Global Wearable Payments Devices Market was valued $xx Mn in 2019 and is expected to reach $xx Mn by 2026, at a CAGR of 13.4% during the forecast period.
Global Wearable Payments Devices Market Introduction
Wearable payments are a safe way for customers to buy goods and services using innovative technologies built into their wearable devices. Various retailers and organizations refer to it as the tap-and-go payment method because it provides retailers and vendors with a more safe and error-free payment method. Furthermore, many banks and financial institutions are offering wearable payment solutions in order to expand their consumer base globally and provide consumers with greater convenience while shopping outdoors. In addition, due to the rapid adoption of smartphones and the ease of transaction compared to conventional banking, wearable payments, and contactless payments have grown in popularity over time.
Global Wearable Payments Devices Market Dynamics
The use of contactless cards and wearable devices has increased as a result of the COVID-19 situation, and there is an emerging demand for contactless payment for secure and safer payment transactions, as well as the adoption of NFC technology. Furthermore, increasing demand for Host Card Emulation (HCE) and the acceptance of cashless transactions can be attributed to the market’s growth. HCE enables card imitation on NFC-enabled devices without requiring access to an authenticated element on mobile or wearable devices.
In addition, the growing demand for Wearable Payments Devices is expected to boost market growth over the forecast period due to their quick payment capability. Wearable Payments Devices are being adopted by a number of e-banking platforms. These platforms are concentrating on incorporating Near Field Communication (NFC) technology into their transaction operations, allowing for seamless payments. Furthermore, as the cost of deploying NFC technology decreases, so does the market for the technology. This system is commonly used by businesses to migrate data from their computers to different contactless payment terminals, such as NFC tags and smartphones. The market is largely driven by the rise of digitization, which is being accompanied by the increasing adoption of a cashless economy in many countries. The increased adoption of connected devices is due to the use of smart technology combined with increasing internet penetration. Furthermore, the presence of VR and AI technologies, which are driven by advances in mobile apps, has an effect on market growth. Banks are focused on linking card management systems with various token service providers, so digitization is expected to gain momentum.
However, the high cost of wearable devices and their short battery life, however, are limiting the market’s growth.
Global Wearable Payments Devices Market Segment Analysis
In 2020, the fitness tracker segment dominated the industry, accounting for more than 43.0% of global sales. Because of the growing use of a variety of fitness devices and the number of fitness enthusiasts around the world, fitness trackers are expected to gain traction. Several companies have begun to incorporate mobile payments into their fitness trackers. Furthermore, consumers are increasingly choosing fitness trackers because of their enhanced security feature, which protects them from fraud and identity theft during payment processes. Over the forecast period, the smartwatches segment is expected to rise at the fastest rate. Vendors’ increasing emphasis on releasing low-cost smartwatches is expected to fuel smart watch adoption. These smartwatches link to smartphones via Bluetooth, NFC, or RF, allowing users to pay their bills more easily. For instance, well-known companies like Samsung Electronics and Apple Inc. have provided Bluetooth compatibility in their smartphones to allow consumers to get the most out of their smartwatches.
In 2020, the barcodes segment dominated the industry, accounting for over 30.0 % of global sales. Retailers are concentrating on reducing friction at checkouts and improving overall customer satisfaction. Barcode scanners with scan-and-go technology are used to encrypt Wearable Payments Devices. Customers can easily scan their products when shopping with this technology. Additionally, the barcode system allows retailers to do away with conventional, static point-of-sale systems.
In 2020, the retail segment accounted for more than 29.0 % of sales of the market. The increasing demand for cashless payments in markets, local shops, and e-commerce can be attributed to the segment’s rise. According to a survey conducted by Vista Retail Support, 72% of consumers agree that wearable payment systems are the way of the future when it comes to in-store shopping. Furthermore, various retailers from around the world are emphasizing consumer education about contactless payment technology, which is encouraging the use of Wearable Payments Devices in the retail sector.
Global Wearable Payments Devices Market
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Global Wearable Payments Devices Market Regional Insights
Global Wearable Payments Devices Market Regional InsightsIn 2020, North America dominated the industry, accounting for over 31.0 % of sales. The presence of key players in the area, such as Apple, Inc., Google LLC, MasterCard, and Visa, Inc., has aided the market’s growth. Over the forecast period, trends such as the increase in technological dependence for timing and monitoring, as well as the growing adoption of wearable devices by fitness enthusiasts, are expected to drive regional market development. In addition, in North America, the development of smart devices with monitoring and payment features is rapidly growing.
The Asia Pacific is projected to be the fastest-growing regional market over the forecast period. The existence of a large population and rising demand for digital devices in the area can be attributed to the market’s growth. Market growth is expected to be aided by factors such as steady progress toward a cashless economy and changes in payment technology. In addition, as per capita income in developing countries in the region rises, so does the demand for wearable devices, and contactless payment becomes more common. Furthermore, the COVID-19 pandemic has a modest effect on the APAC wearable payment system industry. Aside from the negative consequences of the current pandemic, it has also had a positive effect. The ongoing COVID-19 pandemic has accelerated the digital economy’s development, especially in contactless payments.
Global Wearable Payments Devices Market Report Scope: Inquire before buying
Global Wearable Payments Devices Market
Global Wearable Payments Devices Market, by Region
• North America
• Europe
• South America
• MEA
• Asia Pacific
Global Wearable Payments Devices Market Key players
• Apple, Inc.
• Barclays PLC
• Gemalto NV
• Google LLC
• Mastercard
• Nymi
• PayPal Holdings Inc.
• Samsung Electronics
• Visa Inc.
• Wirecard
• Huawei Technologies
• Infineon Technologies AG
• Intelligent Venue Solutions
• Intellitix
• Jakcom Technology Co.
• McLEAR Ltd.
• Microsoft Corporation
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