Pune India, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the wearable payment device market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the wearable payment device market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, technology, application, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global wearable payment device market are Barclays PLC, Gemalto NV, Apple, Inc., Mastercard, PayPal Holdings Inc., Samsung Electronics, Nymi, Google LLC, Visa Inc., Wirecard among others. To achieve a substantial market share in the worldwide wearable payment device market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
In wearable payments, wireless technology such as NFC and RFID are integrated with wearable devices to provide customers with convenience and contactless payments. It is becoming increasingly popular to use contactless payments because of the comfort and convenience they offer, the rapid and secure payment process, and the availability of multiple functions. A wide range of wearable devices, which include payment and have high rates of adoption among consumers, are available. These include wristbands, fitness trackers, watches, jewellery, and smart clothing. Technology has therefore allowed for rapid payments and a better shopping experience for consumers. A wearable contactless payment system offers flexibility by offering the device to be worn in a variety of ways, providing a new level of convenience. There are several factors limiting the market growth during the forecast period, including rising competition, security concerns, and insufficient awareness. Devices' interconnectedness and cellular networks make them vulnerable to attacks. However, companies can resolve these security-related challenges quickly by updating their software. Further, a wearable device that is powered requires a large battery backup is necessary for continuous operation. On the other hand, direct connections between wearable devices and cellular networks can quickly drain their batteries. This may adversely affect battery life, which is impacting the market growth.
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Scope of Wearable Payment Device Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Technology, Application and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Barclays PLC, Gemalto NV, Apple, Inc., Mastercard, PayPal Holdings Inc., Samsung Electronics, Nymi, Google LLC, Visa Inc., Wirecard among others. |
Segmentation Analysis
Fitness trackers are expected to be the fastest-growing segment in 2022.
The device type segment is smartwatches, fitness trackers, and payment wristbands. The fitness trackers segment is expected to witness the highest growth rate during the forecast period. Mobile payments are increasingly being integrated into fitness trackers by numerous vendors. Furthermore, many customers are opting for fitness trackers because of their added security features, which protect them from frauds and identity thefts during payments.
Barcodes are expected to be the fastest-growing segment in 2022.
The technology segment is near-field communication, barcodes, contactless point-of-sale terminals, radio frequency identification, and quick response codes. The barcode segment is expected to witness the highest growth rate during the forecast period. In the projected period, the barcodes segment is anticipated to grow rapidly as retailers focus on eliminating friction at checkouts and improving customer service. With this technology, customers can seamlessly scan their items at the checkout for payment.
Retail is expected to be the fastest-growing segment in 2022.
The application segment is fitness, healthcare, transportation, retail, festival & life events, and others. The retail segment is expected to witness the highest growth rate during the forecast period. Growing demand for cashless payments in markets, local shops, and online shopping accounts for the segment growth. The use of wearables in retail is also gaining popularity globally as retailers educate their customers about contactless payment technology.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the wearable payment devices market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share There are several major players operating in this market, including Apple, Inc., Google LLC, Mastercard, and Visa, Inc. In addition to an increase in technology dependence on timing and tracking, trends like wearable device usage by fitness enthusiasts are also expected to drive regional market growth over the forecast period.
Country Analysis
- Germany
Germany's wearable payment devices market size was valued at USD 10.1 billion in 2022 and is expected to reach USD 12.6 billion by 2030, at a CAGR of 2.9% from 2023 to 2030.
Technological advancements in the field of wearable payment devices and the rising number of internet users in the country, boost the market growth in the country.
- China
China’s wearable payment devices market size was valued at USD 16.2 billion in 2022 and is expected to reach USD 21.4 billion by 2030, at a CAGR of 3.6% from 2023 to 2030.
COVID-19 has fueled the expansion of the digital economy, especially contactless payments. As a result, China's wearable payment devices are expected to gain in popularity.
- India
India's wearable payment devices market size was valued at USD 14.4 billion in 2022 and is expected to reach USD 18.5 billion by 2030, at a CAGR of 3.2% from 2023 to 2030.
The expansion of the market in the country is attributed to a number of factors, including the benefits of wearable payment gadgets, an increase in disposable income, and a surge in digitalization.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising trend of contactless payments, propelling the growth of the market across the countries.
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