Wearable Payments Market and its Economic Impact on Industry upto 2030

PRESS RELEASE

Published February 14, 2023

"Wearable Payments Market: Segmented By Technology Type (Barcode, Contactless Point of Sale (POS), Near-field Communication Technology (NFC), and Radio Frequency Identification (RFID)), By Device Type: (Smart , Fitness Tracker, Smart Watches, and Others), By Application: (Festival and Life Events, Fitness, Healthcare, Retail, Transportation and Others) and Region Global Analysis of Market Size, Share and Trends for 2019 2020 and Forecasts to 2030"

Global Wearable Payments Market research [Modern Report 2023] provides industry experts with a comprehensive and expert investigation of the current trends. This statistical survey provides current industry information and forecasts. This market lookup additionally presents statistics on the market boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected forecast period till 2030. ASK FOR A SAMPLE REPORT

The Wearable Payments Market Report covers potential improvement drivers as properly as the modern-day key of market share, penetration of a number of kinds, technologies, applications, and areas through forecast till 2030.

Helps you identify the customers and products that drive revenue and profit growth. The report examines the key drivers and restraints of the key players. It also provides information on the status of development and challenges. The report highlights potential opportunities in the Wearable Payments Market rate markets and examines the impact of different elements in the analysis.

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Gain a reliable outlook of the global Wearable Payments market forecasts from 2023 to 2030 across scenarios.
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Overview of Wearable Payments Market:

Wearable payments are the protected and secured form of payment provided by customers for the buy-out of goods or services by integrated smart technology. The use of advanced technology, integrated in their wearable devices, is a secure way for consumer payment purchases. It is recognized by many retailers and associations as the tap-and-go payment system, which provides retailers and sellers safe and error-free payment methods. Furthermore, many financial firms offer wearable payment solutions to expand their consumer base worldwide and enhance outdoor shopping experiences.

Market Highlights

Global Wearable Payments market is expected to project a notable CAGR of 23.53 Percent in 2030.

Global Wearable Payments market to surpass USD 2900 billion by 2030 from USD 350.66 billion in 2020 at a CAGR of 23.53 Percent in the coming years, i.e., 2021-30. Substantial growth in demand for Wearable Payments from end-user industries coupled with increased demand for Host Card Emulation (HCE) and growing acceptance of digital payment. HCE allows mobile or wearable devices, without needing access to an authenticated feature, for card imitation on NFC-activated devices. In addition, due to its rapid payment capacity, the continued growth for wearable payment devices is expected to drive the growth of the market in the upcoming years. Many wearable payment systems are used in e-banking platforms. These platforms concentrate on the incorporation of NFC technology in their transactions, which enables smooth payments.

Global Wearable Payments Market: Segments

Barcode segment to grow with the highest CAGR during 2020-30

Global Wearable Payments Market is segmented by Technology Type into Barcode, Contactless Point of Sale (POS), Near-field Communication Technology (NFC), and Radio Frequency Identification (RFID). Barcode, segment held the largest market share in the year 2020 as distributors is working at checkouts to remove friction and enhance overall customer service. Wearable Payment Systems are encoded with scan-and-go application barcode scanners. This technology helps consumers to check their goods easily when shopping. The barcode system also helps retailers to escape the need for a conventional and permanent point of sale.

Smartwatches segment to grow with the highest CAGR during 2020-30

Global Wearable Payments Market is divided by Device Type into Smart , Fitness Tracker, Smart Watches, and Others. The Smartwatch segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years. Smartwatches are bound to enhance their adoption over the projected timeframe, with the rising emphasis on releasing low-priced smartwatches. These smartphones are accessible via Bluetooth, NFC, or RF to smartphones, making it easier for consumers to pay their bills including Bluetooth connective technology in the devices. Leading companies such as Samsung Electronics and Apple Inc. have, for example, enable customers to use their smartwatches in an efficient way.

Retail segment to grow with the highest CAGR during 2020-30

Global Wearable Payments is bifurcated by Application into Festival and Life Events, Fitness, Healthcare, Retail, Transportation, and Others. Retail, the segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years owing to the growing demand in markets, local businesses, and e-commerce for cashless payments. Many retailers worldwide are now concentrating on informing clients about contactless payment technology, which encourages the use of wearable payment equipment in the retail sector.

Market Dynamics

Drivers

Increasing Demand for HCE

Substantial growth in demand for Wearable Payments from end-use industries coupled with increased demand for Host Card Emulation (HCE) and growing acceptance of digital payment is projected to boost the growth of the market. HCE allows mobile or wearable devices, without needing access to an authenticated feature, for card imitation on NFC-activated devices.

Increasing Penetration of NFC

Wearable Payments Systems are used by many e-banking sites. These e-banking platforms are designed to incorporate NFC technology in their transactions, making seamless payments. In addition, cost savings for the implementation of NFC technology improve technological demand. This technology is commonly employed in companies to move data from computers to various contactless payment terminals such as NFC tags and smartphones.

Restraint

High Cost of Wearable Payment Devices

The high cost associated with wearable devices limits the market growth to high extent. These devices are costly and are not accessible by all. Moreover, risk of getting stolen also restrains the market growth in the near future.

Global Wearable Payments Market: Key Players

Alibaba Group

Company Overview, Business Strategy, Key Product , Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

Apple Inc.

Fitbit Inc.

Jawbone

PayPal Inc.

Visa Inc.

Barclays Plc.

Google Inc.

Samsung Electronics Co. Ltd.

Mastercard

Other Prominent Players

Global Wearable Payments Market: Regions

Global Wearable Payments Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Wearable Payments in North America held the largest market share in the year 2020. The dominant region of the industry is North America, representing over of overall sales by 2030. The presence of prominent stakeholders such as Apple, Inc., Google LLC, MasterCard, and VISA, Inc. in the region can be attributed to this high growth rate. The geographic development over the projected timeframe is also estimated to bolster trends, such as growing technological dependency to track and wearable devices by serious athletes. In addition, the development of smart devices with tracking and payment characteristics has increased significantly in North America.

Global Wearable Payments Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR Mexico, Argentina, Brazil, and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe

Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR North Africa, Israel, GCC, South Africa, and Rest of MENA

Global Wearable Payments Market report also contains analysis on:

Wearable Payments Market Segments:

By Technology Type

Barcode

Contactless Point of Sale (POS)

Near-field Communication Technology (NFC)

Radio Frequency Identification (RFID)

By Device Type

Fitness Tracker

Smart Watches

Others

By Application

Festival and Life Events

Fitness

Healthcare

Retail

Transportation

Others

Wearable Payments Market Dynamics

Wearable Payments Market Size

Supply and Demand

Current Trends/Issues/Challenges

Competition and Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

Wearable Payments Market Report Scope and Segmentation

Frequently Asked Questions

How big is the Wearable Payments market?

What is the Wearable Payments market growth?

Which segment accounted for the largest Wearable Payments market share?

Who are the key players in the Wearable Payments market?

What are the factors driving the Wearable Payments market?

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This report provides detail analysis of the market and have a comprehensive understanding of the Wearable Payments market and its commercial landscape. Learn about the various market strategies that are being adopted by leading companies.It provides a five-year forecast assessed based on how the Wearable Payments market is predicted to grow.It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.To understand the future scope and outlooks for the Wearable Payments market.Wearable Payments Market Forecast by regions, type and application, with sales and revenue, from 2023.Wearable Payments Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.

Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.

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Detailed TOC of Global Wearable Payments Market Outlook to 2030

1.Executive Summary

2.Wearable Payments Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4.Average Pricing Analysis

5. Macro-Economic Indicators

6.Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7.Correlation and Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8.Recent Development, Policies and Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10.Wearable Payments Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11 Wearable Payments Market

11.1. Market Size and forecast, 2019A-2030F

11.1.1. By Value (USD Million) 2019-2030

11.1.2. By Volume (Million Units) 2019-2030

12.Wearable Payments: Market Segmentation

12.1. By Regions

13. Company Profile

13.1.2. Company Overview

13.1.3. Company Total Revenue (Financials)

13.1.4. Market Potential

13.1.5. Global Presence

13.1.6. Key Performance Indicators

13.1.7. SWOT Analysis

13.1.8. Product Launch

14. Consultant Recommendation

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