Smart Wallet Market Analysis - Global Industry Size, Share, Trends and Forecast 2020 - 2027

Increasing demand for smart products from consumers with enhanced safety, high spending capacity and flourishing e-commerce sector across the globe are major factors expected to drive the growth of global smart wallet market.

In 2018, U.S. clothing and clothing accessories store sales amounted to about US$ 268.2 billion. Changing consumer spending pattern and rising awareness related to data theft manufactures are focused on providing enhanced and smart accessories. Increasing use of online platform for shopping and players are focused on offering new products on online channel. Major players focused on enhancing the product portfolio through introduction of innovative solutions this is expected to boost the growth of smart wallet market.

In 2019, Ekster launched a new voice-activated smart wallet product the product has solar-powered tracking solution and RFID technology. This is expected to help the company to enhance the business and increase the revenue share.

In 2016, Cuir Ally launched luxury leather Voyager Smart Wallet in the India market. The product launch is expected to help the company to enhance the business presence in Indian market.

Tourism in developing countries is gaining traction and consumers approach towards safeguarding the financial details in order to avoid misuse this is increasing demand for smart wallets. Factors such as high cost of product and rising concern related to data theft are expected to hamper the growth of global smart wallet market. However, consumer’s acceptance towards adoption of modern accessories and introduction of innovative solution from major players are factors expected to create new opportunities for players operating in target market. In addition, increasing partnership activities in order to enhance the business is expected to support the revenue transaction of smart wallet market.

Segment Analysis by Region

North America is expected to account for major revenue share in the global smart wallet market due to increasing demand from consumer for safe and reliable wallet. Consumers are spending high in accessories and players are focused on advancing the wallets by integrating it digitally. Smart wallets are connected to the smartphones through wireless technology this aid in locating the wallets in case of loss of misplaced. Player are investing high for product development activities and introducing innovative products in order to attract new customers. Integration of RFID in wallets helps in providing data safety.  RFID in the wallets blocks the radio waves so that the card cannot be accessed. Government is spending high for the development on IT infrastructure and consumers are inclining towards use of smart products which is impacting the product offering from manufactures. Manufacturers are focused to enhancing the business through strategic acquisition this is expected to help the company to enhance the customer base and increase the revenue share which is expected to impact the growth of target market.

The market in Asia Pacific is expected to witness faster growth in the smart wallet market due to increasing demand for smart accessories from consumers. In addition, major players are focused on tracking the untapped market in developing region along with increasing focus on partnership in order to strengthen the distribution channel are factors expected to augment the growth of regional market.

Competitive Landscape      

The global smart wallet market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.

Report coverage

Smart Wallet Market Segment Analysis, 2019

The global smart wallet market is segmented into material type and sales channel. The material type segment is bifurcated into leather and metal. Among the material type the leather segment is expected to account for major revenue share in the target segment. The sales channel segment is divided into online and offline. The online sales channel segment is expected to account for significant revenue share in the global market due to high smartphone penetration and preference for e-commerce due to availability of low cost product. The players profiled in the report Ekster Wallets BV, Wocket, Cashew, Walli Wearables, Woolet.co, Volterman, and Voyager Smart.

Market Segmentation

Market By Material Type

Leather

Metal

Market By Sales Channel

Online Channel

Offline Channel

Market By Region

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa