Wearable Payments Market

Report Scope & Overview:

The Wearable Payments Market size was valued at USD 48.08 Bn in 2022 and is expected to reach USD 143.05 Bn by 2030, and grow at a CAGR of 14.6% over the forecast period 2023-2030.

Wearables are devices that may be connected to the body and used to make any form of payment. The most popular wearables are smartwatches and fitness trackers. Smartwatches, Augmented and Virtual Reality technologies, smart jackets, and a slew of other gadgets are all urging us to live in a more connected world. Wearable technology in healthcare refers to electronic devices that individuals may wear, such as Fitbits and smartwatches, to collect data about their health and activities. One of the most profitable markets for wearables is healthcare, which offers a dizzying number of possibilities. Smartwatches can track your heart rate and exercise, wristbands can track your stress, sweat patches can analyze sweat samples, and ingestible may track your digestive system for diagnostic and preventative purposes.

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While location monitoring is currently available with a smartphone, it is expected that in the insurance industry, this capability will be utilized more frequently. During the claim filing procedure, location-based tracking may be used to streamline premium computation and offer time and location proof.

MARKET DYNAMICS:

KEY DRIVERS:

• The adoption of safe, advanced technology-based digital payment systems is on the rise.

• Wearable technology suppliers are increasingly focusing on providing superior client services through mobile applications.

• The usage of NFC technology in wearable devices is becoming more widespread.

• Demand for wearable electronic devices is increasing, which will fuel the expansion of wearable payment devices.

RESTRAINTS:

• Issues with battery consumption in wearable payment devices.

• Consumer electronics have a shorter life span.

OPPORTUNITY:

• Wearable payment devices are increasingly incorporating sophisticated technologies such as NFC, RFID, and host card emulation.

CHALLENGES:

• Wearable payment technologies have raised security issues.

IMPACT OF COVID-19:

The epidemic of COVID-19 had no impact on the market. The surge in health concerns following COVID-19 has fuelled the demand for wearable gadgets. The present epidemic has brought attention to the necessity and use of wearable technology. Wearable gadgets are being used by users to measure, monitor, and continually check their own health on a regular basis. The epidemic has also increased public awareness of the benefits of using contactless payments. Due to the potential of contamination, it has expedited the move from cash to digital solutions via cellphones and wearable payment gadgets. Contactless payments have emerged as a critical answer for all enterprises, as they aid in the advancement of their operations while also providing safety in the face of the coronavirus epidemic.

MARKET ESTIMATION:

In 2021, the fitness tracker category dominated the market, accounting for the largest part of worldwide sales. Because of the growing use of a range of fitness gadgets and the growing number of fitness lovers throughout the world, fitness trackers are likely to gain traction. Several companies have begun to incorporate mobile payments into their fitness monitors. Over the projected period, the smartwatch segment is expected to increase at the fastest rate. Over the projection period, companies' increasing focus on producing low-cost smartwatches is likely to enhance smartwatch usage.

In 2021, the barcodes category led the market, accounting for the largest part of worldwide revenue. Retailers are concentrating on reducing friction at checkouts and boosting overall consumer satisfaction Wearable payment gadgets are encoded using barcode scanners with scan-and-go technology. Customers may easily scan their purchases while shopping using this technology. Over the projection period, the contactless Point of Sale (POS) terminals sector is expected to develop at the fastest rate. The expansion of the contactless POS terminals market is likely to be fueled by the introduction of NFC and IoT-based contactless payment capabilities into wearable devices.

In 2021, the retail sector dominated the market and accounted for the largest proportion of worldwide revenue. The increased demand for cashless payments in markets, local stores, and e-commerce can be contributed to the segment's rise. Educating customers about contactless payment technology is a priority for many shops across the world, which is encouraging the usage of wearable payment devices in the retail industry. Over the projected period, the festival and life events category is expected to develop significantly. Festival and live event organizers are emphasizing the use of contactless payment technologies to cut down on long lines at gates and entrances. Customers also prefer wearable payment gadgets like payment rings and wristbands since they limit the amount of currency in circulation at large events and improve payment speed. 

KEY MARKET SEGMENTS:

On The Basis of Device Type

• Fitness Tracker

• Payment Wristbands

• Smart Watches

On The Basis of Technology

• Barcodes

• Contactless Point of Sale (POS) Terminal

• Near Field Communication (NFC)

• Quick Response (QR) Codes

• Radio Frequency Identification (RFID)

On The Basis of Application

• Festival & Life Events

• Fitness

• Healthcare

• Retail

• Transportation

• Others

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REGIONAL ANALYSIS:

In 2020, APAC had the greatest share of the wearable payment device market. Wearable gadget manufacturers have a strong presence in the region. Wearable gadgets are produced in China and India at a low cost, making them accessible to buyers. Many foreign companies have their wearable gadgets produced and assembled by local manufacturers in the region, which they then brand. Many of the nations in the area are densely populated, which explains the high rate of consumer electronics adoption. The ongoing COVID-19 epidemic has propelled the digital economy's growth, notably in contactless payments. As a result, the demand for wearable payment devices in APAC is likely to rise.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Alibaba group holding limited, apple inc., Barclays plc, Fitbit, inc., google LLC, jawbone, inc., MasterCard, Samsung electronics co., ltd., visa, inc., PayPal inc. & Other Players

Barclays Inc - Company Financial View