Smart Wallet Market Overview

Global Smart Wallet Market Size Was Valued at USD 253.89 Million In 2021, And Is Projected to Reach USD 400.28 Million By 2028, Growing at A CAGR of 6.72% From 2022 To 2028.

A smart wallet refers to a smartphone-connected wallet that allows users to protect cash and credit & debit cards from theft. The smart wallet also allows user to track their wallet through GPS tracking. Apart from these features, many smart wallets also offer a built-in power bank, Wi-Fi hotspot, thief detection camera, and other advanced features. The increasing adoption of contactless payments is also one of the major drivers of this market's growth, as it eliminates the need to carry cash or cards with you all day long, which can be inconvenient and unsafe in certain situations. The increasing number of smartphone users and the growing need for security are some of the factors driving the growth of this market.  Amplified urbanization, along with consumption, is contributing to the adoption of contemporary methods of everyday functioning in developing countries. This covers transportation, banking, food shopping, and even healthcare. In emerging nations, such lifestyle changes are driving the demand for smart linked wallets.

Dynamics And Factors Of Smart Wallet Market

Drivers:

The Need For Technology-Aided Features And High Disposable Income Are The Drivers For Smart Wallet Market

Because of the increased need for novel and advanced technologies, the worldwide smart wallet industry is experiencing substantial expansion. In addition, the market's growth is being aided by the increased acceptance of contactless payments. Other factors driving the market's growth include rising demand for multifunctional wallets and an increase in the number of start-ups. The expensive cost of hardware and lack of understanding regarding smart wallets, however, is limiting the market's growth. This is because smart wallets are becoming more popular in these areas. Moreover, the global smart wallet market is predicted to rise significantly in the Asia Pacific and Middle East & Africa regions over the forecast period.

Restraints:

High Prices In The Smart Wallet Market Restrain The Growth Of The Market

Smart wallets come with RFID, WiFi, Bluetooth, and an in-built portable charger which increases the pricing of the product. Normal wallet costs between USD 5 to 20 in a retail store as well as online. Therefore, in comparison with a normal wallet, technology-abled wallets cost more between USD 70-150 which can be considered a high-priced product. In a developing country, where spending capacity is limited, products like smart wallet have less frequency to purchase which impede the growth of the market.

Opportunities

IoT Quipped Smart Wallet Presents A Potential Future Opportunity In The Market

IoT-based devices are flourishing in the market since the technology advancement captured the multi-industry opportunity. Contactless payment is an apt example of IoT technology integration. Currently, smart wallet integrates WiFi, Bluetooth, Wireless charging as well as GPS tracking. In that regard, IoT embedded smart wallets possess a bright opportunity for the growth of the market.

Segmentation Analysis Of Smart Wallet Market

By Type, Wireless Charging is expected to be dominating in the Smart Wallet Market. Nowadays, many smartphone manufacturers are coming up with wireless charging facilities for the high-end phone segment. The New Smart wallet comes with a built-in power bank that can charge the phone wirelessly.  Volterman is a leading provider of smart wallets with integrated phone chargers. There is a certain demand for such products from high-earning individuals who spend largely on products like smart wallets which drives the market growth.

By Connectivity, the WiFi segment dominates the Smart Wallet Market. The Smart Wallet is a piece of technology that includes a memory bank with an internal capacity of 64 gigabytes that may be used for file storage when connected to your WiFi via the Volterman hotspot. File transfers, file completion checks, and other tasks are substantially faster when done via WiFi, which is why the hotspot is so useful. Also, these smart wallets now have access to the memory card with the same permissions as a local phone, allowing them to create, rename, and remove folders and files in the same way as a file manager with WiFi.

By Distribution Channel, the Online store is dominating the Smart Wallet Market.  The online store is the most preferred channel to sell smart wallet-like products. A smart wallet is a fairly new concept and has a very limited customer base. To the growth of the market and maintain profitability by reducing possible overheads such as brick and mortar expenses, operational costs, and employees’ salaries. These new startups avoid such additional expenses by setting up an online business. Also, since the pandemic, a large customer base shifted to a digital platform for general shopping purposes. Therefore, the online store segment is expected to grow substantially during the forecasted period.

Regional Analysis Of Smart Wallet Market

North America dominates the Smart Wallet Market. Consumers' increasing use of technologically improved products and services can be credited to this region's growth. Furthermore, rising disposable income levels and increased demand for luxury items are expected to drive the smart wallet market in this region forward. Because of the fast adoption of new technologies, the market in North America is expected to increase significantly. Because of the prospective demand, smart wallet manufacturers are concentrating their efforts on this area. Furthermore, increased disposable income and customer preference for trendy products are expected to promote market expansion during the projection period.

Europe Market expected to grow substantially using forecasted period. Europe is the hub for fashion accessories and utility developments. It is also an opportune region for big fashion brands as well as smaller startup companies that integrate fashion and utility accessories with technology. Smart wallet-like products are the key attraction in the exhibitions, fashion shows, and other platforms which are fairly active in the region. The adoption of these new technologically advanced products is high compared to other regions which makes the potent market for the growth of the smart wallet market.

COVID-19 Impact Analysis On Smart Wallet Market

The COVID-19 pandemic has had devastating effects on several industry verticals globally. To constrain the number of cases and slow the coronavirus spread, various public health guidelines were implemented in different countries across the globe. COVID-19 protocols range from declaring national emergency states, enforcing stay-at-home orders, closing nonessential business operations and schools, banning public gatherings, imposing curfews, distributing digital passes, and allowing police to restrict citizen movements within a country, as well as closing international borders. The ability of Robo advisers to minimize irrational behavior and bad & impulsive decision-making during a pandemic contributes significantly to the worldwide market's growth. With the growing vaccination rate, governments are uplifting the protocols to give a boost to the stagnant economy. Like other industries, Smart Wallet Market has experienced slow down growth, however, the market is expected to bounce back as restrictions are being lifted by governments across the globe. 

Top Key Players Analyzed In Smart Wallet Market

• Ekster Wallets
• REVOL INC
• WOOLET.CO
• NXT-ID
• Walli Wearables
• Volterman and other major palyers.

Key Industry Developments in the Smart Wallet Market

October 2021, the New launch of Tags Mate's AirTag Smart Wallet integrates Apple's AirTag encryption with the sleek look of a credit cardholder.

In March 2020 Ekster unveiled the world's first voice-activated smart wallet, a wallet that has quick card access, RFID blocking, and Crowd-GPS monitoring, all wrapped in ecologically friendly leather.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Type
 3.2 By Connectivity
 3.3 By Distribution Channel

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Smart Wallet Market by Type
 5.1 Smart Wallet Market Overview Snapshot and Growth Engine
 5.2 Smart Wallet Market Overview
 5.3 Wireless Charging
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Wireless Charging: Grographic Segmentation
 5.4 Wired Charging
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Wired Charging: Grographic Segmentation

Chapter 6: Smart Wallet Market by Connectivity
 6.1 Smart Wallet Market Overview Snapshot and Growth Engine
 6.2 Smart Wallet Market Overview
 6.3 Wi-Fi
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Wi-Fi: Grographic Segmentation
 6.4 Bluetooth
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Bluetooth: Grographic Segmentation

Chapter 7: Smart Wallet Market by Distribution Channel
 7.1 Smart Wallet Market Overview Snapshot and Growth Engine
 7.2 Smart Wallet Market Overview
 7.3 Online Store
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size (2016-2028F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Online Store: Grographic Segmentation
 7.4 Offline Store
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size (2016-2028F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Offline Store: Grographic Segmentation

Chapter 8: Company Profiles and Competitive Analysis
 8.1 Competitive Landscape
  8.1.1 Competitive Positioning
  8.1.2 Smart Wallet Sales and Market Share By Players
  8.1.3 Industry BCG Matrix
  8.1.4 Ansoff Matrix
  8.1.5 Smart Wallet Industry Concentration Ratio (CR5 and HHI)
  8.1.6 Top 5 Smart Wallet Players Market Share
  8.1.7 Mergers and Acquisitions
  8.1.8 Business Strategies By Top Players
 8.2 EKSTER WALLETS
  8.2.1 Company Overview
  8.2.2 Key Executives
  8.2.3 Company Snapshot
  8.2.4 Operating Business Segments
  8.2.5 Product Portfolio
  8.2.6 Business Performance
  8.2.7 Key Strategic Moves and Recent Developments
  8.2.8 SWOT Analysis
 8.3 REVOL INC.
 8.4 WOOLET.CO
 8.5 NXT-ID
 8.6 WALLI WEARABLES
 8.7 VOLTERMAN
 8.8 OTHER MAJOR PLAYERS

Chapter 9: Global Smart Wallet Market Analysis, Insights and Forecast, 2016-2028
 9.1 Market Overview
 9.2 Historic and Forecasted Market Size By Type
  9.2.1 Wireless Charging
  9.2.2 Wired Charging
 9.3 Historic and Forecasted Market Size By Connectivity
  9.3.1 Wi-Fi
  9.3.2 Bluetooth
 9.4 Historic and Forecasted Market Size By Distribution Channel
  9.4.1 Online Store
  9.4.2 Offline Store

Chapter 10: North America Smart Wallet Market Analysis, Insights and Forecast, 2016-2028
 10.1 Key Market Trends, Growth Factors and Opportunities
 10.2 Impact of Covid-19
 10.3 Key Players
 10.4 Key Market Trends, Growth Factors and Opportunities
 10.4 Historic and Forecasted Market Size By Type
  10.4.1 Wireless Charging
  10.4.2 Wired Charging
 10.5 Historic and Forecasted Market Size By Connectivity
  10.5.1 Wi-Fi
  10.5.2 Bluetooth
 10.6 Historic and Forecasted Market Size By Distribution Channel
  10.6.1 Online Store
  10.6.2 Offline Store
 10.7 Historic and Forecast Market Size by Country
  10.7.1 U.S.
  10.7.2 Canada
  10.7.3 Mexico

Chapter 11: Europe Smart Wallet Market Analysis, Insights and Forecast, 2016-2028
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Type
  11.4.1 Wireless Charging
  11.4.2 Wired Charging
 11.5 Historic and Forecasted Market Size By Connectivity
  11.5.1 Wi-Fi
  11.5.2 Bluetooth
 11.6 Historic and Forecasted Market Size By Distribution Channel
  11.6.1 Online Store
  11.6.2 Offline Store
 11.7 Historic and Forecast Market Size by Country
  11.7.1 Germany
  11.7.2 U.K.
  11.7.3 France
  11.7.4 Italy
  11.7.5 Russia
  11.7.6 Spain
  11.7.7 Rest of Europe

Chapter 12: Asia-Pacific Smart Wallet Market Analysis, Insights and Forecast, 2016-2028
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Type
  12.4.1 Wireless Charging
  12.4.2 Wired Charging
 12.5 Historic and Forecasted Market Size By Connectivity
  12.5.1 Wi-Fi
  12.5.2 Bluetooth
 12.6 Historic and Forecasted Market Size By Distribution Channel
  12.6.1 Online Store
  12.6.2 Offline Store
 12.7 Historic and Forecast Market Size by Country
  12.7.1 China
  12.7.2 India
  12.7.3 Japan
  12.7.4 Singapore
  12.7.5 Australia
  12.7.6 New Zealand
  12.7.7 Rest of APAC

Chapter 13: Middle East & Africa Smart Wallet Market Analysis, Insights and Forecast, 2016-2028
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Type
  13.4.1 Wireless Charging
  13.4.2 Wired Charging
 13.5 Historic and Forecasted Market Size By Connectivity
  13.5.1 Wi-Fi
  13.5.2 Bluetooth
 13.6 Historic and Forecasted Market Size By Distribution Channel
  13.6.1 Online Store
  13.6.2 Offline Store
 13.7 Historic and Forecast Market Size by Country
  13.7.1 Turkey
  13.7.2 Saudi Arabia
  13.7.3 Iran
  13.7.4 UAE
  13.7.5 Africa
  13.7.6 Rest of MEA

Chapter 14: South America Smart Wallet Market Analysis, Insights and Forecast, 2016-2028
 14.1 Key Market Trends, Growth Factors and Opportunities
 14.2 Impact of Covid-19
 14.3 Key Players
 14.4 Key Market Trends, Growth Factors and Opportunities
 14.4 Historic and Forecasted Market Size By Type
  14.4.1 Wireless Charging
  14.4.2 Wired Charging
 14.5 Historic and Forecasted Market Size By Connectivity
  14.5.1 Wi-Fi
  14.5.2 Bluetooth
 14.6 Historic and Forecasted Market Size By Distribution Channel
  14.6.1 Online Store
  14.6.2 Offline Store
 14.7 Historic and Forecast Market Size by Country
  14.7.1 Brazil
  14.7.2 Argentina
  14.7.3 Rest of SA

Chapter 15 Investment Analysis

Chapter 16 Analyst Viewpoint and Conclusion

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. SMART WALLET MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. SMART WALLET MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. SMART WALLET MARKET COMPETITIVE RIVALRY
TABLE 005. SMART WALLET MARKET THREAT OF NEW ENTRANTS
TABLE 006. SMART WALLET MARKET THREAT OF SUBSTITUTES
TABLE 007. SMART WALLET MARKET BY TYPE
TABLE 008. WIRELESS CHARGING MARKET OVERVIEW (2016-2028)
TABLE 009. WIRED CHARGING MARKET OVERVIEW (2016-2028)
TABLE 010. SMART WALLET MARKET BY CONNECTIVITY
TABLE 011. WI-FI MARKET OVERVIEW (2016-2028)
TABLE 012. BLUETOOTH MARKET OVERVIEW (2016-2028)
TABLE 013. SMART WALLET MARKET BY DISTRIBUTION CHANNEL
TABLE 014. ONLINE STORE MARKET OVERVIEW (2016-2028)
TABLE 015. OFFLINE STORE MARKET OVERVIEW (2016-2028)
TABLE 016. NORTH AMERICA SMART WALLET MARKET, BY TYPE (2016-2028)
TABLE 017. NORTH AMERICA SMART WALLET MARKET, BY CONNECTIVITY (2016-2028)
TABLE 018. NORTH AMERICA SMART WALLET MARKET, BY DISTRIBUTION CHANNEL (2016-2028)
TABLE 019. N SMART WALLET MARKET, BY COUNTRY (2016-2028)
TABLE 020. EUROPE SMART WALLET MARKET, BY TYPE (2016-2028)
TABLE 021. EUROPE SMART WALLET MARKET, BY CONNECTIVITY (2016-2028)
TABLE 022. EUROPE SMART WALLET MARKET, BY DISTRIBUTION CHANNEL (2016-2028)
TABLE 023. SMART WALLET MARKET, BY COUNTRY (2016-2028)
TABLE 024. ASIA PACIFIC SMART WALLET MARKET, BY TYPE (2016-2028)
TABLE 025. ASIA PACIFIC SMART WALLET MARKET, BY CONNECTIVITY (2016-2028)
TABLE 026. ASIA PACIFIC SMART WALLET MARKET, BY DISTRIBUTION CHANNEL (2016-2028)
TABLE 027. SMART WALLET MARKET, BY COUNTRY (2016-2028)
TABLE 028. MIDDLE EAST & AFRICA SMART WALLET MARKET, BY TYPE (2016-2028)
TABLE 029. MIDDLE EAST & AFRICA SMART WALLET MARKET, BY CONNECTIVITY (2016-2028)
TABLE 030. MIDDLE EAST & AFRICA SMART WALLET MARKET, BY DISTRIBUTION CHANNEL (2016-2028)
TABLE 031. SMART WALLET MARKET, BY COUNTRY (2016-2028)
TABLE 032. SOUTH AMERICA SMART WALLET MARKET, BY TYPE (2016-2028)
TABLE 033. SOUTH AMERICA SMART WALLET MARKET, BY CONNECTIVITY (2016-2028)
TABLE 034. SOUTH AMERICA SMART WALLET MARKET, BY DISTRIBUTION CHANNEL (2016-2028)
TABLE 035. SMART WALLET MARKET, BY COUNTRY (2016-2028)
TABLE 036. EKSTER WALLETS: SNAPSHOT
TABLE 037. EKSTER WALLETS: BUSINESS PERFORMANCE
TABLE 038. EKSTER WALLETS: PRODUCT PORTFOLIO
TABLE 039. EKSTER WALLETS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 039. REVOL INC.: SNAPSHOT
TABLE 040. REVOL INC.: BUSINESS PERFORMANCE
TABLE 041. REVOL INC.: PRODUCT PORTFOLIO
TABLE 042. REVOL INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 042. WOOLET.CO: SNAPSHOT
TABLE 043. WOOLET.CO: BUSINESS PERFORMANCE
TABLE 044. WOOLET.CO: PRODUCT PORTFOLIO
TABLE 045. WOOLET.CO: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 045. NXT-ID: SNAPSHOT
TABLE 046. NXT-ID: BUSINESS PERFORMANCE
TABLE 047. NXT-ID: PRODUCT PORTFOLIO
TABLE 048. NXT-ID: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 048. WALLI WEARABLES: SNAPSHOT
TABLE 049. WALLI WEARABLES: BUSINESS PERFORMANCE
TABLE 050. WALLI WEARABLES: PRODUCT PORTFOLIO
TABLE 051. WALLI WEARABLES: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 051. VOLTERMAN: SNAPSHOT
TABLE 052. VOLTERMAN: BUSINESS PERFORMANCE
TABLE 053. VOLTERMAN: PRODUCT PORTFOLIO
TABLE 054. VOLTERMAN: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 054. OTHER MAJOR PLAYERS: SNAPSHOT
TABLE 055. OTHER MAJOR PLAYERS: BUSINESS PERFORMANCE
TABLE 056. OTHER MAJOR PLAYERS: PRODUCT PORTFOLIO
TABLE 057. OTHER MAJOR PLAYERS: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. SMART WALLET MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. SMART WALLET MARKET OVERVIEW BY TYPE
FIGURE 012. WIRELESS CHARGING MARKET OVERVIEW (2016-2028)
FIGURE 013. WIRED CHARGING MARKET OVERVIEW (2016-2028)
FIGURE 014. SMART WALLET MARKET OVERVIEW BY CONNECTIVITY
FIGURE 015. WI-FI MARKET OVERVIEW (2016-2028)
FIGURE 016. BLUETOOTH MARKET OVERVIEW (2016-2028)
FIGURE 017. SMART WALLET MARKET OVERVIEW BY DISTRIBUTION CHANNEL
FIGURE 018. ONLINE STORE MARKET OVERVIEW (2016-2028)
FIGURE 019. OFFLINE STORE MARKET OVERVIEW (2016-2028)
FIGURE 020. NORTH AMERICA SMART WALLET MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 021. EUROPE SMART WALLET MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 022. ASIA PACIFIC SMART WALLET MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 023. MIDDLE EAST & AFRICA SMART WALLET MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 024. SOUTH AMERICA SMART WALLET MARKET OVERVIEW BY COUNTRY (2016-2028)