Report Code: A10050 | Pages: NA | Mar 2023 | 2713 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Smart Bands Payments Market
Request Now !The smart bands payments technology can be used for a tap-and-go payment, which is found in various retail organizations to boost security & error-free payment process different from the card payments. Furthermore, it is a secure payment process for consumers to purchase products & services and are designed with a storage component, which stores the biometric data samples of individuals. Additionally, traditional methods of payments & transaction are highly prone to loss of passcode. For instance, PIN or passwords could be robbed or forgotten during transactions; however, the biometric traits are difficult to steel owing to high security. Therefore, surge in demand for high security payment methods is expected to boost the market growth for the smart band payment market in the near future.
The global smart band payment market is segmented on the basis of Device Type, Technology, and Region. Based on Device Type, the smart band payment market is divided into Smart Watch, Fitness Tracker, Payment Wristband, and Others. On the basis of Technology, the market is categorized into Near-field Communication, Radio-frequency Identification (RFID, 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 Smart Bands Payments industry include Alibaba Group, Apple Inc., Barclays Plc., Fitbit Inc., Google Inc., Jawbone, Mastercard, PayPal Inc., Samsung Electronics Co. Ltd., and Visa, 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 market.Â
COVID-19 scenario analysis
Increase in adoption of cashless payments worldwide, rise in demand for the smart band devices due to safety & security during the transactions, and growth in convenience & consumer experience are driving the growth of the market. However, high cost of smart band payment devices and limited battery life are expected to hamper the growth of the market. Contrarily, surge in the usage of radio-frequency identification (RFID) technology in smart band devices can be seen as an opportunity for the market investments.
The contactless smart band payment ensures secure & quick transactions. Furthermore, the contactless transactions provide security of the bank details which are stored in the central processing unit (CPU) chip of the smart bands. Moreover, the hardware encryption can be only used in nearby proximity to the point which makes the contactless payments through the smart bands one of the most secure payment method. Therefore, the growth in convenience & better consumer experience, which is provided via contactless smart band payment, will foster the growth for the global smart band payment market during the forecast period.
Increase in adoption of smart band payment in several areas such as fitness, fashion, and other utilities cashless transaction are having a surge in the penetration of the smart band payment devices for secure & safe transactions. Furthermore, increasing cyber-attacks on the mobile payment systems globally have shifted the preference of majority of consumers towards the smart band payment methods. Moreover, majority of banks & financial institutions across the globe have introduced the smart band payment technology in order to improve the security & convenience of the transaction process. For instance, in 2020, a study report by Apple, Inc. witnessed a 90% of transactions made in Australia & New Zealand were made by the means of smart band payment method. Therefore, the rise in demand for smart band devices due to the safety & security during the transactions is expected to foster the market growth for the global smart band payment industry during the forecast period.
Key benefits of the report:
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 |  Device Type, Technology, and Region |
  Companies covered | Major players analyzed include Alibaba Group, Apple Inc., Barclays Plc., Fitbit Inc., Google Inc., Jawbone, Mastercard, PayPal Inc., Samsung Electronics Co. Ltd., and Visa, Inc. |
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Questions answered in the smart band payment market research report:Â Â Â
Smart Bands Payments Market Report Highlights
Aspects | Details |
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By Device Type |
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By Technology |
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By Region |
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Key Market Players | Alibaba Group, Apple Inc., Barclays Plc., Fitbit Inc., Google Inc., Jawbone, Mastercard, PayPal Inc., Samsung Electronics Co. Ltd., Visa, Inc |
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