Wilmington, Delaware, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Global Wearable Payment Device Market is valued at US$ 57.6 billion in 2023 and is expected to grow at a substantial CAGR of over 29.8% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
A wearable payment device is a compact device, designed to facilitate payments, through various contactless technologies. These devices are generally worn on the body like a ring, wristwatch, wrist wristband, among others, and are equipped with the required technologies to make payment transactions.
The increasing popularity of contactless payment methods, such as NFC (Near Field Communication) and RFID (Radio-Frequency Identification), has driven demand for wearable payment devices that can tap into these technologies.
- According to a deep-dive market assessment by RationalStat, the global wearable payment device market has been analyzed on the basis of market segments, including technology, device type, sales channel and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global wearable payment device market covers market sizes on the basis of market value (US$/EUR Million) and volume (Thousand Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global wearable payment device market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Wearable Payment Device Market: Segmental and Market Share Analysis
- On the basis of technology, the market is sub-segmented into NFC, RFID and others. NFC is expected to dominate the wearable payment device market by technology.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 57.6 billion |
| Market Size Forecast | US$ 358.3 billion |
| Growth Rate | 29.8% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global wearable payment device market include,
- In August 2022, Huami collaborated with Timex Group. The partnership involves jointly developing smart wearable products by leveraging Huami’s AI, manufacturing and design capabilities, and Timex’s competence in developing smart watches.
Some of the prominent players and suppliers operating and contributing significantly to the global wearable payment device market growth include Apple Inc., Samsung Electronics, Google LLC, Garmin, Huami Corporation, NXP Semiconductors (FitPay), VISA, Inc., PayPal, Xiaomi, and Tappy Technologies, among others.
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RationalStat has segmented the global wearable payment device market based on technology, device type, sales channel, and region
- Global Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Technology
- RFID
- NFC
- Others
- Global Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Device Type
- Wristbands
- Keepers
- Smart Watch
- Others
- Global Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Sales Channel
- Online
- Offline
- Global Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Region
- North America Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Wearable Payment Device Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Wearable Payment Device Report:
- What will be the market value of the global wearable payment device market by 2030?
- What is the market size of the global wearable payment device market?
- What are the market drivers of the global wearable payment device market?
- What are the key trends in the global wearable payment device market?
- Which is the leading region in the global wearable payment device market?
- What are the major companies operating in the global wearable payment device market?
- What are the market shares by key segments in the global wearable payment device market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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