Wearable Payment Device Market is expected to reach US$ 120.21 Bn. by 2029, at a CAGR of 13.6% during the forecast period.Wearable Payments Devices Market Introduction
Wearable payments are a safe way for customers to buy goods and services using innovative technologies built into their wearable devices. Various retailers and organizations refer to it as the tap-and-go payment method because it provides retailers and vendors with a more safe and error-free payment method. Furthermore, many banks and financial institutions are offering wearable payment solutions in order to expand their consumer base globally and provide consumers with greater convenience while shopping outdoors. In addition, due to the rapid adoption of smartphones and the ease of transaction compared to conventional banking, wearable payments, and contactless payments have grown in popularity over time.To know about the Research Methodology :- Request Free Sample Report
Wearable Payments Devices Market Dynamics
The use of contactless cards and wearable devices has increased as a result of the COVID-19 situation, and there is an emerging demand for contactless payment for secure and safer payment transactions, as well as the adoption of NFC technology. Furthermore, increasing demand for Host Card Emulation (HCE) and the acceptance of cashless transactions can be attributed to the market's growth. HCE enables card imitation on NFC-enabled devices without requiring access to an authenticated element on mobile or wearable devices. In addition, the growing demand for Wearable Payments Devices is expected to boost market growth over the forecast period due to their quick payment capability. Wearable Payments Devices are being adopted by a number of e-banking platforms. These platforms are concentrating on incorporating Near Field Communication (NFC) technology into their transaction operations, allowing for seamless payments. Furthermore, as the cost of deploying NFC technology decreases, so does the market for the technology. This system is commonly used by businesses to migrate data from their computers to different contactless payment terminals, such as NFC tags and smartphones. The market is largely driven by the rise of digitization, which is being accompanied by the increasing adoption of a cashless economy in many countries. The increased adoption of connected devices is due to the use of smart technology combined with increasing internet penetration. Furthermore, the presence of VR and AI technologies, which are driven by advances in mobile apps, has an effect on market growth. Banks are focused on linking card management systems with various token service providers, so digitization is expected to gain momentum. However, the high cost of wearable devices and their short battery life, however, are limiting the market's growth.Wearable Payments Devices Market Segment Analysis
In 2021, the fitness tracker segment dominated the industry, accounting for more than 43.0% of global sales. Because of the growing use of a variety of fitness devices and the number of fitness enthusiasts around the world, fitness trackers are expected to gain traction. Several companies have begun to incorporate mobile payments into their fitness trackers. Furthermore, consumers are increasingly choosing fitness trackers because of their enhanced security feature, which protects them from fraud and identity theft during payment processes. Over the forecast period, the smartwatches segment is expected to rise at the fastest rate. Vendors' increasing emphasis on releasing low-cost smartwatches is expected to fuel smart watch adoption. These smartwatches link to smartphones via Bluetooth, NFC, or RF, allowing users to pay their bills more easily. For instance, well-known companies like Samsung Electronics and Apple Inc. have provided Bluetooth compatibility in their smartphones to allow consumers to get the most out of their smartwatches. In 2021, the barcodes segment dominated the industry, accounting for over 30.0 % of global sales. Retailers are concentrating on reducing friction at checkouts and improving overall customer satisfaction. Barcode scanners with scan-and-go technology are used to encrypt Wearable Payments Devices. Customers can easily scan their products when shopping with this technology. Additionally, the barcode system allows retailers to do away with conventional, static point-of-sale systems. In 2021, the retail segment accounted for more than 29.0 % of sales of the market. The increasing demand for cashless payments in markets, local shops, and e-commerce can be attributed to the segment's rise. According to a survey conducted by Vista Retail Support, 72% of consumers agree that wearable payment systems are the way of the future when it comes to in-store shopping. Furthermore, various retailers from around the world are emphasizing consumer education about contactless payment technology, which is encouraging the use of Wearable Payments Devices in the retail sector.Wearable Payments Devices Market Regional Insights
In 2021, North America dominated the industry, accounting for over 31.0 % of sales. The presence of key players in the area, such as Apple, Inc., Google LLC, MasterCard, and Visa, Inc., has aided the market's growth. Over the forecast period, trends such as the increase in technological dependence for timing and monitoring, as well as the growing adoption of wearable devices by fitness enthusiasts, are expected to drive regional market development. In addition, in North America, the development of smart devices with monitoring and payment features is rapidly growing. The Asia Pacific is projected to be the fastest-growing regional market over the forecast period. The existence of a large population and rising demand for digital devices in the area can be attributed to the market's growth. Market growth is expected to be aided by factors such as steady progress toward a cashless economy and changes in payment technology. In addition, as per capita income in developing countries in the region rises, so does the demand for wearable devices, and contactless payment becomes more common. Furthermore, the COVID-19 pandemic has a modest effect on the APAC wearable payment system industry. Aside from the negative consequences of the current pandemic, it has also had a positive effect. The ongoing COVID-19 pandemic has accelerated the digital economy's development, especially in contactless payments.Global Wearable Payments Devices Market Report Scope: Inquire before buying
Global Wearable Payment Device Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US $ 43.34 Bn. Forecast Period 2022 to 2029 CAGR: 13.6% Market Size in 2029: US $ 120.21 Bn. Segments Covered: by Device Type • Fitness Tracker • Payment Wristbands • Smart Watches by Technology • Barcodes • Contactless Point of Sale (POS) Terminals • Near Field Communication (NFC) • Quick Response (QR) Codes • Radio Frequency Identification (RFID) by Application • Festival & Life Events • Fitness •Healthcare • Retail •Transportation •Others Wearable Payments Devices Market, by Region
• North America • Europe • South America • MEA • Asia PacificWearable Payments Devices Market Key Players are:
• Apple, Inc. • Barclays PLC • Gemalto NV • Google LLC • Mastercard • Nymi • PayPal Holdings Inc. • Samsung Electronics • Visa Inc. • Wirecard • Huawei Technologies • Infineon Technologies AG • Intelligent Venue Solutions • Intellitix • Jakcom Technology Co. • McLEAR Ltd. • Microsoft Corporation Frequently Asked questions 1. What is the market size of the Global Wearable Payment Device Market in 2021? Ans. The market size Global Wearable Payment Device Market in 2021 was US$ 43.34 Billion. 2. What are the different segments of the Global Wearable Payment Device Market? Ans. The Global Wearable Payment Device Market is divided into Device Type, Application and Technology. 3. What is the study period of this market? Ans. The Global Wearable Payment Device Market will be studied from 2021 to 2029. 4. Which region is expected to hold the highest Global Wearable Payment Device Market share? Ans. The Asia Pacific dominates the market share in the market. 5. What is the Forecast Period of Global Wearable Payment Device Market? Ans. The Forecast Period of the market is 2022-2029 in the market.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Wearable Payment Device Market Size, by Market Value (US$ Bn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2019 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Wearable Payment Device Market 3.4. Geographical Snapshot of the Wearable Payment Device Market, By Manufacturer share 4. Global Wearable Payment Device Market Overview, 2021-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Wearable Payment Device Market 5. Supply Side and Demand Side Indicators 6. Global Wearable Payment Device Market Analysis and Forecast, 2021-2029 6.1. Global Wearable Payment Device Market Size & Y-o-Y Growth Analysis. 7. Global Wearable Payment Device Market Analysis and Forecasts, 2021-2029 7.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 7.1.1. Fitness Tracker 7.1.2. Payment Wristbands 7.1.3. Smart Watches 7.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 7.2.1. Barcodes 7.2.2. Contactless Point of Sale (POS) Terminals 7.2.3. Near Field Communication (NFC) 7.2.4. Quick Response (QR) Codes 7.2.5. Radio Frequency Identification (RFID) 7.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 7.3.1. Festival & Life Events 7.3.2. Fitness 7.3.3. Healthcare 7.3.4. Retail 7.3.5. Transportation 7.3.6. Others 8. Global Wearable Payment Device Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2021-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Wearable Payment Device Market Analysis and Forecasts, 2021-2029 9.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 9.1.1. Fitness Tracker 9.1.2. Payment Wristbands 9.1.3. Smart Watches 9.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 9.2.1. Barcodes 9.2.2. Contactless Point of Sale (POS) Terminals 9.2.3. Near Field Communication (NFC) 9.2.4. Quick Response (QR) Codes 9.2.5. Radio Frequency Identification (RFID) 9.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 9.3.1. Festival & Life Events 9.3.2. Fitness 9.3.3. Healthcare 9.3.4. Retail 9.3.5. Transportation 9.3.6. Others 10. North America Wearable Payment Device Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Wearable Payment Device Market Analysis and Forecasts, 2021-2029 11.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 11.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 11.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 12. Canada Wearable Payment Device Market Analysis and Forecasts, 2021-2029 12.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 12.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 12.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 13. Mexico Wearable Payment Device Market Analysis and Forecasts, 2021-2029 13.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 13.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 13.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 14. Europe Wearable Payment Device Market Analysis and Forecasts, 2021-2029 14.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 14.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 14.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 15. Europe Wearable Payment Device Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Wearable Payment Device Market Analysis and Forecasts, 2021-2029 16.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 16.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 16.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 17. France Wearable Payment Device Market Analysis and Forecasts, 2021-2029 17.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 17.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 17.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 18. Germany Wearable Payment Device Market Analysis and Forecasts, 2021-2029 18.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 18.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 18.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 19. Italy Wearable Payment Device Market Analysis and Forecasts, 2021-2029 19.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 19.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 19.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 20. Spain Wearable Payment Device Market Analysis and Forecasts, 2021-2029 20.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 20.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 20.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 21. Sweden Wearable Payment Device Market Analysis and Forecasts, 2021-2029 21.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 21.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 21.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 22. CIS Countries Wearable Payment Device Market Analysis and Forecasts, 2021-2029 22.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 22.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 22.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 23. Rest of Europe Wearable Payment Device Market Analysis and Forecasts, 2021-2029 23.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 23.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 23.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 24. Asia Pacific Wearable Payment Device Market Analysis and Forecasts, 2021-2029 24.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 24.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 24.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 25. Asia Pacific Wearable Payment Device Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2021-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Wearable Payment Device Market Analysis and Forecasts, 2021-2029 26.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 26.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 26.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 27. India Wearable Payment Device Market Analysis and Forecasts, 2021-2029 27.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 27.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 27.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 28. Japan Wearable Payment Device Market Analysis and Forecasts, 2021-2029 28.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 28.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 28.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 29. South Korea Wearable Payment Device Market Analysis and Forecasts, 2021-2029 29.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 29.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 29.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 30. Australia Wearable Payment Device Market Analysis and Forecasts, 2021-2029 30.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 30.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 30.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 31. ASEAN Wearable Payment Device Market Analysis and Forecasts, 2021-2029 31.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 31.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 31.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 32. Rest of Asia Pacific Wearable Payment Device Market Analysis and Forecasts, 2021-2029 32.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 32.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 32.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 33. Middle East Africa Wearable Payment Device Market Analysis and Forecasts, 2021-2029 33.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 33.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 33.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 34. Middle East Africa Wearable Payment Device Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2021-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Wearable Payment Device Market Analysis and Forecasts, 2021-2029 35.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 35.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 35.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 36. GCC Countries Wearable Payment Device Market Analysis and Forecasts, 2021-2029 36.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 36.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 36.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 37. Egypt Wearable Payment Device Market Analysis and Forecasts, 2021-2029 37.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 37.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 37.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 38. Nigeria Wearable Payment Device Market Analysis and Forecasts, 2021-2029 38.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 38.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 38.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 39. Rest of ME&A Wearable Payment Device Market Analysis and Forecasts, 2021-2029 39.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 39.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 39.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 40. South America Wearable Payment Device Market Analysis and Forecasts, 2021-2029 40.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 40.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 40.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 41. South America Wearable Payment Device Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2021-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Wearable Payment Device Market Analysis and Forecasts, 2021-2029 42.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 42.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 42.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 43. Argentina Wearable Payment Device Market Analysis and Forecasts, 2021-2029 43.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 43.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 43.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 44. Rest of South America Wearable Payment Device Market Analysis and Forecasts, 2021-2029 44.1. Market Size (Value) Estimates & Forecast By Device Type, 2021-2029 44.2. Market Size (Value) Estimates & Forecast By Technology, 2021-2029 44.3. Market Size (Value) Estimates & Forecast By Application, 2021-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Wearable Payment Device Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Applications and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile : Key Players 45.3.1. Google LLC 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. Apple Inc. 45.3.3. Samsung Electronics Co., Ltd. 45.3.4. Fitbit Inc. 45.3.5. Garmin AB 45.3.6. Xiaomi Corporation 45.3.7. Tappy Technologies Ltd. 45.3.8. Barclays PLC 45.3.9. VISA Inc. 45.3.10. PayPal Holding Inc. 45.3.11. Mastercard, Inc. 45.3.12. American Express 45.3.13. Fossil Group 45.3.14. GOQuii 45.3.15. Huawei 45.3.16. Thales Group S.A. 45.3.17. Other Key Players 46. Primary Key Insights