than cost savings,” said Richard McDonald, Chief Strategy Officer at Magma Power. “This patent gives us the ability to create sustainable energy solutions at a scale that can fundamentally change global energy markets. It’s not just a better solution—it’s the right solution for the planet.”

Potential For Synthetic Green Gasoline
Via Fischer-Tropsch At $2 Per Gallon

Magma Power, LLC estimates that its larger planned magma wells and related steam turbine power plants will be able to produce power at around 1 cent per kWh. Various studies have shown that at a 1 cent per kWh cost for baseload renewable energy, green synthetic gasoline can be produced at around $2 per gallon.

For example, Kannangara et al. modeled the production of green synthetic diesel and co-products (kerosene and naphtha) using Fischer-Tropsch Synthesis (FTS) with hydrogen sourced from a polymer electrolyte membrane (PEM) electrolyzer, where they indicated a production cost of ~$6/gal ($1.6/L) for diesel produced with an electricity cost of $30/MWh. Using the same ratio, a power cost of $10/MWh or 1 cent per kWh translates to $2 per gallon cost of green synthetic fuels.

Note that this study by Kannangara et al. was modeled using off-the-shelf PEM electrolyzers. With Magma Power’s now patented thermochemical water splitting approach available for global licensing, this production cost can be lowered even further – significantly increasing the likelihood of various production plants achieving the $2 per gallon cost for green synthetic fuels.

“Electrolyzers are an incredibly inefficient way to produce H2. Magma Power is now licensing a much better alternative: using magma-driven baseload power to drive thermochemical water splitting using a low cost iron oxide catalyst,” says McDonald.

Key Claims of Magma Power’s 16th Patent

This groundbreaking patent introduces a reaction system that uses subterranean magma reservoirs to drive the production of hydrogen and hydrocarbon fuels. The claims include:

Production of HydrocarbonsThe system injects two feed streams—carbon oxides and hydrogen—into a reaction chamber heated by magma. The result: liquid and gas hydrocarbon end-products (e.g., methane, gasoline, diesel) and water.Thermochemical Water Splitting (TWS)A novel method of hydrogen production using magma-driven heat and an iron oxide catalyst. This process eliminates the inefficiencies of traditional polymer electrolyte membrane (PEM) electrolyzers.Cost-Effective Green Fuel ProductionThe patent outlines how magma energy, estimated to be as low as $0.01/kWh when operating at scale, enables the production of green gasoline for $2 per gallon, disrupting the $1.3 trillion global gasoline market.Innovative Reaction Chamber DesignThe reaction chamber is housed in a wellbore extending into a magma reservoir. The chamber’s temperature and pressure are maintained entirely by magma heat.Separation of End ProductsThe intermediate product stream is injected into recovery equipment that separates liquid hydrocarbons, gaseous hydrocarbons, and unreacted materials, all powered by magma-driven heat.SustainabilityUnlike nuclear power, Magma Power’s system produces no nuclear waste and has lifecycle CO₂ emissions of just 15 g CO₂-eq/kWh.Scalability and Job CreationThe system is scalable, capable of being implemented globally, creating jobs, and revitalizing industries while replacing fossil fuels.

“This patent represents years of innovation and problem-solving,” said KC Conner, Founder of Magma Power and inventor of the patented magma-power thermochemical water splitting system. “Our magma-driven system offers a sustainable, scalable, and efficient solution to one of the most pressing challenges of our time—eliminating reliance on fossil fuels while making green energy affordable for everyone.”

The Bigger Vision: Disrupting the Green Fuel Market

The issuance of this patent enables Magma Power and its network of global licensees to revolutionize the green fuel market. By eliminating the inefficiencies of PEM electrolyzers and leveraging thermochemical water splitting, Magma Power and its global licensees are poised to disrupt the market with green fuels priced at approximately $2 per gallon. This would allow Magma Power and its global licensees to:

Replace traditional gasoline in the $1.3 trillion global market.Reduce reliance on fossil fuels by creating affordable, sustainable alternatives.Accelerate the transition to renewable energy, helping governments meet climate goals.

Green Energy for Industry

Magma Power’s patented technology can be applied across a range of industries, offering transformative solutions for:

AI Data Centers: As AI computing power demands soar, Magma Power’s low-cost, constant energy supply is the ideal solution for powering data centers 24/7.Bitcoin Mining: Energy-intensive bitcoin mining operations will benefit from reliable, low-cost power, enabling sustainable and profitable mining at scale.Green Fuels: Magma Power enables the production of green hydrogen, ammonia, and kerosene, providing a carbon-neutral alternative for transportation and industrial sectors.

“Magma Power is designed to address the biggest challenges in energy today—providing clean, affordable, and reliable power,” said McDonald. “What we’re offering isn’t just another renewable option—it’s a fundamental change in how industries like AI and transportation can think about energy. Our goal is simple: to deliver baseload power to the world, affordably and sustainably.”

Exclusive Licensing Opportunities Available

Magma Power is offering exclusive licensing agreements for over 1,000 identified global sites where magma power can be produced. These opportunities are ideal for industries such as AI, automotive, aviation, and maritime, all of which are seeking affordable, green energy solutions.

About Magma Power LLC:

Magma Power LLC, (visit MagmaPower.com) with headquarters in Tampa, Florida, with additional offices in New York City and Houston, is a pioneering energy technology company dedicated to developing cutting-edge solutions for harnessing renewable energy. Magma Power, LLC has secured sixteen worldwide patents covering all aspects of the production of green energy, energy-intensive manufacturing, green fuels, and other products using Magma Power™. Magma Power LLC has also filed an additional forty-plus global patents covering all aspects of magma power production, with over 1,000 patent claims pending related to this revolutionary new green energy source. Magma power is a virtually unlimited source of green, renewable, baseload energy that U.S. government researchers in the 1970s, including those at Sandia National Laboratories, concluded could meet the Earth’s energy needs for the next several thousand years. The work of Magma Power LLC has taken the initial insights from the Sandia Labs test and developed them into robust, patent-protected technology ready for commercial deployment. Given the inability of wind and solar to provide stable baseload renewable power, there is no long-term alternative to magma power for renewable energy. Magma Power is Inevitable. It’s not a question of if magma power will power the Earth – but when. Energy is civilization, and the next several thousand years of civilization will be driven by Magma Power™. 

For media inquiries, please contact:
Richard McDonald
Chief Strategy Officer
rmcdonald@magmapower.com

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Gift Card Market to Grow by USD 1.1 Billion (2024-2028), Driven by E-Commerce Growth and AI Redefining the Market Landscape – Technavio

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NEW YORK, Jan. 6, 2025 /PRNewswire/ — Report with market evolution powered by AI – The global gift card market size is estimated to grow by USD 1.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 14.46% during the forecast period. Growth of e-commerce sector is driving market growth, with a trend towards rise of open-loop gift cards. However, additional loss of money in using gift cards poses a challenge. Key market players include Alighieri, Blackhawk Network Holdings Inc., Card USA Inc, Duracard Plastic Cards, Fidelity National Information Services Inc., Fiserv Inc., FleetCor Technologies Inc., Givex Corp., Hennes and Mauritz AB, InComm Payments, JIFITI PRODUCTS, Kindcard Inc., PineLabs Pvt. Ltd., Plastek Card Solutions Inc., Runa Network Ltd., Square Inc., Tele Pak Inc., TransGate Solutions, Village Roadshow Ltd., and Yiftee Inc..

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Gift Card Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 14.46%

Market growth 2024-2028

USD 1100 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

11.01

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 40%

Key countries

US, Australia, Japan, UK, and Germany

Key companies profiled

Alighieri, Blackhawk Network Holdings Inc., Card USA Inc, Duracard Plastic Cards, Fidelity National Information Services Inc., Fiserv Inc., FleetCor Technologies Inc., Givex Corp., Hennes and Mauritz AB, InComm Payments, JIFITI PRODUCTS, Kindcard Inc., PineLabs Pvt. Ltd., Plastek Card Solutions Inc., Runa Network Ltd., Square Inc., Tele Pak Inc., TransGate Solutions, Village Roadshow Ltd., and Yiftee Inc.

Market Driver

Gift cards have become a popular trend in both physical and digital retail spaces. Prepaid cards loaded with a specific amount of money are widely used for various payments at stores, websites, restaurants, and even for experiences like travel and OTT platforms. Consumers love the convenience of gifting without the hassle of carrying cash or tangible gifts. Businesses, retailers or brands, other businesses, and corporate clients use gift cards as rewards & incentives for customer loyalty, employee engagement, and B2B sales. Digital gifting options have gained popularity among younger generations, especially Millennials and Gen Z, who prefer cashless transactions and e-commerce activities. Impacting factors include loyalty programs, customer behavior, internet penetration, and the Demonetization and Digital India initiatives. Market participants include FinTechs, PayTechs, and mobile wallets, offering digital platforms for gifting, making the process more practical, customizable, and environmentally friendly. Strategic alliances between retailers, travel companies, and content platforms like SonyLiv, Zee5, MakeMyTrip, Yatra, Cleartrip, Thomas Cook, Ola, Starbucks, Domino’s, Chaayos, and E-Commerce Market have further boosted the trend. Gift cards serve as a marketing tool for brand owners, offering tax-advantage cards, e-gifting, M-commerce, and E-commerce options. 

An increasing trend among vendors is the launch of open-loop gift cards instead of closed-loop ones. Open-loop cards, which are not limited to a specific business and are branded with payment card processors like Visa, MasterCard, and American Express, offer greater flexibility for customers. With acceptance almost everywhere, these cards have gained popularity. InComm Payments, a leading UK-based company, introduced Vanilla Go, a global open-loop gift card brand, several years ago. Continuous innovation in this segment is driving growth for vendors. 

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 Market Challenges

Gift cards have become a popular payment method for consumers during special occasions like birthdays, holidays, and other celebrations. Prepaid cards, offering an amount of money for payment at various stores, websites, restaurants, and retail establishments, have gained traction among businesses and individuals alike. For the giver, convenience is a key factor, as digital gifting options allow for instant delivery. However, challenges persist. Consumers prefer tangible gifts, and younger generations, including Millennials and Gen Z, increasingly opt for cashless transactions. Retailers and brands, other businesses, and corporate clients use gift cards as rewards & incentives, employee engagement tools, and marketing strategies. Impacting factors include loyalty programs, customer behavior, internet penetration, and the growing popularity of mobile wallets and digital platforms. In the retail sectors, travel companies, OTT platforms like SonyLiv and Zee5, and food chains such as MakeMyTrip, Yatra, Cleartrip, Ola, Starbucks, Domino’s, and Chaayos, have embraced gift cards as a strategic alliance to boost sales, cash flow, and customer loyalty. Digital services, including e-commerce marketplaces and spa services, have also seen in demand for digital gifting options. The challenges for market participants include tax-advantage cards, e-gifting, M commerce, and e-commerce, as well as the need for strategic alliances and the integration of digital cards, virtual cards, and mobile gift cards into their offerings. The impact of demetization, the Demonetization initiative, and FinTechs and PayTechs on the payment methods and customer journeys in physical retail spaces and online retail spaces continues to shape the gift card market.Gift cards offer an additional spending opportunity beyond the initial credit. However, they come with certain challenges. For instance, some cards have expiration dates, requiring users to utilize them within a specified timeframe. With busy schedules, this may result in unused funds or even the loss of the card. Additionally, gift cards are available in various denominations, leading to leftover balances after purchases. These unused amounts cannot be refunded or transferred, resulting in wasted funds. To mitigate these issues, consider digital gift cards or setting reminders for expiration dates.

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Segment Overview 

This gift card market report extensively covers market segmentation by

Type 1.1 E-gifts cards1.2 Physical gift cardsDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 E-gifts cards- E-gift cards have become a popular and convenient gifting solution in the retail sector, offering enhanced versatility and flexibility over traditional physical cards. These digital cards are instantly delivered via email, eliminating logistical barriers and serving as a suitable last-minute gifting option for consumers with busy lifestyles. The growth of e-gift cards is driven by the increasing digitalization of the retail industry and the convenience they offer to both senders and receivers. In the corporate sector, e-gift cards have gained traction as a preferred gifting option for employees, clients, and stakeholders, reducing the effort required to select personalized gifts. Vendors benefit from e-gift cards as they eliminate printing costs and can be easily integrated with their core products and services, increasing operational efficiencies. The launch of full-service gift card malls, such as TheGiftCardShop.com by InComm Payments, further simplifies the process of sending e-gifts. These factors are expected to fuel the growth of the e-gift card segment in the market during the forecast period.

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Research Analysis

Prepaid gift cards have revolutionized the way we express love, gratitude, and appreciation. These plastic or digital cards allow the recipient to use a specific amount of money for payment at various stores, websites, restaurants, and businesses. The convenience of gift cards makes them a popular choice for consumers, especially younger generations, who prefer e-gifting, M commerce, and e-commerce. Consumer behavior trends show an increasing preference for gift cards as they offer flexibility and convenience. Retail outlets, restaurants, and businesses use gift cards as a marketing tool to boost sales and customer loyalty. Strategic alliances between brands and card issuers further expand the reach of gift cards. Digital and virtual cards add to the convenience, allowing instant delivery and easy redemption. Mobile gift cards offer contactless payment options, making them a preferred choice during the pandemic. With the rise of e-commerce and m-commerce, gift cards have become an essential component of the retail landscape.

Market Research Overview

Prepaid gift cards have revolutionized the way we express love, gratitude, and appreciation. These cards allow the giver to load an amount of money onto a card, which can be used for payment at various stores, websites, restaurants, and businesses. The recipient enjoys the convenience of making cashless transactions for their purchases, especially during special occasions like birthdays, holidays, or other celebratory events. Digital gifting options have become increasingly popular among consumers, especially younger generations such as Millennials and Gen Z. With the rise of mobile wallets and digital platforms, consumers can now send digital gift cards to their loved ones online. This trend is impacting various retail sectors, including travel companies, OTT platforms like SonyLiv and Zee5, food chains such as Starbucks, Domino’s, and Chaayos, and e-commerce marketplaces. Factors like loyalty programs, customer behavior, and internet penetration are driving the growth of the gift card market. Brands and retailers use gift cards as a marketing tool to boost sales, customer engagement, and cash flow. Other businesses, including corporates and individual users, also use gift cards for B2B sales, employee engagement, and tax-advantage cards. The convenience, customizability, and practicality of gift cards make them a preferred choice for consumers. Moreover, the growing trend of e-gifting, M commerce, and strategic alliances between digital services and physical retail spaces are further expanding the market’s reach. The impact of the Digital India initiative and demonetization on e-commerce activities have also contributed to the growth of the gift card market. FinTechs and PayTechs have entered the market, offering innovative payment methods and customer journeys, making it a dynamic and exciting space to watch.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeE-gifts CardsPhysical Gift CardsDistribution ChannelOfflineOnlineGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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