Global Wearable Payment Devices Market Is Expected to Reach $158.8 Billion by 2031: Allied Market Research
The wearable payment devices market is experiencing growth due to various factors, including a rise in smartphone penetration, the increase in convenience & reduced transaction time provided by wearable payment technology, an increase in the adoption of cashless payments across the globe, and a surge in demand for wearable devices along with contactless payment for secure a safer payment transaction..
Portland, OR, March 17, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global wearable payment devices market was estimated at $47.1 billion in 2021 and is expected to hit $158.8 billion by 2031, registering a CAGR of 13.3% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
|Market Size in 2021||$47.1 Billion|
|Market Size in 2031||$158.8 Billion|
|No. of Pages in Report||397|
|Segments Covered||Device Type, Application, Technology, and Region.|
|Drivers||The rise in smartphone penetration|
|The increase in convenience & reduced transaction time provided by wearable payment technology|
|An increase in the adoption of cashless payments across the globe|
|The surge in demand for wearable devices along with contactless payment for secure a safer payment transaction
|Opportunities||The integration of IoT and contactless payments technology|
|The increase in adoption of wearable payment devices in emerging economies
|Restraints||Security concerns and difficulties in the process of replacement of point-of-sale (POS) terminals|
|Lack of consumer awareness
- The COVID-19 outbreak had a negative impact on the manufacturing and industrial sectors. Thus, the global wearable payment devices market experienced a decline in growth.
- The COVID-19 pandemic, however, also brought about several challenges, including a shortage of skilled workers and project delays or cancellations, further impeding the industry’s growth.
- On the other hand, the market for wearable payment devices has seen a steep increase during the pandemic due to a surge in the adoption of the internet of things (IoT) hardware across industrial, manufacturing, and commercial sectors. As the global situation began to recover, positive signs of the industry’s future growth have been witnessed.
The report offers a detailed segmentation of the global wearable payment devices market based on device type, technology, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on device type, the fitness trackers segment held the largest share in 2021, garnering nearly three-fifths of the global wearable payment devices market revenue and is projected to maintain its dominance by 2031. The smart watches segment, however, would cite the fastest CAGR of 14.75% throughout the forecast period. The payment wristbands and smart rings segments are also analyzed throughout the report.
Based on application, the retail and grocery stores segment accounted for the highest share in 2021, generating more than two-fifths of the global wearable payment devices market revenue and is projected to rule the roost by 2031. However, the hospitals & pharmacies segment showcase the fastest CAGR of 14.8% during the forecast period. The entertainment centers and restaurants & bars segments are also discussed in the report.
Based on technology, the QR and barcode segment contributed to nearly three-fifths of the global wearable payment devices market revenue and is projected to rule the roost by 2031. However, the near-field communication technology (NFC) would portray the fastest CAGR of 14.41% throughout the forecast period. The radio frequency identification (RFID) segment is also studied in the report.
Based on region, Asia-Pacific held the major share in 2021, garnering nearly half of the global wearable payment devices market revenue and is projected to maintain the lion’s share by 2031. Simultaneously, the same region would display the fastest CAGR of 14.23% throughout the forecast period. The other provinces studied in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global wearable payment devices market report include PayPal Holdings, Inc., Visa, Inc., Mastercard Inc., Fitbit (Google), Xiaomi Corporation, Samsung Electronics Co. Ltd., Apple Inc., Garmin Ltd., Google LLC, Tappy Technology Ltd, and Barclays. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by the market players.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the wearable payment devices market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall wearable payment devices market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The wearable payment devices market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the wearable payment devices market.
- The report includes the share of key vendors and market trends.
Wearable Payment Devices Market Key Segments:
- Fitness Trackers
- Smart Watches
- Payment Wristbands
- Smart Rings
- Retail and Grocery Stores
- Entertainment Centers
- Restaurants and Bars
- Hospitals and Pharmacies
- Near-field Communication Technology (NFC)
- Radio Frequency Identification (RFID)
- QR and Barcode
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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