Product Overview Wearable Payments is the protected and secured payment method offered by customers to purchase goods or services through integrated smart technology. Using advanced technology, built into their wearable devices, is a safe way to make consumer payments purchases.
NEW YORK, June 17, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the Wearable Payments Market Report: Segmented by Technology Type, by Device Type:, By Application: and Region – Global Market Size Analysis, Share & Trends 2019 – 2020 and projections to 2030”- https://www.reportlinker.com/p06191878/?utm_source=GNW
It is recognized by many retailers and associations as the instant payment system, which provides retailers and sellers with safe and error-free payment methods. Moreover, many financial companies offer wearable payment solutions to expand their customer base worldwide and enhance their outdoor shopping experiences.
The global wearable payments market is expected to expect a remarkable compound annual growth rate of 23.53% in 2030.
The global wearable payments market will exceed $2900 billion by 2030 from $350.66 billion in 2020 at a compound annual growth rate of 23.53% in the coming years i.e. 2021-2030. Significant growth in demand for wearable payments from end user industries along with increased demand for Host Card Emulation (HCE) and growing acceptance of digital payment. HCE allows mobile or wearable devices, without the need to access an authenticated feature, to mimic the card on NFC-enabled devices. In addition, due to its rapid payment capability, the continued growth of wearable payment devices is expected to drive the growth of the market in the coming years. Several wearable payment systems are used in electronic banking platforms. These platforms focus on integrating NFC technology into their transactions, enabling seamless payments.
Global Wearable Payments Market: Segments
The barcode sector grows at the highest compound annual growth rate during 2020-30
The global wearable payments market is segmented by technology type into Barcode, Contactless Point of Sale (POS), Near Field Communication (NFC) Technology, and Radio Frequency Identification (RFID). The barcode segment captured the largest market share in 2020 as distributors work at checkout to eliminate friction and enhance overall customer service. Wearable payment systems are encrypted with application barcode scanners. This technology helps consumers to easily check their merchandise when shopping. The barcode system also helps retailers escape from the need for a traditional and permanent point of sale.
The smartwatch sector is growing at the highest compound annual growth rate during 2020-30
The global wearable payments market is segmented by device type into smart rings, fitness trackers, smartwatches, and more. The Smartwatch segment captured the largest market share in 2020 and will continue to dominate the market in the coming years. Smartwatches are bound to boost their adoption within the anticipated time frame, with the increasing focus on launching lower-priced smartwatches. These smartphones can be accessed via Bluetooth, NFC or RF to smartphones, making it easier for consumers to pay their bills including Bluetooth connectivity technology in devices. Leading companies such as Samsung Electronics and Apple Inc. For example, it enables customers to use their smartwatches in an efficient manner.
The retail sector will grow at the highest compound annual growth rate during 2020-30
Wearable global payments are segmented by the app into festivals and life events, fitness, healthcare, retail, transportation, and more. Retail, this segment was occupying the largest market share in 2020 and will continue to dominate the market in the coming years due to the increasing demand in local markets, businesses and e-commerce for cashless payments. Many retailers around the world are now focusing on informing customers about contactless payment technology, which encourages the use of wearable payment equipment in the retail sector.
Increased demand for HCE
The significant growth in the demand for wearable payments from the end-use industries along with the increased demand for Host Card Emulation (HCE) and the growing acceptance of digital payment is expected to fuel the growth of the market. HCE allows mobile or wearable devices, without the need to access an authenticated feature, to mimic the card on NFC-enabled devices.
Increased NFC penetration
Many online banking websites use wearable payment systems. These electronic banking platforms are designed to incorporate NFC technology into their transactions, making payments seamless. In addition, the cost savings for implementing NFC technology improves technology demand. This technology is commonly used in companies to transfer data from computers to various contactless payment terminals such as NFC tags and smartphones.
The high cost of wearable payment devices
The high cost associated with wearable devices limits the growth of the market to a great extent. These devices are expensive and not everyone can access them. Moreover, the risk of being robbed also restricts the growth of the market in the near future.
Global Wearable Payments Market: Major Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, KPIs, Risk Analysis, Recent Developments, Regional Presence, SWOT Analysis
Samsung Electronics Co., Ltd.
Master Card Credit Card
Other notable players
Global Wearable Payments Market: Regions
On the basis of regional analysis, the global Wearable Payments Market is segmented into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. Global Payments Wearables in North America captured the largest market share in 2020. The dominant region of the industry is North America, accounting for more than XX% of total sales by 2030. Presence of prominent stakeholders such as Apple, Inc., Google LLC and MasterCard and VISA, Inc. In the region this high growth rate can be attributed. It is also estimated that geographic evolution over the projected time frame is underpinning trends, such as the increasing reliance on technology to track wearable devices by serious athletes. In addition, the development of smart devices with tracking and payment features has increased dramatically in North America.
The global wearable payments market is segmented by region into:
North America market size, share, trends, opportunities, annual growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Annual Growth, CAGR – Mexico, Argentina, Brazil, Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Annual Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Annual Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, Rest of Asia Pacific Region
Middle East and Africa market size, share, trends, opportunities, annual growth and CAGR – North Africa, Israel, GCC, South Africa and rest of the MENA region
The Global Wearable Payments Market Report also contains an analysis on:
Wearable Payments Market Segments:
Depending on the type of technology
Contactless Point of Sale (POS)
Near Field Communication (NFC) Technology
Radio Frequency Identification (RFID)
Depending on the device type
According to the application
Festivals and life events
selling by pieces
Wearable Payments Market Dynamics
Wearable Payments Market Size
Supply and demand
Competition and companies participating in the market
market value chain
Market drivers and constraints
Scope of the Retail and Wearable Payments Market Report
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