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Wearable Payments Market

Wearable Payments Market Size, Share & Segmentation by Device Type (Fitness Tracker, Payment Wristbands, Smart Watches), by Technology (Barcodes, Contactless Point of Sale (POS) Terminal, Near Field Communication (NFC), Quick Response (QR) Codes, Radio Frequency Identification (RFID)), by Application (Festival & Life Events, Fitness, Healthcare, Retail, Transportation, Others), by Regions and Global Market Forecast 2023-2030

Report Id: SNS/ICT/1936 | June 2022 | Region: Global | 130 Pages

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, virtual reality and augmented 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.

Wearable Payments Market

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

Wearable Payments Market

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.

Wearable Payments Market Report Scope:
Report Attributes Details
 Market Size in 2022  US$ 48.08 Bn
 Market Size by 2030  US$ 143.05 Bn
 CAGR   CAGR of 14.6% From 2023 to 2030
 Base Year  2022
 Forecast Period  2023-2030
 Historical Data  2020-2021
 Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
 Key Segments • By Device Type (Fitness Tracker, Payment Wristbands, Smart Watches)
• By Technology (Barcodes, Contactless Point of Sale (POS) Terminal, Near Field Communication (NFC), Quick Response (QR) Codes, Radio Frequency Identification (RFID))
• By Application (Festival & Life Events, Fitness, Healthcare, Retail, Transportation, Others)
 Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, 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)
 Company Profiles Alibaba group holding limited, apple inc., Barclays plc, Fitbit, inc., google LLC, jawbone, inc., MasterCard, Samsung electronics co., ltd., visa, inc., PayPal inc.
 Key Drivers • The adoption of safe, advanced technology-based digital payment systems is on the rise
• The usage of NFC technology in wearable devices is becoming more widesprea
 Market Challenges • Wearable payment technologies have raised security issues

 


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7. PEST Analysis

 

8. Wearable Payments Market Segmentation, by Device Type

8.1 Fitness Tracker

8.2 Payment Wristbands

8.3 Smart Watches

 

9. Wearable Payments Market Segmentation, by Technology

9.1 Barcodes

9.2 Contactless Point of Sale (POS) Terminal

9.3 Near Field Communication (NFC)

9.4 Quick Response (QR) Codes

9.5 Radio Frequency Identification (RFID)

 

10. Wearable Payments Market Segmentation, by Application

10.1 Festival & Life Events

10.2 Fitness

10.3 Healthcare

10.4 Retail

10.5 Transportation

10.6 Others

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

 

12. Company Profiles

12.1 ALIBABA GROUP HOLDING LIMITED

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 APPLE INC.

12.3 BARCLAYS PLC

12.4 Fitbit, Inc.

12.5 GOOGLE LLC

12.6 Jawbone, Inc.

12.7 MASTERCARD

12.8 SAMSUNG ELECTRONICS CO., LTD.

12.9 VISA, INC.

12.10 PAYPAL INC.

 

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share Analysis

13.3 Recent Developments

 

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete 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 a stage wherein we can provide our clients best and most accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining 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 universities as well as individual libraries.

Secondary Research

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 accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment 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-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with 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.

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Step 4: QA/QC Process

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