Pune, April 05, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Wearable Payment Device Market had a worth of USD 19.13 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 29.8% during the forecast period of 2023-2030, with an estimated value of USD 138.05 billion by 2030.
Wearable payment devices use near-field communication (NFC) technology, which enables two devices to communicate wirelessly over a short distance. This allows users to simply tap their device on a contactless payment terminal to complete a transaction, eliminating the need for cash or physical credit cards. In addition to NFC, some wearable payment devices also use radio-frequency identification (RFID) or barcode technology to enable payments.
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Wearable Payment Device Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 19.13 Billion |
| Market Size by 2030 | US$ 138.05 Billion |
| CAGR From 2023-2030 | 29.8% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • By Device Type (Smart Watches, Payment Wristbands, Fitness Trackers, Smart Rings) • By Technology (Near Field Communication Technology (NFC), Quick Response (QR) Codes, Barcodes, Radio Frequency Identification (RFID), Contactless Point Of Sale (POS) Terminals) • By Sales Channel (Direct Sales, Indirect Sales) • By Application (Retail/Grocery Stores, Hospitals, Restaurants, Entertainment Centers, Others) |
| Regional Analysis | North America Europe Asia-Pacific The Middle East & Africa Latin America |
Market Analysis
The wearable payment device market is primarily driven by the growing adoption of cashless payment methods, the increasing use of mobile devices for payments, and the convenience offered by wearable payment devices. Additionally, the rising demand for contactless payment options in the wake of the COVID-19 pandemic is also expected to fuel market growth. The development of advanced technologies, such as near-field communication (NFC), radio frequency identification (RFID), and biometric authentication, is further propelling the market growth of wearable payment devices. Furthermore, the increasing popularity of wearable devices among tech-savvy consumers is creating new opportunities for market growth.
Impact of Recession
It is likely that during a recession, consumers may become more cautious with their spending and opt for more budget-friendly payment options. This could lead to a slowdown in the adoption of wearable payment devices, especially among price-sensitive consumers. On the other hand, wearable payment devices offer several advantages over traditional payment methods, such as increased convenience, security, and speed of transactions. These benefits may become even more compelling during a recession when consumers are looking for ways to save time and reduce their exposure to physical payment methods.
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Key Regional Development
North America has emerged as a major player in the wearable payment device market due to its advanced technological infrastructure and the presence of major players in the region. This has led to the growth of the market, which is expected to continue its upward trajectory during the forecast period. One of the key trends driving the growth of the market in North America is the increased reliance on technology for tracking and timing.
Key Takeaway from Wearable Payment Device Market Study
- The smartwatch segment is expected to dominate the market due to the popularity of smartwatches and their increased capabilities. The ability to integrate mobile payments with a smartwatch is a key feature that has been embraced by consumers.
- In the world of wearable payment devices, Near Field Communication (NFC) technology is expected to dominate. NFC is a short-range wireless technology that enables devices to communicate with each other by tapping or bringing them close to each other. It is widely used in contactless payments, which makes it an ideal technology for wearable payment devices.
Recent Developments Related to Wearable Payment Device Market
- BillBox, a leading technology company, has recently introduced a cutting-edge wearable device that allows users to make contactless payments. The device is designed to be worn on the wrist and works by using near-field communication (NFC) technology to securely transmit payment information to a point-of-sale terminal. With the increasing popularity of contactless payment methods, BillBox's innovative wearable device is expected to be a game-changer in the payment industry.
- DIGISEQ, a leading provider of secure operating systems and services for wearables, has partnered with Curve, a popular digital wallet provider, to offer wearable payments across Europe. The partnership combines DIGISEQ's expertise in wearable technology with Curve's digital wallet technology to create a seamless and secure payment experience for users.
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Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Wearable Payment Device Market Segmentation, By Device Type
9. Wearable Payment Device Market Segmentation, By Technology
10. Wearable Payment Device Market Segmentation, By Sales Channel
11. Wearable Payment Device Market Segmentation, By Application
12. Regional Analysis
13.Company Profiles
14.Competitive Landscape
15.Conclusion
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