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Global Wearable Payment Device Market Overview:
The Wearable Payment Device Market Size was valued at USD 42.41 Billion in 2022. The Wearable Payment Device industry is projected to grow from USD 58.43 Billion in 2023 to USD 170.67 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.01% during the forecast period (2024 - 2032).
Wearable technology, which includes contactless payments, refers to products that may be integrated into clothes or worn on the body as accessories and are controlled by electronic components and software. Paying with wearable devices that have wireless technologies such as NFC and RFID embedded into them is referred to as using wearable payment devices. Technology advancements make it possible to rapidly and covertly incorporate payment into wearables, improving the user experience. To give clients a simple and frictionless experience, numerous banks and financial institutions now offer wearable payment solutions.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Wearable Payment Device Market Trends
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Increased volume of financial transactions
Digitalization has changed how people and businesses trade and make payments. Additionally, it has given enterprises a centralized framework that allows them to access data from any location. This has prompted firms and organizations from a variety of industries to digitize their operational procedures. However, every organization now has exponentially more data because of the quick adoption of digitalization. To better comprehend cash flows, tax files and claims, and other financial activities, these enormous amounts of data must be arranged, processed, and evaluated.
The usage of wearable payment devices enables consumers to transact in quick, easy steps, eliminating the need for lengthy, complicated stages. As a result, there is a high demand for wearable payment devices due to the growth in financial transactions brought on by digitalization.
Wearable Payment Device Market Segment Insights:
Wearable Payment Device Type Insights
The market segmentation, based on Type, includes Smartwatches, Fitness Tracker, and Payment Wristbands. The Smartwatches segment holds the majority share in 2022, contributing to the Wearable Payment Device revenue. The touchscreens and numerous application interfaces included in today's smartwatches enable users to make payments through NFC or Wi-Fi, negating the need to utilize a smartphone or debit or credit cards. Payments may also be made on smartwatches by entering a PIN or passcode that is connected to their cellphones.
Wearable Payment Device Technology Insights
Based on Technology, the market segmentation includes Barcodes, Contactless Point of Sale (POS) Terminals, Near Fields Communication (NFC), Quick Response (QR) Codes, and Radio Frequency Identification (RFID). The Radio Frequency Identification (RFID) segment dominated the market. RFID works by using radio waves to communicate between a small chip in the wearable device and a payment terminal. This technology can be found in a variety of wearables, including smartwatches, fitness trackers, and even jewelry.
Wearable Payment Device Application Insights
Based on Application, the market segmentation includes ​​​​​​Fitness, Healthcare, Retail, Transportation, Bar & Restaurants, Entertainment Centers, and Others. The Fitness segment dominated the market. due to the popularity of wearable fitness trackers and smartwatches that offer payment capabilities. These devices allow users to track their fitness and make payments without having to carry a separate payment card or smartphone.
Figure 2: Wearable Payment Device Market, by Type, 2022 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Wearable Payment Device Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America is a significant market for wearable payment devices due to the high level of technology adoption and the increasing demand for contactless payment options. The presence of major players in the wearable technology and payment industries in North America has also contributed to the growth of the market in the region.
However, the Market is expected to experience significant growth in other regions, such as Europe and Asia Pacific, due to the increasing adoption of wearable technology and the rise of contactless payments globally. As such, the dominance of any particular region in the Market may vary over time, depending on market trends and consumer preferences.
Figure 3: WEARABLE PAYMENT DEVICE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Wearable Payment Device Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Wearable Payment Device industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Wearable Payment Device industry to benefit customers and expand the market sector. Major market players, including Apple Inc, Barclays, Mastercard, PayPal Inc, and others, are attempting to increase market demand by funding R&D initiatives.
Apple is a firm that creates, produces, and sells mobile media and communication devices. It provides personal computers, mobile digital music players, as well as a range of associated peripherals, networking solutions, software, services, and third-party digital applications and content. The business also runs many portals that let users find and download software and digital content including podcasts, video games, and music.
Barclays is a multinational financial services firm that provides retail banking, credit cards, wholesale banking, investment banking, wealth management, and investment management services. Its personal and commercial banking products and services include checking and savings accounts, mortgages, insurance, loans, and credit cards. The firm also offers funding, financing, cash management, advising, and risk management products and services to financial institutions, money managers, governments, and corporate clients.
Key Companies in the Wearable Payment Device market include
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Apple Inc
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Fitbit Inc
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Google Inc
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Jawbone
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Mastercard
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PayPal Inc
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Samsung Electronics Co. Ltd
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Visa Inc
Wearable Payment Device Industry Developments
September 2022: Apple Inc. announced the launch of the Apple Watch Series 8 and Apple Watch SE 2, two iPad models, the first fitness experience built for Apple Watch that brings significant developments in health and wellness features to iPhone, iPad, and Apple TV. Apple Watch Series 8 expanded the health capabilities of previous Apple Watch models with a new feature that measures the oxygen saturation of blood for a better understanding of fitness and wellness, as well as enables payment through Apple Pay.
January 2021: Google LLC announced the acquisition of Fitbit Inc. to enter the wearable payment device market, for USD 2.1 billion in an all-cash deal. This acquisition is a move that could shore up the internet giant's hardware business while increasing antitrust scrutiny.
Wearable Payment Device Market Segmentation
Wearable Payment Device Type Outlook
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Smartwatches
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Fitness Tracker
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Payment Wristbands
Wearable Payment Device Technology Outlook
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Barcodes
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Contactless Point of Sale (POS) Terminals
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Near Fields Communication (NFC)
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Quick Response (QR) Codes
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Radio Frequency Identification (RFID)
Wearable Payment Device Application Outlook
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Fitness
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Healthcare
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Retail
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Transportation
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Bar & Restaurants
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Entertainment Centers
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Others
Wearable Payment Device Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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