Global Banking Wearable Market Overview:
Wearable technology refers to a wearable device embedded into the accessories or items worn. They usually perform tasks like a mobile or computer. All kinds of gadgets, from wristbands and smartwatches to eyewear like Google Glass, make it easy to view bank account details such as balances, alerts, and reward points. While the use of wearable devices grows, banks are increasingly supplying consumers with applications such as payments, notifications, equity investments, and fast account balance updates. Banks have already begun to prepare for a wearable market, as wearable banking can expand at a faster rate than a smartphone and online banking. Wearable technologies are part of a larger Internet of Things movement that can transform the future by using data and bringing high-value outcomes to end-users. Wearable payments will grow from USD3.1 billion in 2015 to approximately USD500 billion by the end of 2020.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increasing Demand of Banking Warbles as A Fashion Accessory and Growing Trend of Using Banking Wearables for The Contact-Less Payments In Covid Era
Market Growth Drivers:
Increasing Demand of Banking Wearables for The Rapid Payments, Growing Demand for Banking Wearables Due to Need for Quick Alerts and Need of Customers to Manage Cash Flows
Challenges:
Banking Wearables Need Internet Connection All the Time to Work Which Could Be Challenging in Remote Areas and Increasing Concerns Regarding the Privacy and Data Collection Practices
Restraints:
Banking Wearable May Create Cyber Security Concerns
Opportunities:
Increasing Number of Banking Services Becoming Available on Wearable Devices and Decreasing Expenses of Banks on Employees Due to Banking Wearable
Competitive Landscape:
Some of the key players profiled in the report are Apple Inc. (United States), Samsung (South Korea), Alphabet Inc. (United States), Motorola (China), BBK Electronics (China), Thales (France), Garmin Ltd. (Switzerland), Fidesmo AB (Sweden), Fitbit Inc. (United States) and Pebble (United States). Considering Market by Sales Channel, the sub-segment i.e. E-Commerce Websites will boost the Banking Wearable market. Considering Market by Operating System, the sub-segment i.e. Custom Operating System will boost the Banking Wearable market.
Latest Market Insights:
In March 2021, Apple Inc. has launched its contactless payment service in South Africa, hoping to capitalize on the country's mobile payments boom. As the coronavirus crisis has sparked a transition into e-commerce and contactless payments, the use of digital finance and payment services has increased in South Africa and elsewhere.
What Can be Explored with the Banking Wearable Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Banking Wearable Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Banking Wearable
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Banking Wearable market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Banking Wearable market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Banking Wearable Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations, End-Use Industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.