Wearable Payment Device Market - Global Industry Analysis

Wearable Payment Device Market – By Device Type (Fitness Tracker and Smart Watches), By Application (Retail, Transport, Healthcare, Hospitability, and Fitness), and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026

Published Date: 09-Jun-2021 Category: Technology & Media Report Format : PDF Pages: 150 Report Code: ZMR-6368 Status : Published

The global Wearable Payment Device market, which was estimated at about 39.5 (USD Billion) in 2019 and is predicted to accrue earnings worth 83.1 (USD Billion) by 2026, is set to record a CAGR of nearly over 14.1% during 2020-2026.

Description

The global Wearable Payment Device market, which was estimated at about 39.5 (USD Billion) in 2019 and is predicted to accrue earnings worth 83.1 (USD Billion) by 2026, is set to record a CAGR of nearly over 14.1% during 2020-2026. The report offers valuation and analysis of Wearable Payment Device market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).

Report Scope :

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Wearable Payment Device Market: Synopsis

Wearable payment equipment also termed as wearables are attached to body parts such as hand for making any type of payment. Some of the most common kinds of wearable payment equipment are smartwatches and fitness trackers. The equipment makes utilization of services such as Apple Pay as well as Samsung Pay for connecting the wearable equipment with the customer bank account. Citing an instance, in March 2021, Axis Bank introduced India’s first contactless wearable payment equipment named as ‘Wear N Pay’ that will help customers in making more convenient on-the-go business transactions. Reportedly, the bank had entered into partnership with Tappy Technologies for designing & developing this device.  

Wearable Payment Device Market: Growth Drivers

Growing trend for cashless payments as well as necessity of secured financial transactions will drive the growth of wearable payment equipment market over 2020-2026. Apart from this, large-scale use of smart technologies along with humungous web penetration will steer industry trends. In addition to this, massive use of smartphones and preference of online payments will create lucrative demand for wearable payment devices over the forthcoming years. Thriving IoT sector as well as need to provide seamless shopping experience to end-users will prompt the market space over the years to come.

Furthermore, low costs of NFC system/tool deployment have given impetus to wearable payment device market. Additionally, rise in the spread of COVID 19 pandemic across the globe will further enhance the need for cashless transactions, thereby resulting in growing popularity of wearable payment devices. However, low battery lifecycle and huge costs will create hurdles in the path of industry growth over forecast timeframe. Nonetheless, rapid digitization of banking operations as well as automation of functions in various financial institutions will not only offset the hindrances but will boost the size of wearable payment device market in the near future.

Regional Landscape

North America To Occupy Major Share Of Global Wearable Payment Device Market By 2026

The growth of wearable payment device industry in North America over assessment period is owing to presence of giant smart wearable equipment manufacturers in the region. Rise in use of the smart wearable devices by fitness enthusiasts will culminate into growth of regional market size over the forecast timeframe.

Competitive Landscape 

Key participants profiled in the study include Fitbit Inc. (U.S.), Apple Inc. (U.S.) Garmin AB (Switzerland), Samsung Electronics Co., Ltd., (South Korea), and Xiaomi Corporation (China).

The global Wearable Payment Device Market is segmented as follows:

By Application:

  • Retail
  • Transport
  • Healthcare
  • Hospitability
  • Fitness

By Device Type:

  • Fitness Tracker
  • Smart Watches

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description and Scope
    • 1.2. Research Scope
    • 1.3. Research Methodology
      • 1.3.1. Market Research Process
      • 1.3.2. Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1. Wearable Payment Device Market, 2016–2026 (USD Billion)
    • 2.2. Wearable Payment Device Market: Snapshot
  • Chapter 3. Global Wearable Payment Device Market– Industry Analysis
    • 3.1. Wearable Payment Device Market: Market Dynamics
    • 3.2. Market Drivers
      • 3.2.1. Growing trend for cashless payments as well as necessity of secured financial transactions will drive the growth of wearable payment equipment market over 2020-2026.
      • 3.2.2. Large-scale use of smart technulogies along with humungous web penetration will steer industry trends.
    • 3.3. Porter’s Five Forces Analysis
    • 3.4. Market Attractiveness Analysis
      • 3.4.1. Market attractiveness analysis By Application
      • 3.4.2. Market attractiveness analysis By Device Type
  • Chapter 4. Global Wearable Payment Device Market– Competitive Landscape
    • 4.1. Company market share analysis
      • 4.1.1. Global Wearable Payment Device Market: company market share, 2018
    • 4.2. Strategic development
      • 4.2.1. Acquisitions & mergers
      • 4.2.2. New Product launches
      • 4.2.3. Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4. Research and development and Regional expansion
    • 4.3. Price trend analysis
  • Chapter 5. Global Wearable Payment Device Market– Application Analysis
    • 5.1. Global Wearable Payment Device Market overview: By Application
      • 5.1.1. Global Wearable Payment Device Market share, By Application , 2019 and 2026
    • 5.2. Retail
      • 5.2.1. Global Wearable Payment Device Market By Retail, 2016–2026 (USD Billion)
    • 5.3. Transport
      • 5.3.1. Global Wearable Payment Device Market By Transport, 2016–2026 (USD Billion)
    • 5.4. Healthcare
      • 5.4.1. Global Wearable Payment Device Market By Healthcare, 2016–2026 (USD Billion)
    • 5.5. Fitness
      • 5.5.1. Global Wearable Payment Device Market By Fitness, 2016–2026 (USD Billion)
    • 5.6. Hospitability
      • 5.6.1. Global Wearable Payment Device Market By Hospitability, 2016–2026 (USD Billion)
  • Chapter 6. Global Wearable Payment Device Market– Device Type Analysis
    • 6.1. Global Wearable Payment Device Market overview: By Device Type
      • 6.1.1. Global Wearable Payment Device Market share, By Device Type, 2019 and 2026
    • 6.2. Fitness Tracker
      • 6.2.1. Global Wearable Payment Device Market By Fitness Tracker , 2016–2026 (USD Billion)
    • 6.3. Smart Watches
      • 6.3.1. Global Wearable Payment Device Market By Smart Watches, 2016–2026 (USD Billion)
  • Chapter 7. Company Profiles
    • 7.1. Fitbit Inc.
      • 7.1.1. Overview
      • 7.1.2. Financials
      • 7.1.3. Product Portfolio
      • 7.1.4. Business Strategy
      • 7.1.5. Recent Developments
    • 7.2. Apple Inc.
      • 7.2.1. Overview
      • 7.2.2. Financials
      • 7.2.3. Product Portfolio
      • 7.2.4. Business Strategy
      • 7.2.5. Recent Developments
    • 7.3. Garmin AB
      • 7.3.1. Overview
      • 7.3.2. Financials
      • 7.3.3. Product Portfolio
      • 7.3.4. Business Strategy
      • 7.3.5. Recent Developments
    • 7.4. Samsung Electronics Co., Ltd.
      • 7.4.1. Overview
      • 7.4.2. Financials
      • 7.4.3. Product Portfolio
      • 7.4.4. Business Strategy
      • 7.4.5. Recent Developments
    • 7.5. Xiaomi Corporation
      • 7.5.1. Overview
      • 7.5.2. Financials
      • 7.5.3. Product Portfolio
      • 7.5.4. Business Strategy
      • 7.5.5. Recent Development

List of Figures

1. Market research process
2. Market research methodology
3. Global Wearable Payment Device Market, 2016–2026 (USD Billion)
4. Porter’s Five Forces Analysis
5. Global Wearable Payment Device Market attractiveness, By Application
6. Global Wearable Payment Device Market attractiveness, By Device Type
7. Global Wearable Payment Device Market Share by Application ,2019 and 2026 (USD Billion)
8. Global Wearable Payment Device Market by Transport ,2016–2026 (USD Billion)
9. Global Wearable Payment Device Market by Retail,2016–2026 (USD Billion)
10. Global Wearable Payment Device Market by Healthcare,2016–2026 (USD Billion)
11. Global Wearable Payment Device Market by Fitness, 2016–2026 (USD Billion)
12. Global Wearable Payment Device Market by Hospitability, 2016–2026 (USD Billion)
13. Global Wearable Payment Device Market Share by Device Type ,2019 and 2026 (USD Billion)
14. Global Wearable Payment Device Market by Fitness Tracker , and,2016–2026 (USD Billion)
15. Global Wearable Payment Device Market by Smart Watches,2016–2026 (USD Billion)
16. Global Wearable Payment Device Market share, by Region, 2019 and 2026
17. North America Wearable Payment Device Market, 2016–2026 (USD Billion)
18. Europe Wearable Payment Device Market, 2016–2026 (USD Billion)
19. Asia Pacific Wearable Payment Device Market, 2016–2026 (USD Billion)
20. Latin America Wearable Payment Device Market, 2016–2026 (USD Billion)
21. The Middle East and Africa Wearable Payment Device Market, 2016–2026 (USD Billion)


List of Tables

1. Global Wearable Payment Device Market: snapshot
2. Drivers of the Wearable Payment Device Market: impact analysis
3. North America Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
4. North America Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
5. The U.S. Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
6. The U.S. Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
7. Rest of North America Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
8.  Rest of North America Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
9. Europe Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
10. Europe Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
11. UK Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
12. UK Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
13. France Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
14. France Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
15. Germany Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
16. Germany Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
17. Rest of Europe Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
18. Rest of Europe Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
19. Asia Pacific Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
20. Asia Pacific Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
21. China Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
22. China Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
23. Japan  Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
24. Japan Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
25. India Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
26. India Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
27. Rest of Asia Pacific Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
28. Rest of Asia Pacific Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
29. Latin America Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
30. Latin America Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
31. Brazil Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
32. Brazil Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
33. Rest of Latin America Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
34. Rest of Latin America Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
35. The Middle East and Africa Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
36. The Middle East and Africa Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
37. Saudi Arabia Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
38. Saudi Arabia Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
39. South Africa Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
40. South Africa Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)
41. Rest of the Middle East & Africa Wearable Payment Device Market revenue, By Application, 2016–2026 (USD Billion)
42. Rest of the Middle East & Africa Wearable Payment Device Market revenue, By Device Type, 2016–2026 (USD Billion)


 
 

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FrequentlyAsked Questions

Growing trend for cashless payments as well as necessity of secured financial transactions will drive the growth of wearable payment equipment market over 2020-2026. Apart from this, large-scale use of smart technologies along with humungous web penetration will steer industry trends. In addition to this, massive use of smartphones and preference of online payments will create lucrative demand for wearable payment devices over the forthcoming years. Thriving IoT sector as well as need to provide seamless shopping experience to end-users will prompt the market space over the years to come.

Furthermore, low costs of NFC system/tool deployment have given impetus to wearable payment device market. Additionally, rise in the spread of COVID 19 pandemic across the globe will further enhance the need for cashless transactions, thereby resulting in growing popularity of wearable payment devices. However, low battery lifecycle and huge costs will create hurdles in the path of industry growth over forecast timeframe. Nonetheless, rapid digitization of banking operations as well as automation of functions in various financial institutions will not only offset the hindrances but will boost the size of wearable payment device market in the near future.

According to Zion Market Research report, the global Wearable Payment Device market, which was estimated at about 39.5 (USD Billion) in 2019 and is predicted to accrue earnings worth 83.1 (USD Billion) by 2026, is set to record a CAGR of nearly over 14.1% during 2020-2026.  

North America is likely to make noteworthy contributions towards overall market revenue during 2020-2026. The growth of the industry in the sub-continent over the estimated timespan is attributed to presence of giant smart wearable equipment manufacturers in the region. Rise in use of the smart wearable devices by fitness enthusiasts will culminate into growth of regional market size over the forecast timeframe.

The key players profiled in the report include are Fitbit Inc. (U.S.), Apple Inc. (U.S.) Garmin AB (Switzerland), Samsung Electronics Co., Ltd., (South Korea), and Xiaomi Corporation (China).  

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