Wearable Payments Market Size, Share & Growth | Analysis

 

Wearable Payment Device Market

Wearable Payment Device Market is forecast to witness a faster CAGR over the forecast period. Wearable payments offer a faster and easy way to make payments, especially for small and medium-sized monetary transactions. Growing demand for wearable medical devices across e-banking platforms and increasing adoption of contactless cards will expand the market growth.

Increasing number of contactless payments owing to the mandates of digital payment network by organizations has fueled the demand for payment-driving devices.  Wearable payments offer a faster and easy way of making payments, primarily for small and medium sized transactions. Increasing incorporation of NFC payment systems in mobile devices and increasing adoption of contactless point-of-sale readers will fuel the market growth. As per the Wearable Payment Device market report, rapid digitalization, increase in the adoption of IoT, and presence of AI and VR technologies are some other factors proliferating the market growth.

By Sales Channel, the Indirect Sales segment is projected to witness a faster CAGR over the forecast period, owing to the well-established sales networks. Recently, leading companies like Apple, Samsung, Fitbit, Garmin, and others, depend on the indirect sales channel for income generation. Buyers are inclined towards purchasing consumer electronics like smartphones and wearable devices through third-party providers on account of the periodic discounts and offers offered by online shopping websites.

By region, Asia-Pacific is forecast to expand at a faster VAGR over the forecast period, owing to the increasing production and assembling of wearable devices in the region. Factors such as increasing population, adoption of consumer electronics, and digitalization will expand the market size.

Various notable players operating in the market include Apple Inc., Barclays PLC, Gemalto NV, Google LLC, Mastercard., Nymi, Inc., PayPal Holdings, Inc., SAMSUNG, Visa Inc., wirecard, among others.

Key Developments:

In 2021, Google LLC acquired Fitbit for USD 2.1 billion in an all-cash deal. This procurement is intended to expand internet giant’s hardware business while increasing antitrust inspection.

In 2020, Apple Inc. developed Apple Watch Series 6 and Apple Watch SE, two iPad models, the first fitness experience built for Apple Watch for innovations in health and wellness features to iPhone, iPad, and Apple TV.

Wearable Payment Device Market Segmentation:

Wearable Payment Device Market by Device Type
  • Smart Watches
  • Fitness Trackers
  • Payment Wristbands
  • Smart Rings
Wearable Payment Device Market by Technology
  • Near Field Communication Technology (NFC)
  • Radio Frequency Identification (RFID)
  • QR & Barcode
Wearable Payment Device Market by Sales Channel
  • Direct Sales
  • Indirect Sales
Wearable Payment Device Market by Application
  • Retail and Grocery Stores
  • Restaurants
  • Hospitals and Pharmacies
  • Entertainment Centers
  • Other

Wearable Payment Device Market by Region:

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to inv
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B
Read more