Wearable Payment Device Market Projected to reach worth $82.0 billion by 2026 – Exclusive Report by MarketsandMarkets™
Chicago, Aug. 15, 2022 (GLOBE NEWSWIRE) — According to the new market research report “Wearable Payment Device Market with COVID-19 Impact, by Device Type (Smart Watches, Fitness Trackers), Technology (NFC, RFID), Sales Channel, Application (Retail/Grocery Stores, Restaurants, Entertainment Centers), and Geography – Global Forecast to 2026”, The global wearable payment device market size is projected to grow from USD 43.0 billion in 2021 to USD 82.0 billion by 2026; it is expected to grow at a CAGR of 13.6% from 2021 to 2026.
Apple Inc. is one of the most innovative companies, which designs and develops hardware, application software, and services for different consumer electronic products. The company has a prominent focus on R&D activities and is innovative at the core. In the wearable payment device market, Apple offers a series of smart watches with iOS.
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Browse in-depth TOC on “Wearable Payment Device Market”
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Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is among the leading players in the wearable payment market in 2020. Samsung Electronics is a multinational conglomerate company. The company manufactures and sells consumer electronic products. To cater to the huge demand for wearable technologies, the company has a separate portfolio. The company’s premium smart watch series Gear S, Gear Circle, Gear Fit, and Gear VR are the backbones of its wearable portfolio.
Xiaomi Corporation is one of the largest wearable device providers globally. The company designs, manufactures, and markets smartphones, wearable devices, and other consumer electronics. The company’s product range includes smartphones, smart watches, smart wristbands, wireless routers, tablets, TVs, power banks, and other products. Xiaomi entered the wearable space in 2014. The company offers a wide product portfolio, which includes smart bands and smart watches. Until 2019, Xiaomi smart watches and bands with payment technology catered majorly to China.
Major players involved in the global Wearable Payment Device Market include
- Apple Inc. (US)
- Samsung Electronics Co., Ltd. (South Korea),
- Fitbit Inc. (US),
- Garmin AB (Switzerland),
- Xiaomi Corporation (China) ,
- Google LLC (US),
- Tappy Technologies Ltd. (US),
- Barclays PLC (UK),
- VISA Inc. (US),
- PayPal Holding Inc. (US), and
- Mastercard, Inc. (US) are some of the major players in wearable payment device market.
The growth of the wearable payment device market is majorly driven by surge in the adoption of contactless cards and wearable devices due to the COVID-19 situation, emerging demand for contactless payment for secure and safer payment transactions, and the growing adoption of NFC technology.
Increasing adoption of advanced technologies, such as NFC, RFID, and host card emulation, in wearable payment devices
NFC, RFID, and host card emulation (HCE) technologies are integral parts of different wearable and contactless payment devices. Many wearable device manufacturers such as Apple, Samsung, and Huawei are integrating NFC and RFID technologies into their wearable devices and payment platforms, thereby offering lucrative opportunities for the growth of the wearable payment device market. Similarly, market players are adopting host card emulation technologies for providing customers easy access to any products by displaying product information on their smart devices.
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Indirect Sales Channel expected to contribute the largest share to the wearable payment device market during the forecast period
Indirect sales channels or third parties hold a major share of the market as these channels are mainly adopted by wearable payment device providers to offer their devices to different end users. Most key players in the market have well-established sales networks and provide their products globally. At present, in the wearable device market, the contactless payment function is mostly adopted by smart watches. Major companies in this market such as Apple, Samsung, Fitbit, Garmin, and others, rely on indirect sales channels for revenue generation. Besides, the ongoing COVID-19 scenario, globally, has created a shift in consumer behavior, as they are now preferring contact-less shopping experience and practicing social distancing. Customers also prefer purchasing consumer electronics such as smartphones and wearable devices through third-party providers considering the periodic discounts and offers offered by online shopping websites.
Wearable Technology Market by Product (Wristwear, Headwear, Footwear, Fashion & Jewelry, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Enterprise & Industrial), and Geography (2021-2026)
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