Get more information on the Wearable Payment Device Market - Request Sample Report
The Wearable Payment Device Market Size was valued at USD 55.49 billion in 2023. It is expected to reach USD 174.83 billion by 2032 and grow at a CAGR of 13.6% over the forecast period 2024-2032.
Wearable technology encompasses items that can be seamlessly integrated into clothing or worn as accessories on the body, utilizing electronic components and software for control. When wearable devices with wireless capabilities like NFC and RFID are employed for transactions, it's termed as utilizing wearable payment devices. Ongoing technological progress enables swift and discreet integration of payment functionalities into wearables, enhancing user convenience. Many banks and financial institutions currently provide wearable payment solutions to offer clients a straightforward and seamless payment experience.
KEY DRIVERS:
Wearable technology providers are increasingly focusing on providing enhanced customer services through mobile applications.
Adoption of secure and advanced technology-based digital payment solutions is increasing.
Rising demand for wearable electronic devices will drive the growth of wearable payment devices.
The increasing embrace of secure and advanced technology-based digital payment solutions mirrors a complex interplay of factors shaping contemporary financial transactions. Escalating concerns about security, triggered by the proliferation of cybercrime and data breaches, have motivated consumers to seek more reliable payment methods, prompting the integration of technologies like tokenization, encryption, and biometric authentication into digital payment platforms. Concurrently, the unparalleled convenience and efficiency intrinsic to digital payments, facilitated by technologies such as NFC, blockchain, and artificial intelligence, have spurred their adoption, particularly among technologically savvy consumers. Moreover, the expansion of e-commerce and globalization has bolstered the demand for secure and user-friendly payment solutions to streamline online purchases and cross-border transactions. Additionally, regulatory backing and initiatives aimed at fostering financial inclusion, combating money laundering, and enhancing transaction transparency have significantly influenced the widespread acceptance of digital payment technologies. This collective shift toward prioritizing digital-first payment methods underscores a broader societal transition toward a digital economy, driven by imperatives for security, convenience, efficiency, and regulatory adherence in financial transactions.
RESTRAINTS:
Ensuring the smooth operation of the device requires regular recharging; if it runs out of power, it automatically disconnects the user, potentially resulting in data inadequacy or missing data clusters, consequently affecting the payment process. With advancements in technology and design, wearable payment devices are becoming smaller, necessitating smaller batteries to power payment functions. Additionally, when a wearable device operates on advanced operating systems, it demands significant battery backup for continuous performance. However, direct connectivity to cellular networks can rapidly deplete the battery of wearable devices, negatively impacting battery life.
OPPORTUNITIES:
NFC, RFID, and host card emulation (HCE) technologies are essential components of various wearable and contactless payment devices. Numerous wearable device manufacturers, including Apple, Samsung, and Huawei, are incorporating NFC and RFID technologies into their wearable devices and payment platforms, presenting promising prospects for the expansion of the wearable payment device market.
Likewise, industry participants are embracing host card emulation technologies to enable customers to conveniently access product information via their smart devices, thus enhancing their shopping experience.
CHALLENGES:
Wearable devices interact with various elements within the broader ecosystem, including internet services, embedded chips, mobile apps, computing applications, and more. Wearable payment devices have become prevalent in diverse settings such as grocery stores, restaurants, hospitals/pharmacies, and entertainment centers due to their convenience, rapid transaction speeds, and capability to capture and analyze complex data in real time. However, organizations utilizing wearable payment devices are exposed to the risk of data breaches. The interconnectedness of devices and reliance on cellular networks render them susceptible to attacks. Nevertheless, wearable payment device companies can swiftly address these security challenges by promptly updating their software and devices.
IMPACT OF COVID-19:
The COVID-19 pandemic had little effect on the market. The rise in health concerns following COVID-19 has boosted demand for wearable devices. The current pandemic has brought to light the importance and utility of wearable devices. Wearable devices are increasingly being used by users to measure, monitor, and continuously assess their personal health. The pandemic has also increased public awareness of the benefits of contactless payment. Due to the risk of contamination, it has accelerated the shift from cash to digital options via smartphones and wearable payment devices. Contactless payments have emerged as an essential solution for all businesses, allowing them to drive their operations forward while also ensuring safety in the face of the coronavirus pandemic.
The Russia-Ukraine crisis has had a far-reaching impact on the global economy, affecting sectors like finance, supply chains, and energy. While its influence indirectly extends to markets such as wearable payment devices, there's no directly analyzed impact noted in available sources. The crisis has instigated political and economic disturbances globally, affecting businesses, supply chains, and legal frameworks due to evolving sanctions. Heightened trade credit risks have emerged, potentially leading to payment delays, especially for contracts involving Russia and Ukraine. Additionally, Europe's reliance on Russian gas has come under scrutiny, prompting shifts in energy strategies that could indirectly affect sectors like technology and manufacturing, including wearable device makers. This could influence production costs and supply chain decisions. The crisis has also disrupted the global supply chain, emphasizing the need for resilience and dual sourcing, potentially impacting the manufacturing and distribution of wearable payment devices. Furthermore, it has accelerated trends in global technology standards and policies, potentially affecting costs and productivity growth, indirectly impacting the wearable payment device market. In summary, while direct impacts on the wearable payment device market are not apparent, broader economic and supply chain disruptions, along with energy strategy shifts and technology standards, could indirectly influence the sector. Companies in this field, like those in other industries, may need to adapt their strategies to navigate these challenges effectively.
The impact of the global economic slowdown on the wearable payment device market is nuanced, as certain factors are driving market growth despite economic challenges. The market is witnessing growth due to increased digitization and cashless transactions, propelled by the transition towards a cashless economy and higher internet penetration. Furthermore, the integration of advanced technologies like Virtual Reality (VR), Artificial Intelligence (AI), and NFC and RFID in wearable devices is enhancing their appeal to consumers. Additionally, consumer lifestyle trends, such as the rising popularity of fitness trackers with payment functionalities and the convenience of smartwatches for payments, are contributing to market expansion. However, challenges such as high costs and security concerns, along with technological limitations like short battery life, could hinder growth. While Europe currently leads the market, driven by consumer awareness and adoption, the Asia Pacific region shows promise for rapid growth. Despite potential challenges, the outlook for the wearable payment device market remains positive, driven by the ongoing shift towards digital payments, consumer preferences for wearable technologies, and continuous technological advancements.
BY DEVICE TYPE
Market segmentation, categorized by Type, Smartwatches, Fitness Trackers, and Payment Wristbands, Smart Rings. In 2023, the Smartwatches segment dominates, significantly contributing to the revenue of Wearable Payment Devices. Today's smartwatches are equipped with touchscreens and various application interfaces, facilitating payments via NFC or Wi-Fi directly from the device, eliminating the necessity for smartphones or physical debit/credit cards. Additionally, users can authorize payments on smartwatches by entering a PIN or passcode linked to their mobile phones.
Get Customized Report as per your Business Requirement - Request For Customized Report
BY TECHNOLOGY
Categorized by Technology, the market segmentation comprises Barcodes, Contactless Point of Sale (POS) Terminals, Near Field Communication (NFC), Quick Response (QR) Codes, Contactless Point of Sale (POS) Terminals and Radio Frequency Identification (RFID). The Radio Frequency Identification (RFID) segment emerged as the market leader. RFID operates through radio wave communication between a small chip embedded in the wearable device and a payment terminal. This technology is prevalent in various wearables, including smartwatches, fitness trackers, and even jewelry. According to Berg Insight AB, nearly eight out of ten POS terminals installed by retailers or vendors worldwide will be able to accept NFC-enabled contactless payments.
BY APPLICATION
Wearable Payment Device Market Regional Analysis:
North America held the market dominance, driven by trends such as the growing reliance on technology for timing and tracking, along with the increasing adoption of wearable devices among fitness enthusiasts, which are projected to further propel regional market growth during the forecast period. Additionally, North America is experiencing a significant uptick in the production of smart devices featuring tracking and payment functionalities.
Meanwhile, Asia Pacific is poised to emerge as the swiftest-growing regional market in the forecast period. This growth is attributed to the region's large population and escalating demand for digital devices. Factors such as the gradual development towards a cashless economy and advancements in payment technology are anticipated to bolster market expansion. Furthermore, the increasing influx of new market players is a notable trend observed in the region.
The key players in the wearable payment device market are Alibaba Group, Google Inc., Samsung Electronics, Apple Inc., Fitbit Inc., Barclays Plc., Mastercard, Jawbone, PayPal Inc, Visa & Other Players.
In January 2021: Google LLC completed the acquisition of Fitbit Inc. for USD 2.1 billion in an all-cash transaction, marking its entry into the wearable payment device market. This strategic move aims to strengthen the internet giant's hardware division, although it also intensifies antitrust scrutiny.
Report Attributes | Details |
---|---|
Market Size in 2023 | US$ 55.49 Billion |
Market Size by 2032 | US$ 174.83 Billion |
CAGR | CAGR of 13.6% From 2024 to 2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Data | 2020-2022 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Device Type (Smart Watches, Payment Wristbands, Fitness Trackers, Smart Rings) • By Technology (Near Field Communication Technology (NFC), Quick Response (QR) Codes, Barcodes, Radio Frequency Identification (RFID), Contactless Point Of Sale (POS) Terminals) • By Sales Channel (Direct Sales, Indirect Sales) • By Application (Retail/Grocery Stores, Hospitals, Restaurants, Entertainment Centers, Others) |
Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Company Profiles | The key players in the wearable payment device market are Alibaba Group, Google Inc., Samsung Electronics, Apple Inc., Fitbit Inc., Barclays Plc., Mastercard, Jawbone, PayPal Inc. and Visa. |
Key Drivers | • Wearable technology providers are increasingly focusing on providing enhanced customer services through mobile applications. • Adoption of secure and advanced technology-based digital payment solutions is increasing. • Rising demand for wearable electronic devices will drive the growth of wearable payment devices. |
Restraints | • Battery drainage concerns in wearable payment devices |
The Wearable Payment Device Market was valued at USD 55.49 billion in 2023.
The expected CAGR of the global Wearable Payment Device Market during the forecast period is 13.6%.
The Asia Pacific region is anticipated to record the Fastest Growing in the Wearable Payment Device Market.
The Smart Watches segment is leading in the market revenue share in 2023.
The North America region with the Highest Revenue share in 2023.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Wearable Payment Device Market, By device Type
9.1 Introduction
9.2 Trend Analysis
9.3 Smart Watches
9.4 Payment Wristbands
9.5 Fitness Trackers
9.6 Smart Rings
10. Wearable Payment Device Market, By Technology
10.1 Introduction
10.2 Trend Analysis
10.3 Near Field Communication Technology (NFC)
10.4 Quick Response (QR) Codes
10.5 Barcodes
10.6 Radio Frequency Identification (RFID)
10.7 Contactless Point of Sale (POS) Terminals
11. Wearable Payment Device Market, By Sales Channel
11.1 Introduction
11.2 Trend Analysis
11.3 Direct Sales
11.4 Indirect Sales
12. Wearable Payment Device Market, By Application
12.1 Introduction
12.2 Trend Analysis
12.3 Retail/Grocery Stores
12.4 Hospitals
12.5 Restaurants
12.6 Entertainment Centers
12.7 Others
13. Regional Analysis
13.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 Alibaba Group
15.1.1 Company Overview
15.1.2 Financial
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Google Inc.
15.2.1 Company Overview
15.2.2 Financial
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 Samsung Electronics
15.3.1 Company Overview
15.3.2 Financial
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 Apple Inc.
15.4.1 Company Overview
15.4.2 Financial
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 Fitbit Inc.
15.5.1 Company Overview
15.5.2 Financial
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 Barclays Plc.
15.6.1 Company Overview
15.6.2 Financial
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 Mastercard
15.7.1 Company Overview
15.7.2 Financial
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 Jawbone
15.8.1 Company Overview
15.8.2 Financial
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 PayPal Inc
15.9.1 Company Overview
15.9.2 Financial
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 Visa
15.10.1 Company Overview
15.10.2 Financial
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. Use Case and Best Practices
18. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
BY DEVICE TYPE
Smart Watches
Payment Wristbands
Fitness Trackers
Smart Rings
BY TECHNOLOGY
Near Field Communication Technology (NFC)
Quick Response (QR) Codes
Barcodes
Radio Frequency Identification (RFID)
Contactless Point of Sale (POS) Terminals
BY SALES CHANNEL
Direct Sales
Indirect Sales
BY APPLICATION
Retail/Grocery Stores
Hospitals
Restaurants
Entertainment Centers
Others
Request for Segment Customization as per your Business Requirement: Segment Customization Request
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Request for Country Level Research Report: Country Level Customization Request
Available Customization
With the given market data, SNS Insider offers customization as per the company’s specific needs. The following customization options are available for the report:
Product Analysis
Criss-Cross segment analysis (e.g. Product X Application)
Product Matrix which gives a detailed comparison of the product portfolio of each company
Geographic Analysis
Additional countries in any of the regions
Company Information
Detailed analysis and profiling of additional market players (Up to five)
The Defect Detection Market Size was valued at USD 3.67 billion in 2022 and is expected to reach USD 6.70 billion by 2030 and grow at a CAGR of 7.8% over the forecast period 2023-2030.
The Position Sensors Market size was valued at USD 5.5 billion in 2023. It is expected to hit USD 10.19 billion by 2032 and grow at a CAGR of 7.1% over the forecast period of 2024-2032.
The Quantum Dot Display Market size was estimated at USD 4.53 billion in 2023 and is expected to reach USD 11.03 billion by 2032 at a CAGR of 10.41% during the forecast period of 2024-2032.
The Embedded Controllers Market was valued at USD 6.00 Billion in 2023 and will reach USD 12.23 Billion by 2032, growing at a CAGR of 8.26% by 2024-2032.
ZigBee Wireless Sensor Market Size was valued at USD 2.25 billion in 2023 and is expected to reach USD 4.49 billion by 2031 and grow at a CAGR of 9% over the forecast period 2024-2031.
Industrial Microscope Market size was valued at USD 1399 million in 2022 and is expected to grow to USD 2212.38 billion by 2030 and grow at a CAGR of 5.9% over the forecast period of 2023-2030
Hi! Click one of our member below to chat on Phone