Global Wearable Payments Devices Market Overview:
The Wearable Payments device is a normal wearable device integrated with a loaded payment application or in-built software. This device will be linked to a customer's bank account and can be used as a debit card while making a payment to any merchant who accepts contactless tap-and-go payments through a PoS device. Rising urbanization and digitization have increased the demand for wearable devices.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
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:
Enhancement in Host Card Emulation Technology in Wearable Payments
Market Growth Drivers:
Rise in Adoption of Cashless Payments due to Digitisation and Rise in Demand for Wearable Devices Along with Contactless Payment
Challenges:
Limited Battery Life of the Wearable Devices
Restraints:
High Cost of Wearable Devices
Opportunities:
Upsurge in Integration of Near-Field Communication Technology (NFC), Radio Frequency Identification (RFID)
Competitive Landscape:
The global market for Wearable Payments devices is fragmented by the global players as a result of the rapid digitization and urbanization of the world. The enhancement in device software for faster and safer payments in order to ease the transaction process.
Some of the key players profiled in the report are Apple Inc. (United States), Barclays Plc (United Kingdom), Fitbit, Inc (United States), Google, Inc (United States), Jawbone (United States), Mastercard (United States), PayPal, Inc (United States), Samsung Electronics Co. Ltd (South Korea), Visa Inc (United States) and Alibaba Group (China). Analyst at AMA Research see United States Vendors to retain maximum share of Global Wearable Payments Devices market by 2028. Considering Market by Technology, the sub-segment i.e. Near-field Communication Technology (NFC) will boost the Wearable Payments Devices market. Considering Market by Sales Channel, the sub-segment i.e. Online will boost the Wearable Payments Devices market.
Latest Market Insights:
In 2021, Google completes Fitbit acquisition, a leader in smartwatch and fitness band. This acquisition will help google to expand in the smartwatch sector with help of the Google broader infrastructure and software.
What Can be Explored with the Wearable Payments Devices Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Wearable Payments Devices Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Wearable Payments Devices
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 Wearable Payments Devices 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 Wearable Payments Devices 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 Wearable Payment Device Manufacturer, Distributor/Reseller, Components Manufacturer, Software Management Firms 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.