Wearable Payment Device Market Size, Share, Growth Report 2030

Wearable Payment Device Market

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

Category: Technology & Media Report Format : PDF Pages: 150 Report Code: ZMR-6368 Published Date: Jun-2021 Status : Published
Market Size in 2019 Market Forecast in 2026 CAGR (in %) Base Year
USD 39.5 billion USD 83.1 billion 14.1% 2019

Wearable Payment Device Market: Overview

The global wearable payment device market size was worth around USD 39.5 billion in 2019 and is predicted to grow to around USD 83.1 billion by 2026 with a compound annual growth rate (CAGR) of roughly 14.1% between 2020 to 2026. The report offers a valuation and analysis of the 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).

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Wearable Payment Device Market: Synopsis

Wearable payment equipment also termed wearables are attached to body parts such as hands 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's bank account. Citing an instance, in March 2021, Axis Bank introduced India’s first contactless wearable payment equipment named ‘Wear N Pay’ that will help customers in making more convenient on-the-go business transactions. Reportedly, the bank had entered into a partnership with Tappy Technologies for designing & developing this device.  

Wearable Payment Device Market: Growth Drivers

The growing trend for cashless payments as well as the necessity of secured financial transactions will drive the growth of the 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, the massive use of smartphones and preference for online payments will create lucrative demand for wearable payment devices over the forthcoming years. The thriving IoT sector as well as the need to provide a seamless shopping experience to end-users will prompt the market space over the years to come.

Furthermore, the low costs of NFC system/tool deployment have given impetus to the wearable payment device market. Additionally, the rise in the spread of the COVID-19 pandemic across the globe will further enhance the need for cashless transactions, thereby resulting in the growing popularity of wearable payment devices. However, a low battery lifecycle and huge costs will create hurdles in the path of industry growth over the 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 the wearable payment device market in the near future.

Wearable Payment Device Market: Report Scope

Report Attributes Report Details
Report Name Wearable Payment Device Market Research Report
Market Size in 2019 USD 39.5 billion
Market Forecast in 2026 USD 83.1 billion
Growth Rate CAGR of 14.1%
Number of Pages 214
Key Companies Covered Fitbit Inc. (U.S.), Apple Inc. (U.S.), Garmin AB (Switzerland), Samsung Electronics Co.Ltd.(South Korea), and Xiaomi Corporation (China).
Segments Covered By Application, By Device Type, And By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2019
Historical Year 2016 to 2018
Forecast Year 2020 - 2026
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Wearable Payment Device Market: Regional Landscape

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

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

Wearable Payment Device Market: 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)
  • Xiaomi Corporation (China)

The global Wearable Payment Device Market is segmented as follows:

By Application:

  • Retail
  • Transport
  • Healthcare
  • Hospitability
  • Fitness

By Device Type:

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 the Middle East & Africa

Table Of Content

Methodology

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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