Global Wearable Payment Device Market Overview
According to SPER Market Research, the Global Wearable Payment Device Market is estimated to reach USD 179.11 billion by 2032 with a CAGR of 13.85%.
Anything that can be fastened to the body and used to accept payments of any kind is a wearable. Smartwatches and fitness trackers are the two wearables that are most commonly utilised. They connect a gadget to a user's bank account via platforms like Apple Pay and Samsung Pay. Also, with innovations like smartwatches, virtual reality and augmented reality, smart jackets, and a wide range of other gadgets, we are moving towards a more linked existence.
In the context of healthcare, wearable technology refers to electronic devices that people can wear, such Fitbits and smartwatches, and which are designed to collect data on their activity and health. The healthcare industry, which has a huge range of possible uses, is one of the most lucrative areas for wearables. Smartwatches can monitor your heart rate and activity levels for diagnostic and preventative purposes, stress levels can be monitored using bracelets, sweat patches can analyse sweat samples, and ingestible can monitor your digestive system.
It is possible to use a wearable connected to a smartphone to do crucial tasks. The usability of technology has increased recently. The market would most likely experience rapid growth throughout the projection period as a result of these factors. Future sales of smartphones-compatible smartwatches are expected to rise more swiftly. Wearable payment devices are getting smaller than ever thanks to new technologies and form factors, which calls for the use of tiny batteries to power payment capabilities. Furthermore, when a wearable device is run by cutting-edge operating systems, a sizable battery backup is required to ensure uninterrupted operation.
Impact of COVID-19 on the Global Wearable Payment Device Market
The Covid-19 pandemic has had a complex impact on the global wearable payment device market. While the reduced demand for these devices due to decreased foot traffic in physical stores has presented challenges, the pandemic has also accelerated the adoption of digital payments and contactless payment options. This has led to increased demand for wearable payment devices that provide these features, creating new opportunities for growth and investment. However, supply chain disruptions and delays in product launches due to the pandemic have also posed challenges for companies in the wearable payment device market. Overall, the long-term outlook for the market remains positive, as the adoption of digital payments and contactless payment options continues to grow, and consumers increasingly look to wearable devices for their payment needs.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2032 |
| Base year considered | 2021 |
| Forecast period | 2022-2032 |
| Segments covered | By Application, By Device, By Sales Channel, By Technology.
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| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America
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| Companies Covered | Apple Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Fitbit Inc. (US), Garmin AB (Switzerland), Xiaomi Corporation (China), Google LLC (US), PayPal Holding Inc. (US), Barclays PLC (UK), MasterCard, VISA Inc. (US), Tappy Technologies Ltd. (US)
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Target Audience:
- Financial Institutions
- Retailers
- Technology Providers
- Government and regulatory bodies
Global Wearable Payment Device Market Segmentation:
1. By Application:
- Entertainment Centers
- Hospitals/Pharmacies
- Restaurants
- Retail/Grocery Stores
2. By Device:
- Fitness Tracker
- Payment Wristbands
- Smart Rings
- Smart Watches
3. By Sales Channel:
- Direct Sales
- Indirect Sales
4. By Technology:
- Near-field Communication Technology (NFC)
- QR & Bar Codes
- Radio Frequency Identification (RFID)
5. By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Key Topics Covered in the Report:
- Size of Global Wearable Payment Device Market (FY’2019-FY’2032)
- Overview of Global Wearable Payment Device Market
- Segmentation of Global Wearable Payment Device Market By Application (Retail/Grocery Stores, Restaurants, Hospitals/Pharmacies, Entertainment Centers)
- Segmentation of Global Wearable Payment Device Market By Device (Smart Watches, Fitness Tracker, Payment Wristbands, Smart Rings)
- Segmentation of Global Wearable Payment Device Market By Sales Channel (Direct Sales, Indirect Sales)
- Segmentation of Global Wearable Payment Device Market By Technology {Near-field Communication Technology (NFC), Radio Frequency Identification (RFID), QR & Bar Codes}
- Statistical Snap of Global Wearable Payment Device Market
- Growth Analysis of Global Wearable Payment Device Market
- Problems and Challenges in Global Wearable Payment Device Market
- Competitive Landscape in the Global Wearable Payment Device Market
- Impact of COVID-19 and Demonetization on Global Wearable Payment Device Market
- Details on Recent Investment in Global Wearable Payment Device Market
- Competitive Analysis of Global Wearable Payment Device Market
- Major Players in the Global Wearable Payment Device Market
- SWOT Analysis of Global Wearable Payment Device Market
- Global Wearable Payment Device Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1 Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2. COVID-19 Impacts of the Global Wearable Payment Device Market
5. Market variables and outlook
5.1. SWOT analysis
5.1.1 Strengths
5.1.2 Weaknesses
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape
5.2.4 Technological landscape
5.2.5 Environmental landscape
5.2.6 Legal landscape
5.3. PORTER’S five forces analysis
5.3.1 Bargaining power of suppliers
5.3.2 Bargaining power of Buyers
5.3.3 Threat of Substitute
5.3.4 Threat of new entrant
5.3.5 Competitive rivalry
5.4. Heat map analysis
6. Competitive Landscape
6.1 Global Wearable Payment Device Manufacturing Base Distribution, Sales Area, Product Type
6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Wearable Payment Device Market
7. Global Wearable Payment Device Market, By Application, 2019-2032 (USD Million)
7.1 Entertainment Centers
7.2 Hospitals/Pharmacies
7.3 Restaurants
7.4 Retail/Grocery Stores
8. -Global Wearable Payment Device Market, By Device, 2019-2032 (USD Million)
8.1 Fitness Tracker
8.2 Payment Wristbands
8.3 Smart Rings
8.4 Smart Watches
9. Global Wearable Payment Device Market, By Sales Channel, 2019-2032 (USD Million)
9.1 Direct Sales
9.2 Indirect Sales
10. Global Wearable Payment Device Market, By Technology, 2019-2032 (USD Million)
10.1 Near-field Communication Technology (NFC)
10.2 QR & Bar Codes
10.3 Radio Frequency Identification (RFID)
11. Global Wearable Payment Device Market, By Region, 2019-2032 (USD Million)
11.1 Global Wearable Payment Device Market Size and Market Share by Region (2019-2025)
11.2 Global Wearable Payment Device Market Size and Market Share by Region (2026-2032)
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Europe
11.4.1 France
11.4.2 Germany
11.4.3 Italy
11.4.4 Spain
11.4.5 United Kingdom
11.4.6 Rest of Europe
11.5 Middle East and Africa
11.5.1 Kingdom of Saudi Arabia
11.5.2 United Arab Emirates
11.5.3 Rest of Middle East & Africa
11.6 North America
11.6.1 Canada
11.6.2 Mexico
11.6.3 United States
11.7 Latin America
11.7.1 Argentina
11.7.2 Brazil
11.7.3 Rest of Latin America
12. Company Profiles
12.1 Apple Inc. (US)
12.1.1 Company details
12.1.2 Financial outlook
12.1.3 Product summary
12.1.4 Recent developments
12.2 Samsung Electronics Co., Ltd. (South Korea)
12.2.1 Company details
12.2.2 Financial outlook
12.2.3 Product summary
12.2.4 Recent developments
12.3 Fitbit Inc. (US)
12.3.1 Company details
12.3.2 Financial outlook
12.3.3 Product summary
12.3.4 Recent developments
12.4 Garmin AB (Switzerland)
12.4.1 Company details
12.4.2 Financial outlook
12.4.3 Product summary
12.4.4 Recent developments
12.5 Xiaomi Corporation (China)
12.5.1 Company details
12.5.2 Financial outlook
12.5.3 Product summary
12.5.4 Recent developments
12.6 Google LLC (US)
12.6.1 Company details
12.6.2 Financial outlook
12.6.3 Product summary
12.6.4 Recent developments
12.7 PayPal Holding Inc. (US)
12.7.1 Company details
12.7.2 Financial outlook
12.7.3 Product summary
12.7.4 Recent developments
12.8 Barclays PLC (UK)
12.8.1 Company details
12.8.2 Financial outlook
12.8.3 Product summary
12.8.4 Recent developments
12.9 MasterCard
12.9.1 Company details
12.9.2 Financial outlook
12.9.3 Product summary
12.9.4 Recent developments
12.10 VISA Inc. (US)
12.10.1 Company details
12.10.2 Financial outlook
12.10.3 Product summary
12.10.4 Recent developments
12.11 Tappy Technologies Ltd. (US)
12.11.1 Company details
12.11.2 Financial outlook
12.11.3 Product summary
12.11.4 Recent developments
13. List of Abbreviations
14. Reference Links
15. Conclusion
16. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
