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Banking Wearable Market By Type (Wristbands, Watches, Payment Processing Rings, Glasses, and Others) and Application (Payment Transactions, Personal Banking, Stock Purchasing, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Sep 2020 | 101 Views
 
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Banking Wearable Market Outlook – 2027 

Use of wearable devices in the banking sector has evolved with a substantial growth over past few years. Banking wearable devices consist of embedded digital banking technology mainly integrated with artificial intelligence (AI) and internet of things (IoT). As adoption of wearable devices in banks is increasing, banks are now offering numerous services for these device users including payments, transactional alerts, and quick reports on account balances and other advanced features such as purchase of stocks. These wearable devices possess capabilities to transform banking environment by utilizing data and providing high end performance to consumers.

 

The global banking wearable market is segmented on the basis of type, application and region. Based on type, the market is divided into wristbands, watches, payment processing rings, glasses, and others. In terms of application, the market is categorized into payment transactions, personal banking, stock purchasing, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global banking wearable industry include Garmin Ltd., Fidemso AB, Apple Inc., SAMSUNG, Westpac PayWear, Fitbit Inc., BioTelemetry Inc., and Nike Inc. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global banking wearable market.

Top Impacting Factors

In most developed and developing countries, about half of bank consumers are willing to make payments through smart phones and smart wearable devices. These smart wearable devices have faced a continuous increase in adoption and is estimated to increase in the future as well. However, high costs and lack of awareness among some societies are expected to hinder the banking wearable market growth. On the contrary, rise in penetration of digital payments in developing countries, such as China and India are expected to create lucrative opportunities for the market during the forecast period. 

New Product Launches to Flourish the Market

Various partnerships between banks and technology giants have provided large number of innovations in the market. For instance, in 2018, a Westpac Bank in Australia launched its wearable product named Westpac Pay-Wear chip, which can be inserted to payment accessory wearable devices. Similarly, a Swedish financial institution, Nordea Bank introduced Fidemso pay wearable watches for its Mastercard holders. In comparison with smartphone and debit and credit card payments, a small wearable device is considered much more effective in making payments as well as authenticating users to avoid any fraudulent transactions. These numerous benefits are continuously motivating banks to focus on new product offerings for their customers to enhance and secure banking experience.  

Surge in Use of Wearable Devices in Payments

There have been several advancements in lifestyle of humans in recent years. Advancements in technologies have also led to surge in wearable device payments. Nowadays, one in five adult users wear watches or wristbands. These wearable devices can be easily connected to smart phones. Recently, Apple recorded a revolutionary move by introducing Apple Pay in its smart wrist watch and the same trend was followed by Samsung pay and Android pay later. Moreover, wearable transaction payment volume is expected to reach $100 billion by 2020, which shows significant penetration of wearable device payments across the globe. 

Key Benefits of the Report

  • This study presents analytical depiction of the global banking wearable market along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global banking wearable market share.     
  • The current banking wearable market size is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed banking wearable market analysis based on the present and future competitive intensity of the market.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available For Years

2019-2027

Base Year Considered

2019

Forecast Period

2020-2027

Forecast Units

Value ($)

Segments Covered

Type, Application, and Region

Regions Covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

Companies Covered

Garmin Ltd., Fidemso AB, Apple Inc., SAMSUNG, Westpac PayWear, Fitbit Inc., BioTelemetry Inc., and Nike Inc.

 

COVID-19 Scenario Analysis

  • Wearable bank devices could play a good role in avoiding spread of the virus, owing to the fact that physical transfer of money act as a carrier for virus, which could spread from person to person during money rotation. 
  • During the pandemic, contactless transactions through gestures can be processed through wearable devices such as smart watches. However, on-going production of these banking wearables from major manufacturers, such as Apple, Xiaomi, and Samsung, has been shut down in many countries, which affects the market growth.
  • However, sales from existing stocks and resumed production can drive the adoption of banking wearables in the upcoming months to prevent further infections. 

Banking Wearable Market Key Segments

Segments

Sub-Segments

Type

  • Wristbands
  • Watches
  • Payment Processing Rings
  • Glasses
  • Others

Application

  • Payment transactions
  • Personal Banking
  • Stock Purchasing
  • Others


Questions Answered in the Banking Wearable Market Research Report

  • Who are the leading market players active in the global banking wearable market?
  • What would be the detailed impact of COVID-19 on the global banking wearable market?
  • How current banking wearable market trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global banking wearable market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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