Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Smart Wallet Market Overview
Smart wallet refers to the smartphone connected wallet which allows user to protect cash and credit & debit cards from theft. Smart wallet also allows the user to track their wallet through GPS tracking. Apart from these features, many smart wallets also offers built in power bank, Wi-Fi hotspot, thief detection camera and other advanced features.
Market Size and Forecast
Global smart wallet market is anticipated to flourish at a significant CAGR of 9.6% over the forecast period. Factors such as increasing security concerns, rising adoption of connected technologies and increasing disposable income are anticipated to fuel the growth of the smart wallet market during the forecast period. Moreover, technological innovations in smart wallet products are anticipated to supplement the growth of the smart wallet market.
North America captured the largest percentage of market share in overall smart wallet market and is expected to continue its dominance over the forecast period. High adoption rate of technological advanced product is anticipated to drive the growth of the smart wallet market in the North America region. Apart from this, rising number of smart wallet startup companies in the region is expected to strengthen the growth of the North America smart wallet market during the forecast period. In addition, high disposable income of the population is anticipated to fuel the growth of the smart wallet market during the forecast period. U.S. is believed to be the major contributor to the growth of the smart wallet market in the North America region.
Europe smart wallet market is expected to grow at a substantial rate over the forecast period. Factors such as high penetration of smartphones and growing disposable income are envisioned to strengthen the growth of the smart wallet market. Asia Pacific is poised to showcase significant growth over the forecast period. Rising adoptability of connected technologies and rising incidence of wallet theft are anticipated to contribute to the growth of the Asia Pacific smart wallet market. Growing adoption of online stores coupled with increasing penetration of products on online retail stores is believed to garner the growth of the smart wallet market.
Based on connectivity, global smart wallet market is segmented into Wi-Fi and Bluetooth. Further, wi-fi smart wallet segment is anticipated to grow at highest CAGR in overall smart wallet market in 2016.CLICK TO DOWNLOAD FREE SAMPLE
Market Segmentation
Our in-depth analysis has segmented global smart wallet market into the following segments:
By Connectivity
By Price Range
By Distribution Channel
By Region
Global smart wallet market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Increasing smartphone penetration across the globe is anticipated to intensify the growth of the global smart wallet market. In addition, increasing internet penetration is anticipated to positively drive the growth of the smart wallet market. Additionally, growing preference for connected products in developed regions such as North America and Europe is facilitating the expansion of global smart wallet market.
Apart from this, rising incidences of wallet theft is anticipated to be the dynamic factor behind the growth of the smart wallet market. Growing usages of debit and credit card has increased the security concern pertaining to wallet theft and card frauds. This factor is anticipated to supplement the growth of the global smart wallet market. Further, growing awareness about benefits and advantages of smart wallet over other wallets such as RFID protection, GPS tracking and others are believed to increase the consumer investment on smart wallet in the upcoming years.
Further, rising number of smart wallet companies are likely to further strengthen the growth of the smart wallet market. In addition, the market is witnessing the launch of new and innovative smart wallet such as integration of fingerprint authentication and enhanced interiors. This factor is likely to spearhead current and future market growth prospects.
In contrast, availability of other type of wallets in the market and emerging trend of digital wallets is expected to hamper the growth of smart wallet market.
Key Players
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global smart wallet market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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