The global smart-connected wallets market to grow at a CAGR of 8.72% during the period 2017-2021.
Global Smart-connected Wallets Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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.
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.
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.
Other prominent vendors
Key Topics Covered:
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market Landscape
Part 06: Market Segmentation By Distribution Channel