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2022
Wearable Payment Devices Market

Wearable Payment Devices Market by Type (Smart Watches, Fitness Tracker, and Payment Wristbands), Technology (Barcodes, Contactless Point of Sale (POS) Terminals, Near Fields Communication (NFC),Quick Response (QR) Codes, and Radio Frequency Identification (RFID)),and Application (Fitness, Healthcare, Retail, Transportation, Bar & Restaurants, Entertainment Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Wearable devices are products controlled by electronic components and software that can be incorporated into clothing or worn on the body like accessories, it also includes contactless payments. Wearable Payment devices include payment transactions carried out through wearable devices integrated with wireless technologies such as NFC and RFID. Advances in technology enable payment to be quickly and invisibly added to wearables delivering an enhanced customer experience. Thus, many financial institutions and banks are providing wearable payment options to provide convenient and contactless experience to the customers. 

"The Global Wearable Payment devices market is segmented on the basis of Type, Application, End Use, and Region. Based on type, the market is divided into Smart Watches, Fitness Tracker, and Payment Wristbands. In terms of Technology, the market is categorized into Barcodes, Contactless Point of Sale (POS) Terminals, Near Fields Communication (NFC),Quick Response (QR) Codes, and Radio Frequency Identification (RFID. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Market Scope and Structure Analysis:

Report Metric

Details

Market Size Available For Years

  2020–2028

  Base Year Considered

  2020

  Forecast Period

  2021–2028

  Forecast Units

  Value (USD)

  Segments Covered

  Type, Application, End Use, and Region

 

COVID-19 Scenario Analysis: 

  • The global lockdown implemented in response to the COVID-19 outbreak has resulted in a financial collapse that has affected Wearable payment devices market size.
  • During the COVID-19 pandemic wherein businesses are coping with operational challenges, many banks & financial institutions are providing their customers with new digital tools and techniques among which wearable payments have witnessed significant adoption.
  • Furthermore, rise in penetration of contactless cards and wearable devices in the European region are providing growth potential for the wearable payments industry.
  • Due to increase in number of COVID-19 patients across the globe, consumers have adopted contactless payments, which has positively impacted the wearable payments market opportunity globally.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

There is increase in use  of contactless cards and wearable devices as a result of the COVID-19 situation. Emerging demand for contactless payment for secure and safer payment transactions, and the growing adoption of NFC technology are all driving the growth of the wearable payment device market. However, high cost of wearable devices and limited battery life of wearable devices hamper the growth of the market. Furthermore, surge in usage of near-field communication technology (NFC), radio frequency identification (RFID), and host card emulation technology in wearable payments is expected to provide lucrative opportunity for the expansion of the global market during the forecast period.

The Global Wearable Payment Devices Market Trends are as follows:

New Product Launches To Flourish The Market

The new products that contain improved capabilities have been launched by leading market players. They have taken necessary steps to improve accuracyof devices and overall functionality as well.

Mastercard entered into a partnership with Match Move in Dec-2020:, a Singapore based Banking-as-a-Service provider, and Tappy Technologies, a world-leading wearable payment integrator. In this partnership, they launched tokenization into a small, flexible chip that could be attached to a range of battery-less wearables and accessories like watchstraps or keyrings, which turns them into safe contactless payments devices.

 Xiaomi partnered with Mastercard in Jun-2020, an American multinational financial services corporation. Under this partnership, Xiaomi introduced Mi Smart Band 4 NFC, a special edition of the fitness band with contactless payment technology.
 

Key Benefits Of The Report:

  • This study presents the analytical depiction of the global wearable payment devices industry 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 wearable payment devices market share.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the wearable payment devices market growth scenario.
  • The current Wearable payment devices market forecast is quantitatively analysed to benchmark the financial competency.
  • Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global wearable payment devices market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions Answered in the Wearable Payment Devices Market Research Report:

  • Who are the leading market players active in wearable payment devices market?
  • What are the current trends that will influence the wearable payment devices market in the next few years?
  • What are the driving factors, restraints, and opportunities in the wearable payment devices market?
  • What are the projections for the future that would help in taking further strategic steps?

Key Market Segments

Segments Sub-segments
By Type
  • Smart watches
  • Fitness Tracker
  • Payment Wristbands
By Technology
  • Barcodes
  • Contactless Point of Sale (POS) Terminals
  • Near Fields Communication (NFC)
  • Quick Response (QR) Codes
  • Radio Frequency Identification (RFID)
By Application
  • Fitness, Healthcare
  • Retail
  • Transportation
  • Bar & Restaurants
  • Entertainment Centers
  • Others
By Regions
  • North America
  • Europe
  • Asia-Pacific
  • Latin America,
  • Middle East & Africa (LAMEA)


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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