Market Overview:
The Global Smart Wallet Market Size Was Valued at USD 173.62 Million In 2022 And Is Projected to Reach USD 427.52 Million By 2030, Growing at A CAGR of 6.73% From 2023 To 2030.
A smart wallet is a type of wallet that can be connected to a smartphone, enabling users to safeguard their cash and credit/debit cards from theft. Additionally, these wallets often have advanced features like GPS tracking, built-in power banks, Wi-Fi hotspots, and thief detection cameras. The market for smart wallets is growing rapidly, partly due to the rising popularity of contactless payments, which eliminate the need to carry cash or cards all day long, improving safety and convenience. The increasing number of smartphone users and the need for enhanced security.in developing countries, the increasing trend of urbanization and consumption is encouraging the adoption of modern methods for everyday activities like transportation, banking, food shopping, and healthcare. This shift in lifestyle is creating a demand for smart wallets that are connected to mobile devices. some smart wallets also come with biometric authentication, allowing users to access their wallets using their fingerprint or facial recognition. These advanced security features provide peace of mind to users, knowing that their personal information and valuables are protected.
Top Key Players Covered In The Smart Wallet Market:
- Ekster Wallets (Netherlands)
- REVOL INC (US)
- WOOLET.CO (Poland)
- NXT-ID (US)
- Walli Wearables (France)
- Volterman (UK), And Other Major Players.
Market Dynamics and Factors:
The Global Smart Wallet Market is being driven by several factors, including the increased need for novel and advanced technologies, the worldwide smart wallet industry is experiencing substantial expansion. increasing adoption of contactless payments, the growing number of smartphone users, and the need for enhanced security. The demand for smart wallets is also increasing due to the shift towards urbanization and consumption in developing countries, which is driving the adoption of modern lifestyle methods and creating a demand for smart linked wallets. the COVID-19 pandemic has accelerated the growth of the smart wallet market. The fear of contamination from cash and credit/debit cards has prompted consumers to switch to contactless payment methods, leading to increased demand for smart wallets.
The Global Smart Wallet Market offers several opportunities for growth, including the increasing popularity of mobile payments and e-commerce. The development of new technologies like biometrics, blockchain, and artificial intelligence also provides opportunities for innovation in the smart wallet market. The growing trend of sustainable and eco-friendly products is another opportunity for manufacturers to develop environmentally friendly smart wallets, attracting environmentally conscious consumers. Furthermore, partnerships and collaborations between smart wallet manufacturers and financial institutions provide opportunities for market expansion.
The Smart Wallet Market Report Highlight:
- By Type, the Wireless Charging segment is anticipated to lead the growth of the Smart Wallet market in the forecasted timeframe. Currently, numerous high-end smartphone manufacturers are introducing wireless charging capabilities.
- By Connectivity, the WiFi segment is expected to have the highest share of the Smart Wallet market over the projected period. due to the increasing demand for connectivity and the need for real-time tracking and monitoring of smart wallets.
- By Distribution Channel, the Online store segment is anticipated to lead the growth of the Smart Wallet market in the forecasted timeframe. Because the online store is the most preferred channel to sell smart wallet-like products.
- The North American region is expected to have the highest share of the Smart Wallet market over the projected period. Rising disposable income levels and increased demand for luxury items are expected to drive the smart wallet market in this region.
Key Industry Development:
In May 2023, Amazon launches its first smart wallet, the Halo Rise: This fabric-clad wallet features Qi wireless charging for compatible devices like earbuds and fitness trackers. It also integrates with the Amazon Alexa voice assistant for hands-free tasks.
In January 2023, Samsung unveils Galaxy SmartTag Wallet: This sleek accessory attaches to your wallet or other belongings and uses Bluetooth Low Energy (BLE) for tracking. It integrates with the SmartThings ecosystem, allowing location alerts and even triggering smart home routines when nearby.
Smart Wallet Market Segmentation:
By Type
- Wireless Charging
- Wired Charging
By Connectivity
- Wi-Fi
- Bluetooth
By Distribution Channel
- Online Store
- Offline Store
For this report, Introspective Market Research has segmented the Smart Wallet Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
- Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
