Wearable Payment Devices Market Size to Reach USD 7.39 Billion by 2027 at 7.3% CAGR – Report by Market Research Future (MRFR)
New York, US, Sept. 23, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Wearable Payment Device Market information by Device Type, Technology, Application and Region – forecast to 2027” the market is projected to reach USD 7.39 billion by 2027, registering a CAGR of 7.3%.
Dominant Key Players on Wearable Payment Device Market Covered Are:
- Microsoft Corporation (US)
- Huawei Technologies (China)
- Sony Corporation (Japan)
- Thales SA (France)
- Westpac (Australia)
- Intelligent Venue Solutions (UK)
- Caixa Bank (Spain)
- IntelliX Software (US)
- Nymi Inc. (Canada)
- McLEAR Ltd. (UK)
- Jakcom Technology CO. (China)
- Token Inc. (UK)
- Infineon Technologies AG (Germany)
- Printplast (Turkey)
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Wearable Payment Device Market Drivers
Rapid Growth in Contactless Payments to Boost Market Growth
The rapid growth of wearable payment device in the use of contactless payments is driven by the mandate of digital payment networks by the government across the world that has increased the adoption of payment-enabled devices that may boost market growth. Wearable payments offer a quick and convenient means of making payments, especially for small to medium sized monetary transactions.
Wearable Payment Device Market Opportunities
Digitization in Banks to offer Lucrative Opportunities
Digitization in banks will offer robust opportunities for the market over the forecast period. This is because banks are focusing to connect card management systems with different token service providers.
Wearable Payment Device Market Restraints
Security Issues to act as Market Restraint
Security issues is the primary concern which keep consumers to engage in digital purchases may act as market restraint over the forecast period.
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Regional Analysis
North America to Have Lions Share in Wearable Payment Device Market
North America will have lions share in the market over the forecast period. The presence of several solution providers, the presence of a well-developed digital economy, expansion of the mobile commerce industry, growing adoption in Canada and the US, organizations in these countries implementing digital payment solutions, rising trend of wearable device innovations and mobile app purchases, the presence of several key players in the region, growth in technological dependence for timing and tracking, increasing adoption of wearable devices by fitness enthusiasts, and substantial rise in the production of smart devices with payment and tracking features are adding to the global wearable payment device market growth in the region.
Europe to Have Significant Growth in Wearable Payment Device Market
Europe will have significant growth in the market over the forecast period. France, Germany, and the UK having higher adoption, the adoption of mobile payment services, digital wallets, and the integration of cellular networks in wearable devices, and the awareness of the benefits of m-commerce are adding to the global wearable payment device market growth in the region. Besides, the increase in the number of smart device users, and widespread acceptance of wearable payment device solution are adding to the global wearable payment device market growth in the region.
APAC to Have Healthy Growth in Wearable Payment Device Market
The APAC region will have healthy growth over the forecast period. The presence of a large population, increasing need for digital devices, steady growth in building a cashless economy, transformation in payments technology, and increase in market entrants are adding to the global wearable payment device market growth in region.
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Segmentation of Market Covered in the Research:
The global wearable payment device market is segmented based on application and device type.
By device type, the smartwatches segment will lead the market over the forecast period. The smartwatches developed these days come with touchscreen and different application interfaces that enable the users in making the payment through Wi-Fi or NFC thus eliminating the need to use the smartphone or credit/debit cards at the time of payment.
By application, the restaurants and the retail stores will dominate the market over the forecast period.
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COVID-19 Analysis
The growing consumer inclination towards the effective and easy purchase of services and goods has paved the way for cashless and digital cashless payment methods. The launch of digital payment methods has led to leading brands to step into the payment industry and offer services and applications that enable customers in making payments with their wearable devise and smartphones. The growing use of digital payments has gone up significantly during the lockdown. It has changed the way people make purchases as this allows cashless transactions and can be performed to maintain a certain distance. Rising ownership of wearable devices is a major growth enabler for digital payment. The rise in several wearable devices has begun an era of mobile commerce that offers consumers with an effective and easy means of purchasing services and goods online.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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