About the Report
The global wearable payment devices market is projected to expand at an impressive CAGR of around 29% over the forecast period of 2021 to 2031, with demand for payment wristbands surging across regions.
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.
At present, customers prefer caseless transactions over traditional transaction methods, owing to growing demand for host card emulation (HCE) and surge in the COVID-19 pandemic. Wearable payment devices are also offered through various sales channels, both offline and online, lending added impetus to market growth.
Foremost objective of the new report by Fact.MR on wearable payment devices is to pitch insights on the purchase growth scenario, demand generators, and development strategies in this space. The report provides a taxonomy elaborating on key segments. The report also outlines visionary insights on the market dynamics, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key success factors. Demand trends have been tracked in 20+ high-growth countries, pointing towards countries in North America holding bulk of the market share.
Historical Trends Vs. Future Market Projections
Historically, from 2016 to 2020, application of wearable payment devices increased at around 27% CAGR, and the key factor assisting this growth is their advantages over traditional payment systems, including payment via cards and cash. For instance, wearable payment devices offer no contact payments, which especially beneficial in the present COVID-19 situation. In recent years, payment through smart devices or credit cards was more preferred due to limited availability of wearable payment devices, but that is changing soon.
The market is forecasted to expand at a CAGR of nearly 29% over the coming 10 years. Prime factor influencing growth is inclination towards contactless payments, owing to growing hygiene concerns across the world.
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Which Region Offers Huge Opportunity for Wearable Payment Device Manufacturers?
Major markets has been observed to be concentrated in North America. North America accounts for around 31% of the global sales of wearable payment devices.
The region is expected to offer over US$ 43 Bn absolute dollar opportunity during the forecast period. Many manufacturers such as, Apple, Inc., Google LLC, and others are using NFC and RFID for wearable payment devices. Also, several companies are introducing host card emulation technologies for easy user interface in wearable devices.
Why are Fitness Trackers Preferred across Regions?
Under device type, the market is bifurcated into three sub-segments - fitness trackers, payment wristbands, and smart watches. Fitness trackers contribute the highest with around 44% market share, globally.
With growing number of fitness enthusiasts, fitness trackers are expected to grow in demand in the near future, owing to wide range of fitness devices and their multipurpose applications, such as combining mobile payments into their fitness trackers.
Moreover, manufacturers of fitness trackers are expanding their features by providing security from fraud and theft during payment processes.
Furthermore, these trackers can be connected to smartphones via Bluetooth, NFC, or RF, for easy cashless transactions. For instance, key players in the market such as Apple Inc. and Samsung Electronics offer fitness trackers with Bluetooth connectivity for easy accessibility. Fitness trackers are anticipated to expand at a CAGR of around 28% through 2031.
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How Has COVID-19 Boosted Sales of Wearable Payment Devices?
The COVID-19 pandemic has supported market growth for wearable payment device technology. Demand for contactless payments has surged a great deal during the pandemic to reduce the chances of virus spread through cash.
The pandemic increased awareness regarding wearable payment devices across the world. Customers are ready to accept these devices as they provide secure payment combined with other features of digital watches.
Contactless payment solutions are being incorporated by businesses on a large scale during these COVID times to keep their businesses afloat while combatting the pandemic.
An Adaptive Approach to Modern-day Research Needs
Majority of the companies discussed in the report have focused on product development and partnerships. Some of the key development are:
- In 2021, Mastercard partnered with Bank of Baroda Financial Solution (BFSL) to provide an easy and frictionless payment solutions for cardholders by launching ConQR, a Mastercard QR on Card Solution. This technology uses patented technology that allows SMEs to accept cashless payments.
- In 2021, Samsung Electronics introduced the 3GPP-compliant nationwide public safety LTE (PS-LTE) network in Korea, patterning with leading mobile operators. This network includes Samsung’s Mission-Critical Push-to-Talk (MCPTT) with multimedia broadcast capabilities, while offering fast and reliable connectivity to over 330 public safety organizations and agencies, including police, firefighters, emergency medical services, and the military.
There are various types available, such as wearable payment devices for grocery stores, entertainment center wearable payment devices, restaurant wearable payment devices, smart watch wearable payment devices, and many others.
Similarly, recent developments related to companies manufacturing wearable payment devices have been tracked by the team at Fact.MR, which is available in the full report.
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Historical Data Available for
US$ Mn for Value
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Available upon Request
Key Market Segments Covered
By Device Type
- Fitness Trackers
- Payment Wristbands
- Smart Watches
- Contactless Point of Sale Terminals
- Near Field Communication (NFC Wearable Payment Devices)
- Quick Response (QR) Codes
- Radio Frequency Identification (RFID Wearable Payment Devices)
- Wearable Payment Devices for Festivals & Life Events
- Fitness Wearable Payment Devices
- Healthcare Wearable Payment Devices
- Retail Wearable Payment Devices
- Wearable Payment Devices for Transportation
- North America
- Latin America
- East Asia
- South Asia
Wearable Payment Devices Market - Scope Of The Report
A recent study by Fact.MR on the wearable payment devices market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market.
This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of wearable payment devices.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing wearable payment devices, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis of diverse features, including production capacities, demand, product developments, revenue generation, and sales of wearable payment devices across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of wearable payment devices during the forecast period.
Analysis on Market Size Evaluation
The market has been analyzed for each market segment in terms of volume (units) and value (US$ Mn). Market estimates at global and regional levels for wearable payment devices are available in terms of “US$ Mn”. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report.
Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a solution provider can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global wearable payment devices market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include Porter’s five forces analysis and PESTLE analysis (political, economic, social, technology, legal, and environment outlook), which are expected to have a momentous influence on the growth of the wearable payment devices market during the forecast period.
Country-specific valuation on demand for wearable payment devices has been offered for each regional market, along with market scope estimates and forecasts, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of wearable payment devices, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the manufacturing of wearable payment devices has been brought with the help of a detailed dashboard view.
Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
- FAQs -
By value, projected a CAGR of around 29% for wearable payment device sales during 2021-2031.
Markets in North America and Europe would experience the highest growth rate. Also, the market in South Asia is expected to experience a high CAGR over the next ten years.
Prominent players manufacturing wearable payment devices include Apple, Inc., Barclays PLC, Gemalto NV, Google LLC, Mastercard, Nymi, PayPal Holdings Inc., Samsung Electronics, Visa Inc., and Wirecard.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.