According to a new market research report published by Credence Research “Smart Wallets Market (By Material Type– Metallic and Non-metallic; By Sales Channel: Online and Retail Stores) – Growth, Future Prospects, Competitive Analysis and Forecast 2021 – 2028”, the global smart wallets market was valued at US$ XX Mn in 2020 and is expected to grow at a CAGR of 6.8% during the forecast period from 2021 to 2028.
The complete report is available at https://www.credenceresearch.com/report/smart-wallets-market
Smart wallets have gained immense popularity in the recent years on account of increasing technological advancements coupled with rising adoption of various connected products. Numerous early adopters across the world have switched from their traditional wallets to smart wallets for carrying payment cards and cash. One of the most important feature compelling the use of smart wallets has been the ability to effectively track and locate a lost or stolen wallet. In addition, bi-directional connectivity between smartphones and wallets has enabled users to secure both of their prized possessions simultaneously. Leading manufacturers of smart wallets have been engaged in incorporating several features such as power banks, pen drives, built-in camera and other essential tools, among others. Thereby smart wallets offer additional utility to the users in comparison to traditional wallets.
In the recent years, there has been a rising demand for minimalist wallets which can store essential cards and limited money notes in a small and compact enclosure. Major manufacturers of smart wallets have been increasingly focusing on designing such compact wallets with advanced features. In addition, companies have been investing heavily towards design and development of wallets made from both metallic and non-metallic materials which can offer robustness along with elegance. Thereby, smart wallets are expected to gain popularity on account of both visual and technological aspects.
The global smart wallets market is fairly niche with most of the prominent providers being start-ups. The companies which are specifically manufacturing smart wallets have been focusing on enhancing product design and features to gain higher popularity for their products. Large manufacturers of traditional wallets are yet to completely embrace technological advancements and incorporate such features into their existing products. Some of the key players in smart wallets market include Ekster Wallets BV, Wocket (NXT-ID, Inc.), Cashew (Revol, Inc.), Walli Wearables, Woolet.co, Volterman and Voyager Smart (Cuir Ally).
- Growing popularity of smart minimalist wallets with enhanced product design and features
- Increasing number of niche smart wallet manufacturers offering diversified products
- Manufacturing of wallets with military grade materials to ensure optimum water resistance and enhanced tensile strength