Global Smart-connected Wallets Market 2017-2021

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

• Wi-Fi
• Bluetooth

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.