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Global Smart-Connected Wallets Market to Exhibit 9% CAGR from 2017 to 2021

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Global Smart-Connected Wallets Market to Exhibit 9% CAGR from 2017 to 2021

October 11
11:54 2017

The report states that the market will chiefly benefit from the rising consumer confidence regarding smart-connected wallets and the ease of use that these wallets provide. The market is expected to expand at a promising pace also owing to the rising population of urban dwellers and the rising rate of digitization in urban settings, the increased usage of smartphones, and rapidly expanding network of internet across the globe.

While the market has mostly positive growth opportunities, its growth prospects are expected to be dampened to a certain extent owing to certain factors. One of the key challenges faced by the global smart-connected wallets market is the need for seamless connectivity for properly exploiting the many benefits of smart-connected wallets, which could discourage some users from turning to these smart-connected wallets.

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Nevertheless, the vast advancements observed in digital and information technologies in the past few years have upped the scope of adoption of smart products. Internet connectivity is rapidly expanding across emerging as well as less-developed countries and consumers have started using debit and credit cards instead of cash for monetary transactions. With the global consumer mostly preferring transactions through their debit or credit cards, the use of technological advancements in wallets that carry debit/credit cards can help the consumer track their wallets, ensure the safety of cards by adding to the wallet biometric identification compatibility, and other numerous features.

The report segments the market on the basis of type of connectivity technology incorporated in smart-connected wallets into Bluetooth and Wi-Fi. Of these, the segment of Wi-Fi enabled smart-connected wallets accounts for the dominant share of the market owing to the high rate of internet penetration and the vast base of smartphone users. Wi-Fi enabled smart-connected wallets allow the consumers to connect to the internet using mobile applications. Developed economies such as Europe and North America are presently the leading consumers of smart-connected wallets with the Wi-Fi technology.

From a geographical standpoint, the global smart-connected wallets market has been segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, the market in North America is presently the most promising regional market owing to the rising numbers of start-up companies offering a variety of smart-connected wallets through offline as well as online distribution channels. Factors such as the rising disposable incomes, high rate of penetration of the internet, and a high share of population using smartphones are also expected to contribute to the overall growth prospects of the North America smart-connected wallets market in the near future.

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So as to gain a competitive advantage amid the rising level of competitive rivalry in the market, companies are increasingly introducing products with advanced features such as near field communication (NFC) and radio frequency identification (RFID) blocking technologies. The market is highly consolidated owing to the presence of a handful of established regional and global vendors. Leading wallet companies compete on the basis of criteria such as product portfolio, pricing, product differentiation, product quality, and augmented benefits of the products. To gain sustainable returns in the market, companies need to develop innovative products and develop more effective product development techniques.

Some of the leading companies in the market are Walli Wearables, Volterman, NXT-ID, Ekster Wallets, WOOLET.CO, and Revol.

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