Wearable Payment Device Market by Type (Smart Watches, Fitness Trackers and Payment Wristbands), Product (Near-Field Communication Technology, Radio Frequency Identification, Contactless Point of Sale Terminals, QR and Bar Codes), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, May 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global wearable payment device market is expected to grow from USD 10.35 Billion in 2020 and to reach USD 80.39 Billion by 2028, growing at a CAGR of 29.8% during the forecast period 2021-2028.
The factors driving the market are rise in demand for wearable devices along with contactless payment for a secure and safer payment transaction, use of intelligent technologies coupled with rising internet penetration, growing surge in adoption of smartphones, ease of transactions, growth in the adoption of cashless payments beyond the globe, convenient shopping experience to customers, growth of IOT globally, reducing costs of near field communication technology deployment. The factors restraining the market growth are security concerns of wearable devices, limited battery life, high price, low awareness and filled-out competition in the market. The rising adoption of contactless point-of-sale, a surge in host card emulation technology, radiofrequency identification and near-field communication technology is expected to provide market growth opportunities. And additionally, the eruption of COVID-19 molded customers globallyto choose contactless payments as a mode of payment, which is expected to positively boost the adoption of wearable payment devices and fuel market growth over the forecastperiod.
A wearable payment device is defined as anything connected to the body and utilized to make any payment. Wearable devices are directly associated with the customer’s bank accounts and work like a regular debit card, making purchases at any merchant store that sustains contactless transactions. Wearable Payments are an impeccable procedure to buy products or services by using advanced technology integrated into wearable devices. User’s don’t need to take their smartphones and wallet for payments anymore . Furthermore, it is shared as a tap-and-go payment method by distinctive retailers and organizations, as it provides retailers and vendors additional secure and error-free payment methods.
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Key players operating in the market are Apple, Thales Group, Google, Samsung Electronics, Barclays, Mastercard, Xiaomi Corporation, Visa, Intellitix, Jawbone, Nymi, Disney, Intelligent Venue Solutions, Fitbits, Wirecard, Garmin, Caixa Bank, Gemalto, Westpac, Tappy Technologies Ltd and PayPal Holdings. To acquire a significant market share in the global wearable payment device market, the pivotal players are now concentrating on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In January 2021, Google acquired Fitbit to access the wearable payment device market for USD 2.1 billion. This acquisition is an act that could brace the internet’s vast hardware business, At the same time expanding antitrust scrutiny.
In Dec-2020, Mastercard partnered with MatchMove and Tappy Technologies. In this cooperation, they started tokenization into a miniature, adaptable chip that could be affiliated to a range of battery-less wearables and accessories like watchstraps or keyrings, which bends them into secure contactless payments devices.
Fitness Tracker segment dominated the market and held the largest market share of 43.0% in the year 2020
On the basis of type, the global wearable payment device is segmented into smartwatches, fitness trackers and payment wristbands. The fitness tracker segment dominated the market and held the largest market share of 43.0% in the year 2020. This growth is attributed to its high usage of various fitness devices and the rising number of fitness lovers worldwide. A lot of vendors begin to blend mobile payments into their fitness trackers. Also, customers extensively prefer fitness trackers due to their upgraded safety features, saving them from fakes and identity defrauding by payment processes.
Bar-Codes Segment dominated the market and held the largest market share of 30.0% in the year 2020
On the basis of product, the global wearable payment device market is segmented into near-field communication technology, radio frequency identification, contactless point of sale terminals, QR and bar codes. The bar codes segment dominated the market and held the largest market share of 30.0% in the year 2020. This growth is attributed to the retailer’s concentration on isolating friction at checkouts and promoting the overall customer experience. Wearable payments devices are cryptographed with barcode scanners that include scan-and-go technology. This technology empowers customers to scan their items comfortably as they shop. As well, the barcode system allows retailers to ignore the requirement for a traditional and static point-of-sale.
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Regional Segment of Wearable Payment Device Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and Rest of South America)
The Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global wearable payment device market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the largest market share of 31.0% in the year 2020. This growth is due to the key players such as Visa, Apple, MasterCard and Google in the region. The change in technological dependence for tracking, timing and increasing adoption of wearable devices by fitness users are also anticipated to fuel the regional market growth over the forecast period. Also, North America is witnessing an substantial rise in the production of intelligent devices with tracking and payment features.
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About the report:
The global wearable payment device market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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