Smart wallets are essentially digitally connected wallets that can carry various payment cards and money. Enabled with connectivity to smartphones, smart wallets offer numerous features, such as tracking, detection, and locating wallets through the smartphone application. Currently, smart wallets make use of technologies such as Bluetooth, global positioning systems (GPS), near-field communication (NFC), and cellular networks, among others, to communicate with smartphones and offer other payment and alarming features. Smart wallets make use of Bluetooth technology to keep track of the distance between the user's smartphone and the wallet itself. Once the smart wallet gets out of range and loses Bluetooth connectivity, the smartphone application quickly raises the alarm, alerting the user. In addition, most of the latest smart wallets available in the market offer bi-directional connectivity, enabling tracking of the smart wallet through the smartphone and vice versa. Some of the other features offered in the latest smart wallets include the usage of a micro camera to snap a picture once the wallet is opened in theft mode. The picture clicked in this mode is immediately sent to the user's smartphone along with the current location of the smart wallet. As a result, smart wallets have provided a viable solution for users worldwide to track and locate their lost or stolen wallets. Some of the other security features include RFID blocking, which prevents the malicious reading of contactless cards stored in the wallet.
Manufacturers of smart wallets have increasingly focused on providing enhanced utility in their products while keeping the wallets small in size. For instance, numerous manufacturers have incorporated features such as power banks, pen drives, bottle openers, and other utility tools within the confined space of the wallet. As a result, the overall market has seen the introduction of smart wallets with numerous features to entice users to switch from traditional wallets to smart wallets.
The report titled "Global Smart Wallets Market: Growth, Future Prospects, and Competitive Analysis, 2021–2028" offers strategic insights into the global smart wallets market along with the market size and estimates for the duration of 2019–2028. The said research study covers an in-depth analysis of multiple market segments based on material type, sales channel, and a cross-sectional study across different geographies and sub-geographies. The study covers the comparative analysis of different segments for the years 2020 and 2028. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities. In addition, the report covers a section providing production and pricing trends in some of the major markets.
In order to help strategic decision-makers, the report also includes competitive profiling of the leading providers of smart wallets, market positioning, and key developments. Some of the major players profiled in the report are Ekster Wallets BV, Wocket (NXT-ID, Inc.), Cashew (Revol, Inc.), Walli Wearables, and Woolet.co, Volterman, and Voyager Smart (Cuir Ally).
Other in-depth analysis provided in the report includes:
Current and future market trends to justify the forthcoming attractive markets within the smart wallet industry
Market fuelers, market impediments, and their impact on market growth
in-depth competitive environment analysis
Trailing 2-year market size data (2019–2020)
Overall, the research study provides a holistic view of the global smart wallets market, offering market size and estimates for the period from 2021 to 2028, keeping in mind the above-mentioned factors.
The global smart wallets market is segmented, based on material type, into the following categories:
Metallic
Non-metallic
In terms of material type, the non-metallic segment led the overall smart wallets market in 2016. The segment held almost three-quarters of the share in the overall smart wallet market across the globe. Factors such as the continued demand for fine leather products and elegant styling have compelled smart wallet manufacturers to use such materials. In addition, the use of non-metallic materials results in a lower weight as compared to their metallic counterparts. As a result, non-metallic smart wallets have grown in popularity among consumers.
The metallic smart wallets make use of various materials, including aluminum and stainless steel, among others, to offer enhanced robustness and strength to the wallet. In addition, manufacturers use metals to produce enclosed wallets, which offer higher protection against damage from shock, water, and heat, among others. However, metallic smart wallets are used in a limited number of applications where the user could expose their wallets to such harsh conditions. Moreover, metallic wallets offer a cold and unnatural feel as compared to wallets made using leather or other fabrics, resulting in limited adoption.
The global smart wallets market has been segmented geographically into the following regions and countries:
North America
U.S.
rest of North America
Europe
U.K.
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Rest of the World (RoW)
Middle East and Africa (MEA)
Latin America
In 2020, North America represented the largest market for smart wallets in terms of revenue. The growth of the smart wallet market in the region is primarily supported by higher technological adoption and consumer awareness. In addition, most of the pioneers in the smart wallet industry are headquartered in the U.S., which has further fueled the adoption of these products. The region accounted for almost half of the overall smart wallet sales in 2020 across the world. With continued demand and technological advancements in smart wallets, the market in the North American region is expected to witness significant growth in the following years.
Europe and Asia Pacific regions trailed North America in terms of sales in the global smart wallets market. Leading markets for smart wallets in the Europe region include the UK, Germany, and France, among others. In the Asia Pacific region, countries such as Japan, China, and India offer immense growth opportunities for the smart wallet market in the future.
Frequently Asked Questions:
The market for Smart Wallets is expected to reach US$ XX Mn in 2028.
The Smart Wallets market is expected to see significant CAGR growth over the coming years,at 6.8%.
The report is forecasted from 2021-2028.
The base year of this report is 2020.
Ekster Wallets BV,Wocket (NXT-ID, Inc.),Cashew (Revol, Inc.),Walli Wearables,Woolet.co are some of the major players in the global market
