Jun 11, 2020 (AmericaNewsHour) -- The global smart wallet market is segmented into connectivity such as Wi-Fi and Bluetooth. Among these segments, Wi-fi connected smart wallet is expected to grow at highest CAGR during the forecast period. Increasing penetration of smartphones is anticipated to aid the growth of the Wi-Fi connected smart wallet market. Further, the market is witnessing high preference for Wi-Fi enabled smart wallet among consumers. This factor is envisioned to strengthen the growth of the Wi-Fi enabled smart wallet segment.
Global smart wallet market is expected to flourish at a significant CAGR of 9.6% over the forecast period. Factors such as rising awareness about smart wallet benefits, increasing disable income and rising expenditure on smart technologies are anticipated to drive the demand for smart wallet market. Further, smart wallet market is witnessing the launch of improved and advanced smart wallet which is likely to drive the future adoption of smart wallet. Moreover, the global smart wallet market is projected to garner noteworthy revenue by the end of 2024.
In the regional segment, North America represented the largest market for smart wallet worldwide in 2016. This can be attributed to the high adoption rate of connected technologies in the region. Moreover, presence of major companies in the region is anticipated to strengthen the market of smart wallet during the forecast period. Europe is also believed to be a prominent regional market. High internet and smartphone penetration in the region is providing opportunities for the smart wallet manufacturers to develop and penetrate advanced smart wallet in the Europe market.
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Growing Adoption of Smartphone Connected Products
Increasing adoption of smartphone connected products is anticipated to drive the demand for smart wallet products during the forecast period. Further, rising penetration of smart wallets through online stores is expected to benefit the expansion of the smart wallet market.
Innovation in Smart Wallet Products
Enhancement and advances in smart wallet such as integration of advanced technologies and improved designs are expected to drive the growth of the smart wallet market in the long run. Moreover, companies are focusing on increasing business through providing additional features in smart wallet such as power bank. This factor is believed to supplement the growth of the smart wallet market.
However, availability of alternatives and high cost of smart wallets are some of the factors that are likely to inhibit the growth of the smart wallet market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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This report also provides the existing competitive scenario of some of the key players of the global smart wallet market which includes company profiling of Revol Inc., Volterman, NXT-ID Inc., Ekster Wallets BV, Walli Wearables, Woolet.co and Lucca Bozzi. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart wallet market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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