Fort Collins, Colorado, Nov. 07, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the wearable payment device market was valued at USD 46.3 Billion in 2022 and is expected to reach USD 184.4 Billion by 2032 at a CAGR of 14.9%.
Wearable payment devices are smart gadgets like smartwatches, rings, and trackers that can make payments using QR codes, NFC, or RFID technology. They are linked to credit/debit cards, bank accounts, or digital wallets, enabling easy payments. For instance, Apple watches have a payment feature that allows users to make online payments by holding the display screen near the scanner.
The pandemic has led to a surge in demand for contactless payment systems as people avoid cash and cards due to infection risk. In the post-pandemic era, digital payments are gaining popularity for their convenience. Governments also promote cashless transactions for transparency and fraud prevention. Wearable devices with health tracking features are increasingly used, and adding payment features is expected to make them more essential. Many people use these devices for style and functionality.
The rise of fintech and online transactions has significantly driven the market growth. Using AI and machine learning in finance and banking has made payments faster, more efficient, and more secure. Additionally, the adoption of payment methods such as Near Field Communication, QR codes, and RFID has played a major role in the increasing use of these devices.
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Segmentation Overview:
The global wearable payment device market has been segmented into type, technology, and region. The wearable payment devices market is dominated by Smartwatches and QR codes. The introduction of Apple Pay services in smartwatches has led to a tremendous increase in demand. QR codes enable faster and hassle-free payments, making them popular globally.
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Wearable Payment Device Market Report Highlights:
- The global wearable payment device market growth is anticipated at a CAGR of 14.9% by 2032.
- Contactless payment methods have reduced reliance on cash and cards, while adopting wearable devices with NFC and RFID technology contributes to their growth.
- Europe remains the dominant market for wearable payment devices, with biometrics being added to enhance safety.
- Some prominent players in the wearable payment device market report include Fitbit, Apple, Muse Wearable, Fossil, McLEAR, Samsung, Amazfit, K Ring, Xiaomi, Garmin, and others.
Industry Trends and Insights:
- Amazfit has launched two new smartwatches- Amazfit Active and Amazfit Active Edge that cater to different lifestyles.
- Garmin has introduced Fast Track to Tech, a training program for high school seniors interested in technology careers.
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Wearable Payment Device Market Segmentation:
- By Device: Smart watch, Smart rings, and Fitness trackers
- By Technology: QR codes, Contactless Points of Sale, Radio Frequency Identification, and Near Field Communication
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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