Analysis of Wearable Payment Devices market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global wearable payment devices market is projected to expand at an impressive CAGR of around 29% over the forecast period of 2022 to 2032, with an expected market value of US$ 171.38 Bn by the end of the said timeframe.
Market Size (2022)
US$ 13.43 Bn
Value CAGR (2022-2032)
Market Size (2032)
US$ 171.38 Bn
Key Providers of Wearable Payment Devices
The market has been progressing at a rapid pace in the past several years with advancements in the technology of payment methods. Growth of the market is attributed to increasing adoption of cashless transactions across the world.
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Historically, from 2017 to 2021, the use of wearable payment devices expanded at a CAGR of roughly 27%, with the major element helping this rise being their benefits over traditional payment methods, such as card and cash payments. Wearable payment gadgets, for example, provide no-contact payments, which is very useful in the current COVID-19 pandemic. Payment via smart devices or credit cards has been more popular in recent years due to the scarcity of wearable payment devices, but this is about to change.
Over the next ten years, the industry is expected to grow at a CAGR of about 29%. Because of rising hygiene concerns throughout the world, the primary reason impacting growth is a preference for contactless payments.
Wearable payment refers to payment transactions conducted using wearable devices that are connected with wireless technologies such as NFC and RFID. Wearable payment gadgets not only provide clients with a simple and contactless means of payment, but also assure safety and cleanliness, particularly in the aftermath of the COVID-19 pandemic.
Customers prefer cashless transactions for sanitary grounds due to the outbreak of COVID-19. Mastercard, for example, saw a 40% increase in contactless payments in the first quarter of 2020. Similarly, 60% of VISA users living outside the United States have utilized tap-to-pay technology for contactless payments.
As a result, various financial institutions, banks, and payment service providers have begun to adopt the digital payment agenda; nevertheless, in order to assure consumer satisfaction, these payment devices must be equipped with enhanced security measures.
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It is critical to recharge the gadget on a regular basis to guarantee its smooth operation; if the device becomes drained, it quickly disconnects the user. This may result in data insufficiency or a missing data cluster, affecting the payment process.
Wearable payment devices are becoming smaller than ever, thanks to better technology and form factors, necessitating the use of small-sized batteries to power payment capabilities.
Furthermore, when a wearable gadget is powered by complex operating systems, a large battery backup is required to assure continuous performance. The direct connection of the gadget to the cellular network, on the other hand, can quickly deplete the battery of wearable devices. It might have a negative influence on battery life.
NFC, RFID, and host card emulation (HCE) technologies are all used in various wearable and contactless payment devices. Many wearable device makers, including Apple, Samsung, and Huawei, are incorporating NFC and RFID technologies into their wearable devices and payment platforms, creating attractive potential for the wearable payment device industry to flourish.
Similarly, industry participants are implementing host card emulation technologies to provide customers with quick access to any goods by presenting product information on their smart devices.
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United States led the industry in 2021, accounting for more than 31% of sales. The existence of important firms such as Apple, Inc., Google LLC, MasterCard, and Visa, Inc. has assisted the market's expansion.
Trends such as the increased reliance on technology for timing and monitoring, as well as the rising acceptance of wearable devices by fitness enthusiasts, are likely to fuel the market development throughout the forecast period. Furthermore, the development of smart gadgets with monitoring and payment functionalities is accelerating in the United States.
Over the projection period, China is expected to be the fastest-growing market. The presence of a big population as well as increased demand for digital gadgets can be credited to the market's expansion.
Factors such as continuous development toward a cashless economy and advancements in payment technology are projected to boost market expansion. A CAGR of around 30% is projected for the Chinese market.
The market is divided into three sub-segments based on device type: fitness trackers, payment wristbands, and smart watches. Fitness trackers contribute the most, accounting for around 44% of the worldwide market.
With an increasing number of fitness enthusiasts, fitness trackers are predicted to become more popular in the near future, thanks to the vast choice of fitness gadgets and their multifunctional uses, such as incorporating mobile payments into their fitness trackers. Furthermore, fitness tracker manufacturers are improving their functionality by providing protection against fraud and theft during payment operations.
The global wearable payment devices market is highly fragmented with majority of players concentrated on product development and collaboration. Among the significant developments are:
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By 2022, the market for wearable payment devices is likely to reach US$ 13.43 Bn
By 2021, demand for wearable payment devices was valued at over US$ 10 Bn
According to Fact.MR, wearable payment devices demand grew at a CAGR of 27% from 2017-2021
From 2022-2032, wearable payment devices revenue is poised to grow at a CAGR of 29%
By 2032, the market for wearable payment devices is likely to reach US$ 171.38 Bn
As per Fact.MR, the U.S is expected to contribute 31% of the global wearable payment devices revenue
China is likely to flourish at an astounding 30% CAGR with respect to wearable payment devices sales
By device type, fitness trackers are expected to be most preferred, capturing a 44% market share
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