Wearable Payment Devices Market

Wearable Payment Devices Market Analysis by Device Type (Fitness Trackers, Payment Wristbands, Smart Watches), by Technology (Barcodes, NFC Wearable Payment Devices, QR Codes, RFID Wearable Payment Devices), by Application & Regional Forecast 2022-2032

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

Global Wearable Payment Devices Market Outlook (2022-2032)

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)

29% CAGR

Market Size (2032)

US$ 171.38 Bn

Key Providers of Wearable Payment Devices

  • Apple, Inc.
  • Barclays PLC
  • Gemalto NV
  • Google LLC
  • Mastercard
  • Nymi
  • PayPal Holdings Inc.
  • Samsung Electronics
  • Visa Inc.
  • Wirecard

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.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Demand for Wearable Payment Devices Market from 2017 to 2021 Vs Market Forecast from 2022 to 2032

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.

Rising Preference for Contactless Payment Options Spurring Uptake of Wearable Payment Devices

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.

More Insights, Lesser Cost (-50% off)

Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR

Problems with Battery Consumption in Wearable Payment Devices May Impede Expansion

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.

Integration of Smart Technologies to Pave Way for Enhanced Growth

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.

Don't Need a Global Report?

save 40%! on Country & Region specific reports

Country Wise Analysis

How the Sales of Wearable Payment Devices Fare Across the United States?

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.

What are the Growth Prospects for Wearable Payment Devices Market in China?

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.

Wearable Payment Devices Market forecast analysis by Fact.MR

Category Wise Insights

Why are Fitness Trackers Popular in Different Regions?

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.

Competitive Landscape

The global wearable payment devices market is highly fragmented with majority of players concentrated on product development and collaboration. Among the significant developments are:

  • By releasing ConQR, a Mastercard QR on Card Solution, in 2021, Mastercard teamed with Bank of Baroda Financial Solution (BFSL) to deliver quick and seamless payment options for cardholders. This technology makes it possible for SMEs to accept cashless payments thanks to unique technology.

Key Segments Covered in Wearable Payment Devices Industry Report

  • By Device Type

    • Fitness Trackers
    • Payment Wristbands
    • Smart Watches
  • By Technology

    • Barcodes
    • Contactless Point of Sale Terminals
    • Near Field Communication (NFC Wearable Payment Devices)
    • Quick Response (QR) Codes
    • Radio Frequency Identification (RFID Wearable Payment Devices)
  • By Application

    • Wearable Payment Devices for Festivals & Life Events
    • Fitness Wearable Payment Devices
    • Healthcare Wearable Payment Devices
    • Retail Wearable Payment Devices
    • Wearable Payment Devices for Transportation
    • Others

- FAQs -

What is the expected market worth of the wearable payment devices market in 2022?

By 2022, the market for wearable payment devices is likely to reach US$ 13.43 Bn

What was the recorded valuation of wearable payment devices sales in 2021?

By 2021, demand for wearable payment devices was valued at over US$ 10 Bn

At what rate did the wearable payment devices demand surge from 2017-2021?

According to Fact.MR, wearable payment devices demand grew at a CAGR of 27% from 2017-2021

What is the expected value CAGR for the wearable payment devices industry until 2032?

From 2022-2032, wearable payment devices revenue is poised to grow at a CAGR of 29%

What is the expected closing value of the market for wearable payment devices in 2032?

By 2032, the market for wearable payment devices is likely to reach US$ 171.38 Bn

What is the demand outlook for wearable payment devices across the U.S?

As per Fact.MR, the U.S is expected to contribute 31% of the global wearable payment devices revenue

At what percentage will wearable payment devices demand surge in China?

China is likely to flourish at an astounding 30% CAGR with respect to wearable payment devices sales

Which is expected to be the most sought after wearable payment device type?

By device type, fitness trackers are expected to be most preferred, capturing a 44% market share

Wearable Payment Devices Market