GlobalWearable Payments Devices Market was valued $xx Mn in 2019 and isexpected to reach $xx Mn by 2026, at a CAGR of 13.4% during the forecastperiod.
Global Wearable Payments DevicesMarket Introduction
Wearable payments are a safe wayfor customers to buy goods and services using innovative technologies builtinto their wearable devices. Various retailers and organizations refer to it asthe tap-and-go payment method because it provides retailers and vendors with amore safe and error-free payment method. Furthermore, many banks and financialinstitutions are offering wearable payment solutions in order to expand theirconsumer base globally and provide consumers with greater convenience whileshopping outdoors. In addition, due to the rapid adoption of smartphones andthe ease of transaction compared to conventional banking, wearable payments,and contactless payments have grown in popularity over time.
Global Wearable Payments DevicesMarket Dynamics
The use of contactless cards andwearable devices has increased as a result of the COVID-19 situation, and thereis an emerging demand for contactless payment for secure and safer paymenttransactions, as well as the adoption of NFC technology. Furthermore, increasingdemand for Host Card Emulation (HCE) and the acceptance of cashlesstransactions can be attributed to the market's growth. HCE enables cardimitation on NFC-enabled devices without requiring access to an authenticatedelement on mobile or wearable devices.
In addition, the growing demand forWearable Payments Devices is expected to boost market growth over the forecastperiod due to their quick payment capability. Wearable Payments Devices arebeing adopted by a number of e-banking platforms. These platforms areconcentrating on incorporating Near Field Communication (NFC) technology intotheir transaction operations, allowing for seamless payments. Furthermore, asthe cost of deploying NFC technology decreases, so does the market for thetechnology. This system is commonly used by businesses to migrate data fromtheir computers to different contactless payment terminals, such as NFC tagsand smartphones. The market is largely driven by the rise of digitization,which is being accompanied by the increasing adoption of a cashless economy inmany countries. The increased adoption of connected devices is due to the useof smart technology combined with increasing internet penetration. Furthermore,the presence of VR and AI technologies, which are driven by advances in mobileapps, has an effect on market growth. Banks are focused on linking cardmanagement systems with various token service providers, so digitization isexpected to gain momentum.
However, the high cost of wearabledevices and their short battery life, however, are limiting the market'sgrowth.
Global Wearable Payments DevicesMarket Segment Analysis
In 2020, the fitness trackersegment 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 offitness enthusiasts around the world, fitness trackers are expected to gaintraction. Several companies have begun to incorporate mobile payments intotheir fitness trackers. Furthermore, consumers are increasingly choosingfitness trackers because of their enhanced security feature, which protectsthem from fraud and identity theft during payment processes. Over the forecastperiod, the smartwatches segment is expected to rise at the fastest rate.Vendors' increasing emphasis on releasing low-cost smartwatches is expected tofuel smart watch adoption. These smartwatches link to smartphones viaBluetooth, NFC, or RF, allowing users to pay their bills more easily. Forinstance, well-known companies like Samsung Electronics and Apple Inc. haveprovided Bluetooth compatibility in their smartphones to allow consumers to getthe most out of their smartwatches.
In 2020, the barcodes segmentdominated the industry, accounting for over 30.0 % of global sales. Retailersare concentrating on reducing friction at checkouts and improving overallcustomer satisfaction. Barcode scanners with scan-and-go technology are used toencrypt Wearable Payments Devices. Customers can easily scan their productswhen shopping with this technology. Additionally, the barcode system allowsretailers to do away with conventional, static point-of-sale systems.
In 2020, the retail segmentaccounted for more than 29.0 % of sales of the market. The increasing demandfor cashless payments in markets, local shops, and e-commerce can be attributedto 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 futurewhen it comes to in-store shopping. Furthermore, various retailers from aroundthe world are emphasizing consumer education about contactless paymenttechnology, which is encouraging the use of Wearable Payments Devices in theretail sector.
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Global Wearable Payments DevicesMarket Regional Insights
Global Wearable Payments DevicesMarket Regional InsightsIn 2020, 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 themarket's growth. Over the forecast period, trends such as the increase intechnological dependence for timing and monitoring, as well as the growingadoption of wearable devices by fitness enthusiasts, are expected to driveregional market development. In addition, in North America, the development ofsmart devices with monitoring and payment features is rapidly growing.
The Asia Pacific is projected to bethe fastest-growing regional market over the forecast period. The existence ofa large population and rising demand for digital devices in the area can beattributed to the market's growth. Market growth is expected to be aided byfactors such as steady progress toward a cashless economy and changes inpayment technology. In addition, as per capita income in developing countriesin the region rises, so does the demand for wearable devices, and contactlesspayment becomes more common. Furthermore, the COVID-19 pandemic has a modesteffect on the APAC wearable payment system industry. Aside from the negativeconsequences of the current pandemic, it has also had a positive effect. Theongoing COVID-19 pandemic has accelerated the digital economy's development,especially in contactless payments.
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Global Wearable Payments DevicesMarket
Global Wearable Payments DevicesMarket, by Region
• North America
• South America
• Asia Pacific
Global Wearable Payments DevicesMarket Key players
• Apple, Inc.
• Barclays PLC
• Gemalto NV
• Google LLC
• PayPal Holdings Inc.
• Samsung Electronics
• Visa Inc.
• Huawei Technologies
• Infineon Technologies AG
• Intelligent Venue Solutions
• Jakcom Technology Co.
• McLEAR Ltd.
• Microsoft Corporation
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