The global Wearable Payments Devices market size is expected to be worth around US$ 80.40 billion by 2028, according to a new report by Vision Research Reports.
The global Wearable Payments Devices market size was valued at US$ 10.40 billion in 2020 and is anticipated to grow at a CAGR of 29.10% during forecast period 2021 to 2028.
Growth Factors
The market growth can be attributed to the increasing demand for Host Card Emulation (HCE) and the growing adoption of cashless transactions. HCE allows mobile or wearable devices to permit card imitation on NFC-enabled devices without depending on access to an authenticated element. Furthermore, the increasing demand for wearable payment devices owing to their fast payment capability is expected to fuel the market growth over the forecast period. Numerous e-banking platforms are adopting wearable payment devices. These platforms are focusing on integrating the Near Field Communication (NFC) technology into their transaction operations, which facilitates seamless payments. Furthermore, the decreasing costs for deploying NFC technology are encouraging the rise in demand for the technology. Businesses widely use this technology to transfer data from their devices to various contactless payment terminals, such as NFC tags and smartphones.
The rapid growth in the use of contactless payments is driven by the mandates of digital payment networks by the governments across the globe, which, as a result, has increased the adoption of payment-enabled devices. Wearable payments offer a quick and convenient way of making payments, specifically for small to medium-sized monetary transactions. Factors such as the increasing integration of NFC payment systems in mobile devices increased comfort with using contactless cards, and the rising adoption of contactless point-of-sale readers are expected to create growth opportunities for the market over the forecast period. Additionally, the growth in IoT globally acts as a major driver for invisible payments, thereby propelling the market growth over the forecast period.
The market is significantly driven by the increase in digitization, followed by the growing adoption of a cashless economy observed in several countries. The use of smart technologies, coupled with rising internet penetration, has resulted in the increased adoption of connected devices. Furthermore, the market growth is influenced by the presence of VR and AI technologies, which is driven by developments in mobile applications. Digitization in banks is expected to gain traction as banks are focusing on connecting card management systems with various token service providers.
Report Highlights
The fitness tracker segment led the market and accounted for more than 43.04% share of the global revenue in 2020. Fitness trackers are expected to gain momentum owing to the increasing use of a variety of fitness devices and an increasing number of fitness enthusiasts across the globe. Numerous vendors have started integrating mobile payments into their fitness trackers. Moreover, customers are widely opting for fitness trackers owing to their increased safety feature, which protects them from frauds and identity thefts at the time of payment processes.
The smartwatches segment is anticipated to witness the highest growth over the forecast period. The growing focus of vendors on launching low-priced smartwatches is expected to boost the adoption of smartwatches over the forecast period. These smartwatches are connected to smartphones through Bluetooth, NFC, or RF, which makes it easier for users to pay their bills. For instance, prominent companies such as Samsung Electronics and Apple Inc. have included the Bluetooth connectivity feature in their smartphones to enable users to make use of their smartwatches more efficiently.
The barcodes segment dominated the market and accounted for more than 30.03% share of the global revenue in 2020. Retailers are focusing on removing friction at checkouts and improving the overall customer experience. Wearable payments devices are encoded with barcode scanners that incorporate scan-and-go technology. This technology enables customers to effortlessly scan their items as they shop. Additionally, the barcode system enables retailers to eliminate the need for a traditional and static point-of-sale.
The contactless Point of Sale (POS) terminals segment is anticipated to witness the highest growth over the forecast period. According to Berg Insight AB, by the end of 2022, nearly eight out of ten POS terminals installed by retailers or vendors across the globe will be able to receive NFC-enabled contactless payments. The introduction of NFC and IoT-based contactless payment capabilities into wearable devices is expected to fuel the growth of the contactless POS terminals segment. Vendors such as Samsung Electronics and Apple, Inc. have introduced their own contactless POS terminals, consequently driving the segment.
The retail segment led the market and accounted for more than 29.03% share of the global revenue in 2020. The segment growth can be attributed to the increasing demand for cashless payments in markets, local shops, and e-commerce. According to a survey by Vista Retail Support, 72% of the customers believe that wearable payment devices are the future of in-store shopping. Furthermore, numerous retailers across the globe are focusing on educating customers about contactless payment technology, which, in turn, is promoting the use of wearable payment devices in the retail sector.
The festival and life events segment is anticipated to witness significant growth over the forecast period. Festival and life event managers are focusing on adopting contactless payment technology to reduce long queues on the gates or entrances. Moreover, customers are preferring wearable payment devices, such as payment rings and wristbands, as these devices reduce cash in circulation at big events and improve payment speed. At big events, event managers distribute wristbands, which can support both payment use cases and access to events. These wristbands eliminate the need to carry money and reduce waiting in line for both the purchase of food and beverages and access to events, which improves the overall experience for users.
North America dominated the market and accounted for over 31.03% share of the global revenue in 2020. The market growth can be attributed to the presence of key players such as Apple, Inc.; Google LLC; Mastercard; and Visa, Inc. in the region. Trends such as the growth in technological dependence for timing and tracking and increasing adoption of wearable devices by fitness enthusiasts are also expected to fuel the regional market growth over the forecast period. Furthermore, North America is witnessing a substantial rise in the production of smart devices with tracking and payment features.
Asia Pacific is anticipated to emerge as the fastest-growing regional market over the forecast period. The market growth can be attributed to the presence of a large population and increasing demand for digital devices in the region. Factors such as steady growth in building a cashless economy and transformation in payments technology are expected to contribute to the market growth. The increasing number of market entrants is also an important trend in the market.
Key Players
Apple, Inc.
Barclays PLC
Gemalto NV
Google LLC
Mastercard
Nymi
PayPal Holdings Inc.
Samsung Electronics
Visa Inc.
Wirecard
Market Segmentation
Device Type Outlook
Fitness Tracker
Payment Wristbands
Smart Watches
Technology Outlook
Barcodes
Contactless Point of Sale (POS) Terminals
Near Field Communication (NFC)
Quick Response (QR) Codes
Radio Frequency Identification (RFID)
Application Outlook
Festival & Life Events
Fitness
Healthcare
Retail
Transportation
Others
Regional Outlook
North America
U.S.
Canada
Europe
Germany
U.K.
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East & Africa
The Wearable Payments Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Wearable Payments Devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Wearable Payments Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Wearable Payments Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Wearable Payments Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Wearable Payments Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Wearable Payments Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Wearable Payments Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Wearable Payments Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Wearable Payments Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Wearable Payments Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Wearable Payments Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Wearable Payments Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Wearable Payments Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Wearable Payments Devices market. These factors have benefited the growth of the global market for Wearable Payments Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Wearable Payments Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Wearable Payments Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers