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Wearable Payments Market Segmented: By Technology Type (Barcode, Contactless Point of Sale (POS), Near-field Communication Technology (NFC), and Radio Frequency Identification (RFID)), By Device Type: (Smart Rings, Fitness Tracker, Smart Watches, and Others), By Application: (Festival & Life Events, Fitness, Healthcare, Retail, Transportation and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Wearable Payments market to surpass USD 2900 billion by 2030 from USD 350.66 billion in 2020 at a CAGR of 23.53% in the coming years, i.e., 2021-30.
Wearable payments are the protected and secured form of payment provided by customers for the buy-out of goods or services by integrated smart technology. The use of advanced technology, integrated into their wearable devices, is a secure way for consumer payment purchases. It is recognized by many retailers and associations as the tap-and-go payment system, which provides retailers and sellers with safe and error-free payment methods. Furthermore, many financial firms offer wearable payment solutions to expand their consumer base worldwide and enhance outdoor shopping experiences.
Global Wearable Payments market is expected to project a notable CAGR of 23.53% in 2030.
Global Wearable Payments market to surpass USD 2900 billion by 2030 from USD 350.66 billion in 2020 at a CAGR of 23.53% in the coming years, i.e., 2021-30. Substantial growth in demand for Wearable Payments from end-user industries coupled with increased demand for Host Card Emulation (HCE) and growing acceptance of digital payment. HCE allows mobile or wearable devices, without needing access to an authenticated feature, for card imitation on NFC-activated devices. In addition, due to its rapid payment capacity, the continued growth of wearable payment devices is expected to drive the growth of the market in the upcoming years. Many wearable payment systems are used in e-banking platforms. These platforms concentrate on the incorporation of NFC technology in their transactions, which enables smooth payments.
Barcode segment to grow with the highest CAGR during 2020-30
Global Wearable Payments Market is segmented by Technology Type into Barcode, Contactless Point of Sale (POS), Near-field Communication Technology (NFC), and Radio Frequency Identification (RFID). Barcode, the segment held the largest market share in the year 2020 as distributors are working at checkouts to remove friction and enhance overall customer service. Wearable Payment Systems are encoded with scan-and-go application barcode scanners. This technology helps consumers to check their goods easily when shopping. The barcode system also helps retailers to escape the need for a conventional and permanent point of sale.
Smartwatches segment to grow with the highest CAGR during 2020-30
Global Wearable Payments Market is divided by Device Type into Smart Rings, Fitness Tracker, Smart Watches, and Others. The Smartwatch segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years. Smartwatches are bound to enhance their adoption over the projected timeframe, with the rising emphasis on releasing low-priced smartwatches. These smartphones are accessible via Bluetooth, NFC, or RF to smartphones, making it easier for consumers to pay their bills including Bluetooth connective technology in the devices. Leading companies such as Samsung Electronics and Apple Inc. have, for example, enable customers to use their smartwatches efficiently.
A retail segment to grow with the highest CAGR during 2020-30
Global Wearable Payments is bifurcated by Application into Festival & Life Events, Fitness, Healthcare, Retail, Transportation, and Others. Retail, the segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years owing to the growing demand in markets, local businesses, and e-commerce for cashless payments. Many retailers worldwide are now concentrating on informing clients about contactless payment technology, which encourages the use of wearable payment equipment in the retail sector.
Increasing Demand for HCE
Substantial growth in demand for Wearable Payments from end-use industries coupled with increased demand for Host Card Emulation (HCE) and growing acceptance of digital payment is projected to boost the growth of the market. HCE allows mobile or wearable devices, without needing access to an authenticated feature, for card imitation on NFC-activated devices.
Increasing Penetration of NFC
Wearable Payments Systems are used by many e-banking sites. These e-banking platforms are designed to incorporate NFC technology in their transactions, making seamless payments. In addition, cost savings for the implementation of NFC technology improve technological demand. This technology is commonly employed in companies to move data from computers to various contactless payment terminals such as NFC tags and smartphones.
High Cost of Wearable Payment Devices
The high cost associated with wearable devices limits the market growth to a high extent. These devices are costly and are not accessible by all. Moreover, the risk of getting stolen also restrains the market growth shortly.
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Global Wearable Payments Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Global Wearable Payments in North America held the largest market share in the year 2020. The dominant region of the industry in North America, representing over XX% of overall sales by 2030. The presence of prominent stakeholders such as Apple, Inc., Google LLC, MasterCard, and VISA, Inc. in the region can be attributed to this high growth rate. The geographic development over the projected timeframe is also estimated to bolster trends, such as growing technological dependency to track and wearable devices by serious athletes. In addition, the development of smart devices with tracking and payment characteristics has increased significantly in North America.
Global Wearable Payments Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Wearable Payments Market Segments:
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