Wearable Payment Device Market

Introduction of the Wearable Payment Device Market Report

A wearable payment device is defined as anything attached to the body and utilized to make any payment. Wearable devices are directly linked with the customer’s bank accounts and operate as a regular debit card, making purchases at any merchant store that maintains contactless transactions.  Wearable Payments are an impeccable procedure to purchase products or services by using advanced technology combined into wearable devices. Users don’t need to take their smartphones and wallet for payments anymore.

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Market Dynamic

Key Drivers and Emerging Trends

The major factors fueling the growth of Wearable Payment Device Market includes accelerating internet penetration, rapid digitalization, and increasing acceptance of digital payments by banks and other financial institutions. Wearable payments are quick and easy way of making payments primarily for small and medium-sized organizations. Moreover, increasing adoption of payment-enabled devices aided by the government mandates to promote the use of contactless payments will propel the Wearable Payment Device Market share.

Increasing incorporation of NFC payment systems in mobile devices and the drift towards a cashless economy is forecast to strengthen the market size. Moreover, increasing demand for wearable medical devices across e-banking platforms because of their fast payment ability and ease of transaction over traditional banking systems is forecast to fuel the market growth. However, as per the Wearable Payment Device Market report, increasing safety concerns, high cost and the limited battery of wearable payment devices will impede the market growth. Additionally, increasing competitiveness in the market and insufficient awareness about the product will impede the market growth.

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Sales Channel – Segment Analysis

Based on the Sales Channel, the Indirect Sales segment is expected to grow at a higher CAGR during the forecast period. Most key players in the market have well-established sales networks and offer their products all over the globe. Recently, in the wearable device market, the contactless payment function is mostly embraced by smartwatches. Major companies in this market, like Apple, Samsung, Fitbit, Garmin, and others, rely on indirect sales channels for income generation. Besides, the ongoing COVID-19 scenario, globally, has created a shift in customer behavior, as they are now favoring contact-less shopping experience and following social distancing. Buyers also prefer purchasing consumer electronics like smartphones and wearable devices through third-party providers considering the periodic discounts and offers offered by online shopping websites.

Application – Segment Analysis

Based on the Application, the Retail and Grocery Stores segment is expected to grow at a higher CAGR during th forecast period. Customers have been using contactless payment through wearable devices for billing in retail and grocery stores, as they are comfortable and provide the consumers to keep a record of their transactions. Besides, with the ongoing COVID-19 pandemic, buyers are frequently turning away from handling cash due to the fear of spreading the disease. Also, many retailers across the world are investing in cashless payment technologies to keep customers safe.

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Regional – Segment Analysis:

Based on the region, the Asia-Pacific region is projected to dominate the market during the forecast period. The region has the proximity of prominent players of wearable devices. The producers in China and India offer wearable devices at a low price, making them affordable for buyers. Many international players get their wearable devices fabricated and assembled by local producers based in the region and then brand their names. The region holds many extremely populated countries, which estimate for the high adoption rate of consumer electronics. The ongoing COVID-19 pandemic has stimulated the rise of the digital economy, particularly cashless payments. Hence, these factors are responsible for the growth in wearable payment device market share in this region.

Top Market Players

Various notable players operating in the market include Apple Inc., Barclays PLC, Gemalto NV, Google LLC, Mastercard., Nymi, Inc., PayPal Holdings, Inc., SAMSUNG, Visa Inc., wirecard, among others. 

Key Developments:

• • In 2021, Fitbit Inc. was acquired by Google LLC. This acquisition helped Google LLC. to enter the wearable payment device market, for USD 2.1 billion and help the internet giant’s hardware business in increasing antitrust scrutiny.
  • In 2020, Apple Inc. introduced Apple Watch Series 6 and Apple Watch SE, two iPad models with improved features. Apple Watch Series 6 has better features as compared to the previous Apple Watch models by incorporating feature that measures the oxygen saturation of blood for a better knowledge of fitness and allows payment through Apple Pay.
  • In 2021, Google LLC has procured Fitbit to enter the wearable payment device market for USD 2.1 billion in an all-cash deal. This procurement is a move that could shore up the internet giant’s hardware business while increasing antitrust inspection.
  • In 2020, Apple Inc. originated Apple Watch Series 6 and Apple Watch SE, two iPad models, the first fitness experience built for Apple Watch that brings vital developments in health and wellness features to iPhone, iPad, and Apple TV. Apple Watch Series 6 expanded the health capabilities of previous Apple Watch models with a new feature that estimates the oxygen saturation of blood for a better understanding of health and wellness, as well as facilitates payment through Apple Pay.

Segments covered in the Report:

The global Wearable Payment Device market has been segmented on the basis of Device Type, Technology, Sales Channel, Application and regions. Based on Device Type, the market is segmented into Smart Watches, Fitness Trackers, Payment Wristbands and Smart Rings. Based on Technology, the market is segmented into Near Field Communication Technology (NFC), Radio Frequency Identification (RFID) and QR & Barcode. Based on Sales Channel, the market is segmented into Direct Sales and Indirect Sales. Based on Application the market is segmented into Retail and Grocery Stores, Restaurants, Hospitals/Pharmacies, Entertainment Centers and Other. 

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Key questions answered in this research report:

• • At what pace is global Wearable Payment Device market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Wearable Payment Device market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Wearable Payment Device market?
  • Which Device Type generated maximum revenues in 2019 and identify the most promising Device Type during the forecast period?
  • What are the various Technology areas of global Wearable Payment Device market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Device Type, By Technology, By Sales Channel, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Apple Inc., Barclays PLC, Gemalto NV, Google LLC, Mastercard., Nymi, Inc., PayPal Holdings, Inc., SAMSUNG, Visa Inc., wirecard, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Wearable Payment Device Market by Device Type

• • Smart Watches
  • Fitness Trackers
  • Payment Wristbands
  • Smart Rings

Global Wearable Payment Device Market by Technology

• • Near Field Communication Technology (NFC)
  • Radio Frequency Identification (RFID)
  • QR & Barcode

Global Wearable Payment Device Market by Sales Channel

• • Direct Sales
  • Indirect Sales

Global Wearable Payment Device Market by Application

• • Retail and Grocery Stores
  • Restaurants
  • Hospitals and Pharmacies
  • Entertainment Centers
  • Other

Global Wearable Payment Device Market by Region

• • North America Wearable Payment Device Market (Option 1: As a part of the free 25% customization)
    • By Device Type
    • By Technology
    • By Sales Channel
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Wearable Payment Device Market (Option 2: As a part of the free 25% customization)
    • By Device Type
    • By Technology
    • By Sales Channel
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Wearable Payment Device Market (Option 3: As a part of the free 25% customization)
    • By Device Type
    • By Technology
    • By Sales Channel
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Wearable Payment Device Market (Option 4: As a part of the free 25% customization)
    • By Device Type
    • By Technology
    • By Sales Channel
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Wearable Payment Device (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Apple Inc.
  • Barclays PLC
  • Gemalto NV
  • Google LLC
  • Mastercard
  • Nymi, Inc.
  • PayPal Holdings, Inc.
  • SAMSUNG
  • Visa Inc.
  • wirecard