Wearable payment technology facilitates transactions with the use of various wearable devices such as smart watches, rings, wristbands, and fitness bands. In addition, different companies have introduced new wearable devices, which connect the customers with their bank account. Furthermore, shift in preference toward wearable payments among various industries to increase the convenience of customers is a major factor, which drives the growth of the global wearable payments market.
In addition, many companies are adopting wearable payments technology to improve their customers experience by removing the burden of handling cash and worrying about pick pocketing. Moreover, many transport and retail industries are adopting wearable technology to provide more efficient and straightforward experience to customers, which boosts the growth of the market.
Increase in adoption of cashless payments across the globe and rise in demand for wearable devices and contactless payments cards for secure and safer payment transaction are the significantly contribute toward the growth of the market. In addition, wearable payments provide enhanced customer experience and more convenient shopping experience to the customers, which fuel the growth of the market.
However, high cost of wearable devices and limited battery life of wearable devices hamper the growth of the market. Conversely, increase in usage of usage of near-field communication technology (NFC), radio frequency identification (RFID), and host card emulation technology in wearable payments is expected to provide lucrative opportunity for the market expansion during the forecast period.
The global wearable payments market is segmented into device type, technology, application, and region. In terms of device type, it is fragmented into smart watches, fitness tracker, payment wristbands, smart rings and others. By technology, it is segregated into near-field communication technology (NFC), radio frequency identification (RFID), QR & bar code and others. The applications covered in the study include grocery stores, bar & restaurants, pharmacies/drug stores, entertainment centers and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the wearable payments market analysis are Alibaba Group, Apple Inc., Barclays Plc., Fitbit, Inc., Google, Inc., Jawbone, Mastercard, PayPal, Inc. Samsung Electronics Co. ltd., and Visa Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global wearable payments market forecast along with the current & future trends to elucidate the imminent investment pockets.
- Information about the key drivers, restraints, and opportunities and their impact analysis on the global wearable payments market size is provided in the report.
- Porter;s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
Wearable Payments Market Key Segments
By Device Type
- Smart Watches
- Fitness Tracker
- Payment Wristbands
- Smart Rings
- Near-field Communication Technology (NFC)
- Radio Frequency Identification (RFID)
- QR & Bar Codes
- Grocery Stores
- Bar & Restaurants
- Pharmacies/Drug Stores
- Entertainment Centers
- North America
o Rest of Europe
o Rest of Asia-Pacific
o Latin America
o Middle East
Key Market Players
- Alibaba Group
- Apple Inc.
- Barclays Plc.
- Fitbit Inc.
- Google, Inc.
- PayPal Inc.
- Samsung Electronics Co. Ltd.
- Visa Inc.
Publisher : Allied Market Research