Global Smart-connected Wallets Market 2017-2021
About Smart-connected Wallets
A smart-connected wallet, like any other wallet, is a personal accessory, which is used to carry personal belongings such as cash, transactional cards, transit cards, photographs, gift cards, and many other things. However, in the event of loss of these wallets, their location can be tracked down by users with the help of Bluetooth or Wi-Fi connectivity. These wallets are compatible with smartphones and other wireless technology-enabled digital devices, including tablets and personal digital assistants (PDAs).
Technavio’s analysts forecast the global smart-connected wallets market to grow at a CAGR of 8.72% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart-connected wallets market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart-connected Wallets Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart-connected wallets market: Ekster Wallets, NXT-ID, Revol, Walli Wearables, and WOOLET.CO.
Other Prominent Vendors in the market are: Volterman
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing omnichannel retailing. With growth in the popularity and adoption of online retail, end-users arrive at purchase decisions after rigorous research on online sales portals. This helps them compare the features of different products and brands along with the price lines and incorporated features. Hence, the existing brands are currently focusing on delivering improved sales experiences. Players have increased their investments on devising account management and supply-chain management strategies along with user-friendly product assortments. They are launching informative and interactive websites to enhance their user-browsing experience.”
According to the report, one of the major drivers for this market is Ease of use through smart connectivity. With growing advances in design and engineering, vendors in the global smart-connected wallets market are incorporating various features such as Near Field Communication (NFC) technology and Radio Frequency Identification (RFID) blocking technology in their products to gain a competitive advantage over their rivals. Apart from product development, players are also focusing on the aesthetic appeal of the products. Manufacturers are including innovative features with enhanced built-in qualities to their products. At present, premium leather and fibers are being used by vendors to enhance the touch and feel experience of the products.
Further, the report states that one of the major factors hindering the growth of this market is Technology obsolescence. With rapid technology advances, it is imperative for manufacturers to update their product offerings to incorporate new changes or risk product obsolescence. The life of smart-connected wallets is shorter than conventional wallets. This is due to the continuous development of the technology used in smart-connected wallets, which, leads to the modification and improvisation in quality and built material of these wallets.
Ekster Wallets, NXT-ID, Revol, Walli Wearables, WOOLET.CO., Volterman
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