The global smart-connected wallets market is anticipated to achieve a valuation of US$ 550 million by 2032, expanding at a CAGR of 6.9%, from 2022 to 2032, as per a new industry analysis by Fact.MR, a market research and competitive intelligence provider.
A smart-connected wallet is a smartphone-connected wallet that helps users protect cash and debit & credit cards from theft. A smart-connected wallet also enables the user to track their wallet via GPS. In addition to these functions, many smart-connected wallets include a built-in power bank, thief detection camera, Wi-Fi hotspot, and other advanced features.
Increasing smartphone adoption and rising internet penetration in developing and developed countries are accelerating the growth of the global smart-connected wallets market. Aside from that, increased instances of wallet theft are propelling the global market. The rising use of credit and debit cards has raised security concerns about wallet theft and card fraud. This factor is contributing to the growth of the global smart-connected wallets market.
Furthermore, rising customer knowledge of the benefits of smart-connected wallets over other wallets, such as GPS tracking, RFID protection, and others, is boosting market expansion. RFID integration in wallets aids in data security. RFID in wallets inhibits radio waves, making it impossible to access the card.
To attract new customers, market players are investing more in product development operations and providing unique items. As a result, the market is experiencing the introduction of new and creative smart-connected wallet features such as fingerprint authentication and upgraded interiors.
Key Takeaways from Market Study
- The global smart-connected wallets market is worth US$ 280 million in 2023.
- Worldwide demand for smart-connected wallets is estimated to increase at a CAGR of 6.9% during the forecast period (2023 to 2033).
- The global market is projected to reach US$ 550 million by 2033.
- Demand for Wi-Fi-enabled smart-connected wallets is predicted to evolve at a CAGR of 5.2% from 2023 to 2033.
- The United States market was valued at US$ 80 million in 2022.
- Online sales of smart-connected wallets are expected to drive market expansion.
“Heightened security concerns, expanding usage of connected technologies, and growing disposable income are driving the global market for smart-connected wallets,” says a Fact.MR analyst.
Regional Analysis
North America is dominating the global smart-connected wallets market and is projected to continue during the forecast period. The United States is leading the North American market due to the presence of prominent players in the county. Moreover, the market in Asia Pacific and Europe is witnessing considerable growth.
These insights are based on a report on Smart-Connected Wallets Market by Fact.MR.