Overview of the global smart-connected wallets market
Technavio’s market study identifies the ease of use through smart connectivity as one of the primary growth factors for the smart-connected wallets market. To gain a competitive advantage and incorporate technological advances, vendors in the market are incorporating various features such as Near Field Communication (NFC) technology and Radio Frequency Identification (RFID) blocking technology. The smart-connected products are specifically designed for urban consumers that are always connected to the internet, enable smartphone connectivity, and offer digital benefits such as smart payment options. Our market research analysts estimate that this market will grow steadily at a CAGR of around 9% by 2021.
The increasing security concern of debit and credit cards is identified to be one of the key trends contributing towards the growth of the smart-connected wallets market. Advances in digital and information technology have increased the scope of smart products as cash transactions have minimized due to the widespread use of debit and credit cards. Consumers are increasingly concerned about the safety of these cards as they contain all the personal and bank information in a microchip. Smart wallet vendors are incorporating smart features such as wallet tracking, biometric identification, and virtual transactions to attract wider target base.
Competitive landscape and key vendors
Owing to presence of few established international and regional players the smart-connected wallets market appears to be highly consolidated. Major wallet vendors are competing based on product differentiation, pricing, product portfolios, augmented product benefits, and product quality. Vendors have the need to develop new product-manufacturing techniques and develop new products to remain competitive in the smart wallet market.
The leading vendors in the market are -
- Ekster Wallets
- NXT-ID
- Revol
- Walli Wearables
- WOOLET.CO
The other prominent vendor in the market is Volterman.
Segmentation by connectivity and analysis of the smart-connected wallets market
Owing to the high smartphone adoption and high Internet penetration, Wi-Fi enabled smart connected wallets are increasingly preferred by the consumers to connect to the Internet and other devices through Wi-Fi using mobile applications. Developed countries such as North America and Europe are the primary consumers contributing to the growth of the smart wallet market in this segment.
Geographical segmentation and analysis of the smart-connected wallets market
- APAC
- Europe
- North America
- ROW
North America is witnessing a growing number of start-ups that offer innovative smart-connected wallets through online and offline distribution channels. The increasing purchasing power, the growing disposable income, and the high Internet penetration and smartphone adoption, will contribute to the growth of the smart wallet market in North America.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global smart-connected wallets market?
- What are the key market trends impacting the growth of the global smart-connected wallets market?
- What are the challenges to market growth?
- Who are the key vendors in the global smart-connected wallets market?
- What are the market opportunities and threats faced by the vendors in the global smart-connected wallets market?
- Trending factors influencing the market shares of the APAC, Europe, North America, and ROW.
- What are the key outcomes of the five forces analysis of the global smart-connected wallets market?
Technavio also offers customization on reports based on specific client requirement.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
- Global smart-connected wallets market
- Five forces analysis
PART 06: Market segmentation by distribution channel
- Global smart-connected wallets market by distribution channel
- Global smart-connected wallets market through the offline distribution channel
- Global smart-connected wallets market through the online distribution channel
PART 07: Market segmentation by connectivity
- Global smart-connected wallets market by connectivity
- Global Wi-Fi smart-connected wallets market
- Global Bluetooth smart-connected wallets market
PART 08: Geographical segmentation
- Global smart-connected wallets market by geography
- Smart-connected wallets market in North America
- Smart-connected wallets market in Europe
- Smart-connected wallets market in APAC
- Smart-connected wallets market in ROW
PART 09: Key leading countries
- Global smart-connected wallets market
- US
- Japan
- Germany
- UK
PART 10: Decision framework
PART 11: Drivers and challenges
- Market drivers
- Market challenges
PART 12: Market trends
- Growing omnichannel retailing
- Increasing security concern over debit and credit cards
- Technology advances streamlining manufacturing processes
PART 13: Vendor landscape
- Competitive scenario
- Competitive strategies
PART 14: Key vendor analysis
- Ekster Wallets
- NXT-ID
- Revol
- Walli Wearables
- WOOLET.CO
- Other prominent vendor
PART 15: Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape