PUBLISHER: Orion Market Research | PRODUCT CODE: 1565753
PUBLISHER: Orion Market Research | PRODUCT CODE: 1565753
Global Wearable Payment Device Market 2024-2031
Wearable Payment Device Market Size, Share & Trends Analysis Report by Type (Fitness Tracker, Payment Wristbands, Smart Watches, and Others), by Technology (Barcodes, Contactless Point of Sale (POS) Terminal, Near Field Communication (NFC), Quick Response (QR) Codes, and Radio Frequency Identification (RFID)), and by Application (Festival & Life Events, Fitness, Healthcare, Retail, and Transportation) Forecast Period (2024-2031)
Wearable payment device market is anticipated to grow at a CAGR of 16.5% during the forecast period (2024-2031). Wearable payment devices include a range of electronic products such as watches, wristbands, and rings with contactless payment features. The market growth is driven by rising demand for smartwatches, growth in the global digital payment market, increasing adoption of wrist wearables, and a changing trend in digital payments. Further, the market is expected to be positively influenced by novel product launches in wearable technology by financial institutions, the growth of the smart payment ring market, and the growing adoption of NFC (near-field communication) technology.
Market Dynamics
Growth in the Smartwatch Market
In recent years, the sales of smartwatches have considerably increased owing to the affordability of the product, changing technological trends, advancements in technology, and increasing adoption of wearable technology products, which has benefited the wearable payment device market. Further, most wearable devices are smartwatches, creating scope for market players to integrate payment technology to the devices, resulting in added product features and growing sales. For instance, in February 2023, Gizmore, one of the top companies of fitness equipment, home audio, and smart accessories in India, expected to sell more than 1.5 million smartwatches by 2023-2024 and take a 5.0% market share there. In addition, Gizmore stated that it will be working with Optiemus Electronics Limited (OEL) to produce approximately a million smartwatches over the following year.
Rising Trend of Contactless Payments
Another key factor driving market growth is the increasing popularity of contactless payments. The market has seen a significant increase in the number and volume of contactless transactions since the advent of NFC (near-field communication) and radio frequency identification (RFD) technology, as consumers' preferences for digital payment are shifting toward more convenient solutions. According to a whitepaper released by Visa and Worldline India, contactless payments' share to total face-to-face (F2F) transactions increased by more than six times to 16.0% in December 2021 from less than 2.5% in December 2018. The highest adoption of contactless payments was observed in sectors like quick-service restaurants, pharmacies, food, and grocery which accelerated with the impact of the pandemic. Also, in January 2020, contactless transactions accounted for 25.0% of all supermarket transactions. By January 2022, this figure increased to 31.0%. Further, novel NFC-enabled wearable devices have been successful in promoting the trend and are expecting to capitalize on the changing payment dynamics.
Segmental Outlook
- Based on type, the market is segmented into fitness trackers, payment wristbands, smart watches, and others (rings, and fob sleeve).
- Based on technology, the market is segmented into barcodes, contactless point of sale (POS) terminals, near field communication (NFC), quick response (QR) codes, and radio frequency identification (RFID).
- Based on application, the market is segmented into festival & life events, fitness, healthcare, retail, and transportation.
Smartwatches are the Biggest Segment
The smartwatch segment remains the most selling and demanded wearable payment device among the market owing to its increasing demand, advancement in technology, rising trend of smartwatches, and overall practicality of the product. In September 2023, Apple announced Apple wearable Series 9, which added new capabilities to the best-selling wearable while also marking an important environmental milestone. Apple Watch Series 9 is more powerful than ever, thanks to the new S9 SiP, which improves speed and capabilities; a magical new double tap gesture; a brighter display; faster on-device Siri, which can now access and log health data; precision finding for iPhone, and more.
Near Field Communication (NFC) is Projected to Dominate the Segment
Regional Outlook
Market Players Outlook
Table of Contents
1. Report Summary
- Current Application Analysis and Growth Potential Outlook
- 1.1. Research Methods and Tools
- 1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region
2. Market Overview and Insights
- 2.1. Scope of the Report
- 2.2. Analyst Insight & Current Market Trends
3. Competitive Landscape
4. Market Segmentation
5. Regional Analysis
6. Company Profiles
LIST OF TABLES
- 1. Global Wearable Payment Devices Market Research And Analysis By Type, 2023-2031 ($ Million)
- 2. Global Fitness Tracker For Payment Market Research And Analysis By Region, 2023-2031 ($ Million)
- 3. Global Payment Wristbands For Payment Market Research And Analysis By Region, 2023-2031 ($ Million)
- 4. Global Smartwatches For Payment Market Research And Analysis By Region, 2023-2031 ($ Million)
- 5. Global Other Wearable Payment Devices Market Research And Analysis By Region, 2023-2031 ($ Million)
- 6. Global Wearable Payment Devices Market Research And Analysis By Technology, 2023-2031 ($ Million)
- 7. Global Barcodes-Based Wearable Payment Devices Market Research And Analysis By Region, 2023-2031 ($ Million)
- 8. Global Contactless Point Of Sale (Pos) Terminal Wearable Payment Devices Market Research And Analysis By Region, 2023-2031 ($ Million)
- 9. Global Near Field Communication (NFC) Based Wearable Payment Devices Market Research And Analysis By Region, 2023-2031 ($ Million)
- 10. Global Quick Response (QR) Codes Based Wearable Payment Devices Market Research And Analysis By Region, 2023-2031 ($ Million)
- 11. Global Radio Frequency Identification (RFID) Based Wearable Payment Devices Market Research And Analysis By Region, 2023-2031 ($ Million)
- 12. Global Wearable Payment Devices Market Research And Analysis By Application, 2023-2031 ($ Million)
LIST OF FIGURES
