In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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.
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 SAMPLE REPORT
Our in-depth analysis has segmented global smart wallet market into the following segments:
Global smart wallet market is further classified on the basis of region as follows:
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.