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.

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