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| A11317 | Pages: 205 | May 2021 | 1230 Views | | |
| Author(s) : Pramod Borasi, Vaibhav Modi , Vineet Kumar | Tables: 80 | Charts: 32 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Nfc Payment Devices Market
Request Now !The global NFC payment devices market size was valued at $16.35 billion in 2020, and is projected to reach $67.71 billion by 2028, growing at a CAGR of 19.5% from 2020 to 2028.
The COVID-19 outbreak has significantly pushed the need of NFC payment devices, owing to increase in demand for contactless payments among the end users in order to avoid the spread of the virus transmission through cash. Also, several supermarket and shopping malls across the India and other developing countries have started using NFC-based mobile payment technology to promote digital payments during pandemic, which is considered opportunistic for the market.
A NFC payment device offers a contactless payment service, which allows people to transfer or receive money with the use of smartwatch, wristbands, smart rings and other devices. Unlike mobile payments that are done through the internet, NFC payments are carried out in close physical proximity preventing unauthorized access during the transaction(s). In NFC-enabled transactions, the payment and reader devices must be near to each other to proceed with the transaction so that NFC chips can interchange cryptographic data to complete the transaction.
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Numerous benefits provided by NFC payment devices include high security, hassle free transaction, faster transaction processing speed, and others. This increases the adoption of NFC payment devices among people, thereby driving the growth of the NFC payment devices market growth. Furthermore, various banks and financial institutions such as Axis Bank are providing NFC payment devices for convenient, fast, and secure payment processing systems. In addition, surge in penetration of contactless payment system at various retail stores, petrol pump stations, and restaurants positively impacts the growth of the market.
However, battery drain issues and risk of stolen or lost wearables is expected to hamper the NFC payment device market growth. On the contrary, increase in use of advanced technologies, such as 5G and blockchain technology, in payment is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
By device type, the NFC payment devices market was led by the smart watches segment in 2020, and is projected to maintain its dominance during the forecast period. Increase in adoption of smart watches across the world and rise in penetration of high-speed internet connectivity across the globe drive the growth of the market in this segment. However, the smart rings segment is expected to grow at the highest rate during the forecast period, owing to rise in adoption of cloud enabled rings among the end users across the globe. In addition to this, growing adoption of smart rings among the developing nations of Asia-Pacific owing to its ability to track various fitness and health-related issues such as monitoring physical activities, blood pressure levels, sleep time, walk count, heartbeat count, and pulse rates provides lucrative opportunity for the market.
Region-wise, the NFC payment devices market share was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to surge in government initiatives across the U.S. and Canada to support digital payment system and availability of high-speed internet connectivity across the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in demand among merchants and consumers to reduce billing and transaction time across the developing nations of Asia-Pacific.
The report focuses on the growth prospects, restraints, and trends of the global NFC payment devices market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global NFC payment devices market share.
The global NFC payment devices market revenue is segmented into device type, application, and region. In terms of device type, the market is divided into smart watches, fitness trackers, payment wristbands, smart rings and others. Depending on application, it is fragmented into grocery stores, bars & restaurants, drug stores, entertainment centers and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players profiled in the NFC payment devices market analysis are Apple, Inc. Fitbit, Inc., Gramin Ltd, Huawei Technologies Co., Ltd., Jakcom Technology Co. Inc., McLear Ltd., Nymi, Inc., Samsung Electronics Co. Ltd., Sony Corporation, and Xiaomi Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the NFC payment devices industry.
The NFC payment devices market has witnessed significant growth in the past few years. The outbreak of the COVID-19 pandemic has driven the market to exhibit further rise in 2021. This is attributed to implementation of lockdown by governments in majority of the countries and growing use of digital payment service across the globe to prevent the spread of COVID-19. Furthermore, the NFC payment devices market is projected to prosper in the coming years after the recovery from the COVID-19 pandemic. This is attributed to increase in adoption of contactless payments by end users and allowing use of mobile payment service to customers by banks and financial institution across the globe.
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Increase in digitization across the globe and changes in lifestyle of people in developing and developed nations are driving the growth of the market. In addition, surge in adoption of wearable devices for various purposes, including fitness, fashion, and contactless payments boosts the growth of the market. Furthermore, increase in cyber-attacks on online payments and mobile payments systems across the globe have shifted the preference of many users toward the adoption of contactless payments systems. Thus, major banks and FinTech industries across the globe have adopted wearable and contactless payment services to improve the security of the transaction process and to ease up the transaction process. For instance, according to a report published by Visa in Australia in 2019, around 90% of the total transaction made in Australia and Czech Republic was through contactless payment devices, which is driving the growth of the market. Furthermore, advancements in contactless payments and wearable devices such as biometrics and EMV-enabled wearable devices for increasing the security features are anticipated to propel the growth of the NFC payment devices market during the forecast period.
Surge in penetration of contactless payment systems in various retail stores, petrol pump stations, and restaurants, is providing lucrative opportunity for the market. Furthermore, growing adoption of contactless payment system among the retailers due to its numerous benefits, such as reducing payment transaction processing time, improving operational efficiency of the organization, and delivering hands-free transaction services to the customers, propels the growth of the NFC payment devices market across the globe. Moreover, increase in use of digital payment technology among the vehicle users and different petrol pumps across the developing nations surges the demand for NFC payment devices systems in the near future. In addition, governments across the developing countries are installing NFC-enabled contactless payment systems in various fuel stations and other places to provide hassle-free transaction services to their people, thereby driving the growth of the market.
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Key Benefits For Stakeholders
Key Market Segments
By Device Type
By Application
By Region
Key Market Players
CHAPTER 1:INTRODUCTION
1.1.REPORT DESCRIPTION
1.2.KEY MARKET SEGMENTS
1.3.KEY BENEFITS
1.4.RESEARCH METHODOLOGY
1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.CXO PERSPECTIVE
CHAPTER 3:MARKET LANDSCAPE
3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FINDINGS
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.PORTER'S FIVE FORCES ANALYSIS
3.3.1.Bargaining power of suppliers
3.3.2.Threat of new entrants
3.3.3.Threat of substitutes
3.3.4.Competitive rivalry
3.3.5.Bargaining power among buyers
3.4.MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING 2020
3.5.MARKET DYNAMICS
3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities
3.6.COVID-19 impact analysis on the NFC payments devices market
3.6.1.Impact on market size
3.6.2.Consumer trends, preferences, and budget impact
3.6.3.Economic impact
3.6.4.Strategies to tackle negative impact
3.6.5.Opportunity window
CHAPTER 4:NFC PAYMENT DEVICES MARKET BY DEVICE TYPE
4.1.OVERVIEW
4.2.SMART WATCHES
4.2.1.Key market trends, growth factors and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market share analysis, by country
4.3.FITNESS TRACKERS
4.3.1.Key market trends, growth factors and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market share analysis, by country
4.4.PAYMENT WRISTBANDS
4.4.1.Key market trends, growth factors and opportunities
4.4.2.Market size and forecast, by region
4.4.3.Market share analysis, by country
4.5.SMART RINGS
4.5.1.Key market trends, growth factors and opportunities
4.5.2.Market size and forecast, by region
4.5.3.Market share analysis, by country
4.6.OTHERS
4.6.1.Key market trends, growth factors and opportunities
4.6.2.Market size and forecast, by region
4.6.3.Market share analysis, by country
CHAPTER 5:NFC PAYMENT DEVICES MARKET BY APPLICATION
5.1.OVERVIEW
5.2.GROCERY STORES
5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market share analysis, by country
5.3.BARS AND RESTAURANTS
5.3.1.Key market trends, growth factors and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market share analysis, by country
5.4.DRUG STORES
5.4.1.Key market trends, growth factors and opportunities
5.4.2.Market size and forecast, by region
5.4.3.Market share analysis, by country
5.5.ENTERTAINMENT CENTERS
5.5.1.Key market trends, growth factors and opportunities
5.5.2.Market size and forecast, by region
5.5.3.Market share analysis, by country
5.6.OTHERS
5.6.1.Key market trends, growth factors and opportunities
5.6.2.Market size and forecast, by region
5.6.3.Market share analysis, by country
CHAPTER 6:NFC PAYMENT DEVICES MARKET BY REGION
6.1.OVERVIEW
6.2.NORTH AMERICA
6.2.1.Key market trends and opportunities
6.2.2.Market size and forecast, by device type
6.2.3.Market size and forecast, by application
6.2.4.Market size and forecast, by Country
6.2.5.US
6.2.5.1.Market size and forecast, by device type
6.2.5.2.Market size and forecast, by application
6.2.6.Canada
6.2.6.1.Market size and forecast, by device type
6.2.6.2.Market size and forecast, by application
6.3.EUROPE
6.3.1.Key market trends and opportunities
6.3.2.Market size and forecast, by device type
6.3.3.Market size and forecast, by application
6.3.4.Market size and forecast, by Country
6.3.5.UK
6.3.5.1.Market size and forecast, by device type
6.3.5.2.Market size and forecast, by application
6.3.6.Germany
6.3.6.1.Market size and forecast, by device type
6.3.6.2.Market size and forecast, by application
6.3.7.France
6.3.7.1.Market size and forecast, by device type
6.3.7.2.Market size and forecast, by application
6.3.8.Spain
6.3.8.1.Market size and forecast, by device type
6.3.8.2.Market size and forecast, by application
6.3.9.Russia
6.3.9.1.Market size and forecast, by device type
6.3.9.2.Market size and forecast, by application
6.3.10.Netherlands
6.3.10.1.Market size and forecast, by device type
6.3.10.2.Market size and forecast, by application
6.3.11.Rest of Europe
6.3.11.1.Market size and forecast, by device type
6.3.11.2.Market size and forecast, by application
6.4.ASIA PACIFIC
6.4.1.Key market trends and opportunities
6.4.2.Market size and forecast, by device type
6.4.3.Market size and forecast, by application
6.4.4.Market size and forecast, by Country
6.4.5.China
6.4.5.1.Market size and forecast, by device type
6.4.5.2.Market size and forecast, by application
6.4.6.India
6.4.6.1.Market size and forecast, by device type
6.4.6.2.Market size and forecast, by application
6.4.7.Japan
6.4.7.1.Market size and forecast, by device type
6.4.7.2.Market size and forecast, by application
6.4.8.Australia
6.4.8.1.Market size and forecast, by device type
6.4.8.2.Market size and forecast, by application
6.4.9.Singapore
6.4.9.1.Market size and forecast, by device type
6.4.9.2.Market size and forecast, by application
6.4.10.Rest of Asia Pacific
6.4.10.1.Market size and forecast, by device type
6.4.10.2.Market size and forecast, by application
6.5.LAMEA
6.5.1.Key market trends and opportunities
6.5.2.Market size and forecast, by device type
6.5.3.Market size and forecast, by application
6.5.4.Market size and forecast, by Country
6.5.5.Latin America
6.5.5.1.Market size and forecast, by device type
6.5.5.2.Market size and forecast, by application
6.5.6.Middle East
6.5.6.1.Market size and forecast, by device type
6.5.6.2.Market size and forecast, by application
6.5.7.Africa
6.5.7.1.Market size and forecast, by device type
6.5.7.2.Market size and forecast, by application
CHAPTER 7:COMPANY PROFILES
7.1. APPLE, INC
7.1.1.Company overview
7.1.2.Key Executives
7.1.3.Company snapshot
7.1.4.Operating business segments
7.1.5.Product portfolio
7.1.6.Business performance
7.1.7.Key strategic moves and developments
7.2. FITBIT, INC
7.2.1.Company overview
7.2.2.Key Executives
7.2.3.Company snapshot
7.2.4.Operating business segments
7.2.5.Product portfolio
7.2.6.Business performance
7.2.7.Key strategic moves and developments
7.3.GRAMIN LTD
7.3.1.Company overview
7.3.2.Key Executives
7.3.3.Company snapshot
7.3.4.Operating business segments
7.3.5.Product portfolio
7.3.6.Business performance
7.3.7.Key strategic moves and developments
7.4.HUAWEI TECHNOLOGIES CO, LTD
7.4.1.Company overview
7.4.2.Key Executives
7.4.3.Company snapshot
7.4.4.Operating business segments
7.4.5.Product portfolio
7.4.6.Business performance
7.4.7.Key strategic moves and developments
7.5.JAKCOM TECHNOLOGIES CO, INC
7.5.1.Company overview
7.5.2.Key Executives
7.5.3.Company snapshot
7.5.4.Operating business segments
7.5.5.Product portfolio
7.5.6.Business performance
7.5.7.Key strategic moves and developments
7.6.MCLEAR LTD
7.6.1.Company overview
7.6.2.Key Executives
7.6.3.Company snapshot
7.6.4.Operating business segments
7.6.5.Product portfolio
7.6.6.Business performance
7.6.7.Key strategic moves and developments
7.7.NYMI, INC
7.7.1.Company overview
7.7.2.Key Executives
7.7.3.Company snapshot
7.7.4.Operating business segments
7.7.5.Product portfolio
7.7.6.Business performance
7.7.7.Key strategic moves and developments
7.8.SAMSUNG ELECTRONICS CO. LTD.
7.8.1.Company overview
7.8.2.Key Executives
7.8.3.Company snapshot
7.8.4.Operating business segments
7.8.5.Product portfolio
7.8.6.Business performance
7.8.7.Key strategic moves and developments
7.9.SONY CORPORATION
7.9.1.Company overview
7.9.2.Key Executives
7.9.3.Company snapshot
7.9.4.Operating business segments
7.9.5.Product portfolio
7.9.6.Business performance
7.9.7.Key strategic moves and developments
7.10.XIAOMI CORPORATION
7.10.1.Company overview
7.10.2.Key Executives
7.10.3.Company snapshot
7.10.4.Operating business segments
7.10.5.Product portfolio
7.10.6.Business performance
7.10.7.Key strategic moves and developments
Note:
o*Details on financial performance and strategic moves and developments may not be captured for unlisted companies.
o*List of companies profiled in this TOC is tentative and may change after detailed analysis.
o*Market size and forecast will be provided from 2020-2028, and forecast period would be 2021-2028.
LIST OF TABLES
TABLE 1.GLOBAL NFC PAYMENT DEVICES MARKET, BY DEVICE TYPE 2020-2028 ($MILLION)
TABLE 2.NFC PAYMENT DEVICES MARKET FOR SMART WATCHES, BY REGION, 2020-2028 ($MILLION)
TABLE 3.NFC PAYMENT DEVICES MARKET FOR FITNESS TRACKERS, BY REGION, 2020-2028 ($MILLION)
TABLE 4.NFC PAYMENT DEVICES MARKET FOR PAYMENT WRISTBANDS , BY REGION, 2020-2028 ($MILLION)
TABLE 5.NFC PAYMENT DEVICES MARKET FOR SMART RINGS, BY REGION, 2020-2028 ($MILLION)
TABLE 6.NFC PAYMENT DEVICES MARKET FOR OTHERS, BY REGION, 2020-2028 ($MILLION)
TABLE 7.GLOBAL NFC PAYMENT DEVICES MARKET, BY APPLICATION 2020-2028 ($MILLION)
TABLE 8.NFC PAYMENT DEVICES MARKET FOR GROCERY STORES, BY REGION, 2020-2028 ($MILLION)
TABLE 9.NFC PAYMENT DEVICES MARKET FOR BARS AND RESTAURANTS, BY REGION, 2020-2028 ($MILLION)
TABLE 10.NFC PAYMENT DEVICES MARKET FOR DRUG STORES, BY REGION, 2020-2028 ($MILLION)
TABLE 11.NFC PAYMENT DEVICES MARKET FOR ENTERTAINMENT CENTERS, BY REGION, 2020-2028 ($MILLION)
TABLE 12.NFC PAYMENT DEVICES MARKET FOR OTHERS, BY REGION, 2020-2028 ($MILLION)
TABLE 13.NFC PAYMENT DEVICES MARKET FOR , BY REGION, , 2020-2028 ($MILLION)
TABLE 14.NORTH AMERICA NFC PAYMENT DEVICES, BY DEVICE TYPE 2020-2028 ($MILLION)
TABLE 15.NORTH AMERICA NFC PAYMENT DEVICES, BY APPLICATION 2020-2028 ($MILLION)
TABLE 16.NORTH AMERICA NFC PAYMENT DEVICES, BY REGION, 2020-2028 ($MILLION)
TABLE 17.EUROPE NFC PAYMENT DEVICES, BY DEVICE TYPE 2020-2028 ($MILLION)
TABLE 18.EUROPE NFC PAYMENT DEVICES, BY APPLICATION 2020-2028 ($MILLION)
TABLE 19.EUROPE NFC PAYMENT DEVICES, BY REGION, 2020-2028 ($MILLION)
TABLE 20.ASIA PACIFIC NFC PAYMENT DEVICES, BY DEVICE TYPE 2020-2028 ($MILLION)
TABLE 21.ASIA PACIFIC NFC PAYMENT DEVICES, BY APPLICATION 2020-2028 ($MILLION)
TABLE 22.ASIA PACIFIC NFC PAYMENT DEVICES, BY REGION, 2020-2028 ($MILLION)
TABLE 23.LAMEA NFC PAYMENT DEVICES, BY DEVICE TYPE 2020-2028 ($MILLION)
TABLE 24.LAMEA NFC PAYMENT DEVICES, BY APPLICATION 2020-2028 ($MILLION)
TABLE 25.LAMEA NFC PAYMENT DEVICES, BY REGION, 2020-2028 ($MILLION)
TABLE 26.APPLE, INC: COMPANY SNAPSHOT
TABLE 27.APPLE, INC: OPERATING SEGMENTS
TABLE 28.FITBIT, INC: COMPANY SNAPSHOT
TABLE 29.FITBIT, INC: OPERATING SEGMENTS
TABLE 30.GRAMIN LTD: COMPANY SNAPSHOT
TABLE 31.GRAMIN LTD: OPERATING SEGMENTS
TABLE 32.HUAWEI TECHNOLOGIES CO, LTD: COMPANY SNAPSHOT
TABLE 33.HUAWEI TECHNOLOGIES CO, LTD: OPERATING SEGMENTS
TABLE 34.JAKCOM TECHNOLOGIES CO, INC: COMPANY SNAPSHOT
TABLE 35.JAKCOM TECHNOLOGIES CO, INC: OPERATING SEGMENTS
TABLE 36.MCLEAR LTD: COMPANY SNAPSHOT
TABLE 37.MCLEAR LTD: OPERATING SEGMENTS
TABLE 38.NYMI, INC: COMPANY SNAPSHOT
TABLE 39.NYMI, INC: OPERATING SEGMENTS
TABLE 40.SAMSUNG ELECTRONICS CO. LTD.: COMPANY SNAPSHOT
TABLE 41.SAMSUNG ELECTRONICS CO. LTD.: OPERATING SEGMENTS
TABLE 42.SONY CORPORATION: COMPANY SNAPSHOT
TABLE 43.SONY CORPORATION: OPERATING SEGMENTS
TABLE 44.XIAOMI CORPORATION: COMPANY SNAPSHOT
TABLE 45.XIAOMI CORPORATION: OPERATING SEGMENTS
LIST OF FIGURES
FIGURE 1.GLOBAL NFC PAYMENT DEVICES MARKET SEGMENTATION
FIGURE 2.TOP INVESTMENT POCKET
FIGURE 3.TOP WINNING STRATEGIES (%)
FIGURE 4.NFC PAYMENT DEVICES MARKET FOR SMART WATCHES, 2020-2028 ($MILLION)
FIGURE 5.NFC PAYMENT DEVICES MARKET FOR FITNESS TRACKERS, 2020-2028 ($MILLION)
FIGURE 6.NFC PAYMENT DEVICES MARKET FOR PAYMENT WRISTBANDS , 2020-2028 ($MILLION)
FIGURE 7.NFC PAYMENT DEVICES MARKET FOR SMART RINGS, 2020-2028 ($MILLION)
FIGURE 8.NFC PAYMENT DEVICES MARKET FOR OTHERS, 2020-2028 ($MILLION)
FIGURE 9.NFC PAYMENT DEVICES MARKET FOR GROCERY STORES, 2020-2028 ($MILLION)
FIGURE 10.NFC PAYMENT DEVICES MARKET FOR BARS AND RESTAURANTS, 2020-2028 ($MILLION)
FIGURE 11.NFC PAYMENT DEVICES MARKET FOR DRUG STORES, 2020-2028 ($MILLION)
FIGURE 12.NFC PAYMENT DEVICES MARKET FOR ENTERTAINMENT CENTERS, 2020-2028 ($MILLION)
FIGURE 13.NFC PAYMENT DEVICES MARKET FOR OTHERS, 2020-2028 ($MILLION)
FIGURE 14.GLOBAL NFC PAYMENT DEVICES, BY REGION, 2020 (%)
FIGURE 15.US NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 16.CANADA NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 17.UK NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 18.GERMANY NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 19.FRANCE NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 20.SPAIN NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 21.RUSSIA NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 22.NETHERLANDS NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 23.REST OF EUROPE NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 24.CHINA NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 25.INDIA NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 26.JAPAN NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 27.AUSTRALIA NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 28.SINGAPORE NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 29.REST OF ASIA PACIFIC NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 30.LATIN AMERICA NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 31.MIDDLE EAST NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
FIGURE 32.AFRICA NFC PAYMENT DEVICES MARKET, 2020-2028 ($MILLION)
The adoption of NFC payment devices has increased over the years to boost the security of financial transaction during payment process. Increase in use of advanced technology in banks and financial institutions, rise in use of various e-platforms among people, and increase in integration of contactless payment technologies in mobile payment app are some of the important factors, which boost the adoption of NFC payment technology across the globe. Furthermore, numerous benefits provided by NFC payment devices include conveniently making online payment transaction, improving operational efficiency by reducing payment transition time, and reducing fraudulent activities in money transaction, which propel the growth of the NFC payment devices market across the globe.
Key providers of NFC payment devices, such as Apple Inc., and Fitbit, Inc. account for a significant share in the market. According to industry experts, the NFC payment devices market is expected to witness increased adoption in the coming years, owing to rise in adoption of wearable payments among people for fast and secure payment transactions. In addition, increase in adoption of advanced digital payment technology, such as growth in adoption of mobile point-of-sale (POS) machine, in retail industries in developing nations, such as China, India, and Japan, is expected to provide lucrative opportunities for the market growth. North America is expected to dominate the market during the forecast period while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.
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