Outlook on the Wearable Payments Devices Global Market to 2026 – Industry Analysis and Forecasts
Dublin, Feb. 16, 2021 (GLOBE NEWSWIRE) — The “Global Wearable Payments Devices Market By Type, By Technology, By Application, By Region, Industry Analysis and Forecast, 2020 – 2026” report has been added to ResearchAndMarkets.com’s offering.
The global Wearable Payments Devices Market size is expected to reach $42.9 billion by 2026, rising at a market growth of 27.2% CAGR during the forecast period. The safe and secure payment method offered to the consumers for their purchase of products or services through the advanced integrated technology in their wearable devices is referred as Wearable payments.
This method provides vendors and retailers to go with a more secure and error-free payment method and hence, also known as tap-and-go payment method by many retailers and organizations. Moreover, several banks and financial institutions are offering wearable payment options for widening their customer base around the world while delivering better convenience in outdoor shopping. Additionally, the adoption of contactless payments and wearable payments has increased globally during recent years, owing to the increasing adoption of smartphones and ease in transactions compared to the traditional banking payment methods.
The growth of the market is attributed to the rising demand for Host Card Emulation (HCE) and the increasing adoption of cashless transactions. HCE helps mobile or wearable devices to allow card imitation on NFC-enabled devices without depending on the connection to an authenticated element. Moreover, the rising demand for Wearable Payments Devices is due to their fast payment feature, which is estimated to boost the market growth during the forecast period.
There are many e-banking platforms that are adopting Wearable Payments Devices. These e-banking platforms are aiming to integrate the Near Field Communication (NFC) technology into their transaction operations that facilitate smooth payments. Moreover, the reducing costs for implementing NFC technology are propelling the demand for the technology. This technology is broadly used in businesses to transfer data from their devices to several contactless payment terminals like NFC tags and smartphones.
By Type
Based on Type, the market is segmented into Fitness Tracker, Payment Wristbands and Smart Watches. The segment of fitness tracker leads the market in 2019. These fitness trackers are estimated to propel the market due to the rising use of a wide range of fitness devices and a growing number of fitness enthusiasts around the world. Several vendors have initiated combining mobile payments into their fitness trackers. Furthermore, customers are broadly choosing fitness trackers due to their expanded safety feature that secures them from frauds and identity thefts during the payment processes.
By Technology
Based on Technology, the market is segmented into Barcodes, Near Field Communication (NFC), Quick Response (QR) Codes, Contactless Point of Sale (POS) Terminals and Others. The contactless Point of Sale (POS) terminals category is expected to record significant growth during the forecast period. The integration of NFC and IoT-based contactless payment features into wearable devices is estimated to boost the growth of the contactless POS terminals category. Vendors like Samsung Electronics and Apple, Inc. have brought on their own contactless POS terminals, consequently leading this category.
By Application
Based on Application, the market is segmented into Retail, Transportation, Festival & Life Events, Fitness, Healthcare and Others. The retail category has dominated the market in 2019. This category’s growth is attributed to the rising demand for cashless payments in local shops, markets, and e-commerce. Moreover, various retailers around the globe are aiming for creating awareness among the customers about contactless payment technology that will help them in promoting the usage of Wearable Payments Devices in the retail industry.
By Region
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is expected to establish itself as the fastest-growing market in the region during the forecast period. The growth of the market is attributed to the existence of a huge population and rising demand for digital devices in the region. There are some factors like steady growth in building a cashless economy and conversion in payments technology that is estimated to propel the growth of the market. The rising number of new market players in the market is also an important trend in the market.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Apple, Inc., Google, Inc., and Samsung Electronics Co., Ltd. are the forerunners in the Wearable Payments Devices Market. Companies such as Barclays, Inc. Mastercard, Inc., Xiaomi Corporation, Visa, Inc., and Nymi, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Thales Group S.A. (Gemalto NV), Google, Inc., Mastercard, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Xiaomi Corporation, PayPal Holdings, Inc. (eBay), Visa, Inc., Nymi, Inc., and Barclays PLC.
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Key Topics Covered:
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Wearable Payments Devices Market, by Type
1.4.2 Global Wearable Payments Devices Market, by Technology
1.4.3 Global Wearable Payments Devices Market, by Application
1.4.4 Global Wearable Payments Devices Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis – Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Geographical Expansions
3.2.4 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2017, Aug – 2020, Dec) Leading Players
Chapter 4. Global Wearable Payments Devices Market by Type
4.1 Global Fitness Tracker Wearable Payments Devices Market by Region
4.2 Global Payment Wristbands Wearable Payments Devices Market by Region
4.3 Global Smart Watches Wearable Payments Devices Market by Region
Chapter 5. Global Wearable Payments Devices Market by Technology
5.1 Global Barcodes Wearable Payments Devices Market by Region
5.2 Global Near Field Communication (NFC) Wearable Payments Devices Market by Region
5.3 Global Quick Response (QR) Codes Wearable Payments Devices Market by Region
5.4 Global Contactless Point of Sale (POS) Terminals Wearable Payments Devices Market by Region
5.5 Global Others Wearable Payments Devices Market by Region
Chapter 6. Global Wearable Payments Devices Market by Application
6.1 Global Retail Wearable Payments Devices Market by Region
6.2 Global Transportation Wearable Payments Devices Market by Region
6.3 Global Festival & Life Events Wearable Payments Devices Market by Region
6.4 Global Fitness Wearable Payments Devices Market by Region
6.5 Global Healthcare Wearable Payments Devices Market by Region
6.6 Global Others Wearable Payments Devices Market by Region
Chapter 7. Global Wearable Payments Devices Market by Region
7.1 North America Wearable Payments Devices Market
7.2 Europe Wearable Payments Devices Market
7.3 Asia Pacific Wearable Payments Devices Market
7.4 LAMEA Wearable Payments Devices Market
Chapter 8. Company Profiles
8.1 Apple, Inc.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Product and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 SWOT Analysis
8.2 Thales Group S.A. (Gemalto NV)
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.1 Research and Development Expense
8.3 Google, Inc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.5.2 Product Launches and Product Expansions:
8.3.5.3 Acquisition and Mergers:
8.3.6 SWOT Analysis
8.4 Mastercard, Inc.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Regional Analysis
8.4.4 Recent strategies and developments:
8.4.4.1 Partnerships, Collaborations, and Agreements:
8.5 Samsung Electronics Co., Ltd. (Samsung Group)
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments:
8.5.5.1 Product Launches and Product Expansions:
8.5.5.2 Geographical Expansions:
8.5.6 SWOT Analysis
8.6 Xiaomi Corporation
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments:
8.6.5.1 Partnerships, Collaborations, and Agreements:
8.6.5.2 Product Launches and Product Expansions:
8.6.6 SWOT Analysis
8.7 PayPal Holdings, Inc. (eBay)
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Regional Analysis
8.7.4 Research & Development Expense
8.8 Visa, Inc.
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Recent strategies and developments:
8.8.3.1 Product Launches and Product Expansions:
8.9 Nymi, Inc.
8.9.1 Company Overview
8.9.2 Recent strategies and developments:
8.9.2.1 Partnerships, Collaborations, and Agreements:
8.10. Barclays PLC
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Recent strategies and developments:
8.10.4.1 Partnerships, Collaborations, and Agreements:
8.10.4.2 Product Launches and Product Expansions:
For more information about this report visit https://www.researchandmarkets.com/r/ofhkxn
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