Portland, Oct. 27, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global wearable payments market was estimated at $285.47 billion in 2019 and is expected to hit $1.37 trillion by 2027, registering a CAGR of 21.7% from 2020 to 2027. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in adoption of cashless payments across the world, better customer experience offered by wearable payment mediums, surge in demand for wearable devices and contactless payment for secure and safer payment transactions drive the global wearable payments market. On the other hand, high cost of wearable devices curtails down the growth to some extent. However, surge in use of NFC, RFID, and host card emulation technology in wearable payments is anticipated to create multiple opportunities in the industry.
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Covid-19 scenario-
- The outbreak of covid-19 has given rise to contactless payments to a considerable extent. Accordingly, the global wearable payments market has experienced a significant boost.
- The fact that retailers and consumers are now encouraged to have minimal physical interaction has impacted the market positively across the world.
The global wearable payments market is segmented on the basis of device type, technology, application, and region. Based on device type, the smartwatches segment contributed to more than two-fifths of the total market revenue in 2019 and is expected to lead the trail by the end of 2027. The smart rings segment, on the other hand, is projected to portray the fastest CAGR of 23.7% throughout the forecast period.
Based on application, the grocery stores segment accounted for nearly one-third of the total market revenue in 2019 and is anticipated to rule the roost by 2027. At the same time, the entertainment centers segment would manifest the fastest CAGR of 23.8% from 2020 to 2027.
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Based on geography, Europe held the major share in 2019, generating nearly two-fifths of the global market and is expected to retain its dominance during the study period. Simultaneously, the market across Asia-Pacific would grow at the fastest CAGR of 23.3% till 2027. The report is also analyzed across North America and LAMEA.
The key market players analyzed in the global wearable payments market report include Apple Inc., Barclays Plc., Fitbit Inc., Alibaba Group, Visa Inc., Google Inc., Mastercard, PayPal Inc. Samsung Electronics Co. Ltd., and Jawbone. These market players have implemented several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.