Smart wallets are essentially digitally connected wallets which can carry various payment cards and money. Enabled with connectivity to smartphones, smart wallets offer numerous features such as tracking, detection and locating wallets through the smartphone application. Currently, smart wallets make use of technologies such as Bluetooth, global positioning systems (GPS), near field communication (NFC) and cellular networks, among others to communicate with smartphones and offer other payment and alarming features. Smart wallets make use of the Bluetooth technology to keep a track on the distance between the user carrying his or her smartphone and the wallet itself. Once the smart wallet gets out of the range and loses Bluetooth connectivity, the smartphone application quickly raises an alarm alerting the user. In addition, most of the latest smart wallets available in the market offer bi-directional connectivity enabling tracking of the smart wallet through the smartphone and vice versa. Some of the other features offered in the latest smart wallets include usage of a micro camera to click a picture once the wallet is opened in theft mode. The picture clicked in this mode is immediately sent to the user’s smartphone along with the current location of the smart wallet. Thereby, smart wallets have offered a viable solution for users from all across the world to track and locate their lost or stolen wallets. Some of the other security features include RFID blocking which prevents malicious reading of contactless cards stored in the wallet.

Manufacturers of smart wallets have been increasingly focusing on providing enhanced utility in their products while maintaining the small size of the wallets. For instance, numerous manufacturers have incorporated features such as power banks, pen drives, bottle opener and other utility tools within the confined space of the wallet. Thereby, the overall market has been experiencing an introduction of smart wallets with numerous features to compel users to switch from traditional wallets to the smart ones. 

The report titled “Global Smart Wallets Market- Growth, Future Prospects and Competitive Analysis, 2023 – 2030” offers strategic insights into the global smart wallets market along with the market size and estimates for the duration 2020 to 2030. The said research study covers in-depth analysis of multiple market segments based on material type, sales channel and cross-sectional study across different geographies and sub-geographies. The study covers the comparative analysis of different segments for the years 2021 & 2030. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities. In addition, the report covers a section providing production and pricing trends in some of the major markets. 

In order to help strategic decision makers, the report also includes competitive profiling of the leading providers of smart wallets, market positioning and key developments. Some of the major players profiled in the report are Ekster Wallets BV, Wocket (NXT-ID, Inc.), Cashew (Revol, Inc.), Walli Wearables, Woolet.co, Volterman and Voyager Smart (Cuir Ally). 

Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the smart wallets industry
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Trailing 2-Year market size data (2020 – 2021)

Overall, the research study provides a holistic view of the global smart wallets market, offering market size and estimates for the period from 2023 to 2030, keeping in mind the above mentioned factors.

In 2021, North America represented the largest market for smart wallets, in terms of revenue. The growth of smart wallets market in the region is primarily supported by higher technological adoption and consumer awareness. In addition, most of the pioneers in the smart wallet industry are headquartered in the U.S. which has further fuelled the adoption of these products. The region accounted for almost half of the overall smart wallets sales in 2021 across the world. With continued demand and technological advancements in smart wallets, the market in the North America region is expected to witness significant growth in the following years.

Europe and Asia Pacific regions followed the North America region, in terms of sales, in the overall smart wallets market across the world. Leading markets for smart wallet in the Europe region include UK, Germany and France, among others. In the Asia Pacific region, countries such as Japan, China and India offer immense growth opportunities for the smart wallets market in the future.

On the basis of material type, the overall smart wallets market was led by the non-metallic segment in 2021. The segment held almost three fourth of the share in the overall smart wallets market across the globe. Factors such as continued demand for fine leather products and elegant styling have compelled smart wallet manufacturers to use such materials. In addition, the use of non-metallic material results in lower weight as compared to its metallic counterparts. Thereby, non-metallic smart wallets have gained immense popularity among consumers.

The metallic smart wallets make use of various materials including aluminum and stainless steel, among others to offer enhanced robustness and strength to the wallet. In addition, manufacturers use metals to produce enclosed wallets which offer higher protection against damage from shock, water and heat, among others. However, metallic smart wallets are used in a limited number of application where the user could expose their wallets to such harsh conditions. Moreover, metallic wallets offer a cold and unnatural feel as compared to wallets made using leather or other fabrics thereby, resulting in limited adoption.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Wallets market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Wallets market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Wallets market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Wallets market?
• Which is the largest regional market for Smart Wallets market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Wallets market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Wallets market worldwide?