USD 12.10 billion
Wearable Payments Devices Market Size, Share, Growth Analysis, By Type(Smartwatches and Wristbands), By Technology(Near Field Communication (NFC) and QR codes), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2084 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
59
|Figures:
75
Wearable Payments Devices Market Insights
Global Wearable Payments Devices Market size was valued at USD 12.10 billion in 2022 and is poised to grow from USD 15.75 billion in 2023 to USD 130.10 billion by 2031, growing at a CAGR of 30.2% in the forecast period (2024-2031).
The market is growing rapidly due to increasing demand for Host Card Emulation (HCE). HCE technology enables mobile and wearable devices to emulate payment cards on NFC-enabled devices without requiring access to an authenticated element. Wearable payment devices are also gaining popularity due to their ability to enable fast payments. E-banking platforms are increasingly integrating NFC technology into their transaction operations to facilitate seamless payments, and the decreasing costs of deploying NFC technology are driving demand. Another factor driving the growth of the wearable payments market is the increasing adoption of contactless payments. Governments around the world are mandating digital payment networks, which has led to an increase in the adoption of payment-enabled devices. Wearable payments are particularly useful for small to medium-sized transactions, and the increasing integration of NFC payment systems in mobile devices, coupled with rising comfort with using contactless cards and the adoption of contactless point-of-sale readers, are expected to create further growth opportunities. The growth of the Internet of Things (IoT) is also driving the market for invisible payments. This is due to the increasing use of connected devices and the presence of VR and AI technologies, which are driven by developments in mobile applications. Digitization in banks is also expected to gain traction as banks focus on connecting card management systems with various token service providers.
US Wearable Payments Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Smartwatches
Fastest Growth
Wristbands
Growth Rate
30.2% CAGR
Global Wearable Payments Devices Market ($ Bn)
Country Share for North America Region (%)
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Wearable Payments Devices Market Segmental Analysis
Global Wearable Payments Devices market is segmented by type, Technology, and region. Based on type, the market can be segmented into smartwatches, and wristbands. Based on technology, the market is segmented into near field communication (NFC), and QR codes. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Wearable Payments Devices Market Analysis by Type
By type, the market can be segmented into smartwatches and wristbands. Smartwatches dominated the wearable payments devices market due to their popularity among tech-savvy consumers who prefer wearable devices with multiple functionalities. Smartwatches are equipped with advanced features such as fitness tracking, mobile payments, and voice control, making them more versatile than wristbands. Moreover, smartwatches are increasingly being integrated with NFC and other payment technologies, enabling contactless payments.
Wristbands are the fastest-growing segment in the wearable payments devices market, primarily due to their affordability and simplicity. Wristbands are easy to use and require minimal setup, making them ideal for consumers who want a hassle-free payment experience. Furthermore, wristbands are gaining popularity among sports enthusiasts who use them for fitness tracking and mobile payments during workouts.
Wearable Payments Devices Market Analysis by Application
By application, the market can be segmented into near field communication (NFC), and QR codes. NFC dominated the wearable payments devices market due to its superior security and convenience. NFC technology enables quick and secure payment transactions by allowing users to tap their wearable device on a payment terminal. NFC-enabled wearable devices are also becoming more popular due to their ease of use and compatibility with contactless payment systems, making them a preferred choice among consumers.
QR codes are the fastest-growing segment in the wearable payments devices market, primarily due to their cost-effectiveness and versatility. QR codes can be easily integrated into wearable devices, enabling users to make mobile payments by scanning a QR code displayed on a payment terminal. QR codes are also gaining popularity among retailers and small businesses, as they provide an affordable and convenient alternative to traditional payment methods.
Global Wearable Payments Devices Market Size By Type
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Wearable Payments Devices Market Regional Insights
North America dominated the global wearable payments device market. The region has a well-established financial infrastructure and high levels of digital adoption, which has led to an increase in the adoption of wearable payment devices. The United States is a major contributor to the growth of the market in North America, with a large number of vendors operating in the country. The increasing adoption of mobile payments, particularly in the United States, is expected to drive the growth of the market in the region.
APAC is one of the fastest-growing regions in the global wearable payments device market. The region is home to some of the world's largest markets for mobile and wearable devices, such as China, India, and Japan. These markets have witnessed a significant increase in the adoption of wearable payment devices, driven by factors such as the growth of e-commerce, the rise of contactless payments, and the increasing popularity of mobile payments. China is a particularly important market in the region, with a large number of vendors operating in the country and a significant user base for wearable payment devices.
Global Wearable Payments Devices Market By Region
- Largest
- Fastest
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Wearable Payments Devices Market Dynamics
Wearable Payments Devices Market Drivers
Increasing adoption of contactless payments
- One key driver of the global wearable payments device market is the increasing adoption of contactless payments. Governments around the world are mandating digital payment networks, which has led to an increase in the adoption of payment-enabled devices. Wearable payments are particularly useful for small to medium-sized transactions, and the increasing integration of NFC payment systems in mobile devices, coupled with rising comfort with using contactless cards and the adoption of contactless point-of-sale readers, are expected to create further growth opportunities.
Wearable Payments Devices Market Restraints
Concern over data security and privacy
- One major restraint of the global wearable payments device market is the concern over data security and privacy. Wearable payment devices store sensitive information, such as credit card details, which makes them attractive targets for hackers. Consumers are increasingly aware of the risks associated with using wearable payment devices and are hesitant to adopt them. The lack of standardized security measures for wearable payment devices is also a concern, as it creates confusion among consumers and makes it difficult for vendors to gain their trust. These factors are expected to hinder the growth of the market.
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Wearable Payments Devices Market Competitive Landscape
The global wearable payments device market is highly competitive, with numerous vendors operating in the market. The market is fragmented, with the presence of both established players and new entrants. Companies are focusing on developing innovative products and expanding their product portfolios to gain a competitive edge. Additionally, partnerships and collaborations with technology companies and financial institutions are common strategies adopted by vendors to strengthen their market position. The market is expected to witness further consolidation in the coming years as vendors compete to gain a larger market share.
Wearable Payments Devices Market Top Player’s Company Profiles
- Xiaomi Corporation (China)
- Garmin Ltd. (Switzerland)
- Google LLC (US)
- Mastercard Inc. (US)
- Visa Inc. (US)
- PayPal Holdings Inc. (US)
- Fossil Group Inc. (US)
- NXP Semiconductors N.V. (Netherlands)
- Sony Corporation (Japan)
- Huawei Technologies Co. Ltd. (China)
- Lenovo Group Limited (Hong Kong)
- Jawbone (US)
- Infineon Technologies AG (Germany)
- Thales Group (France)
- Gemalto NV (Netherlands)
- Qualcomm Inc. (US)
- American Express Co. (US)
Wearable Payments Devices Market Recent Developments
- In March 2024, IndusInd Bank introduced 'Indus PayWear,' which, in collaboration with Mastercard, boasts to be India's first all-in-one tokenisable wearables for both debit and credit cards.
- In January 2024, DIGISEQ, the wearable payments tech company, joined forces with TAP2, a UK-based marketplace aiming to provide customers worldwide with access to their carefully chosen range of wearables.
- In September 2023, Eastern Bank PLC (EBL), in collaboration with Payment Network partners Mastercard and Visa, officially launched India’s first wearable payment devices, branded WEAREBL, at a gala evening at its head office.
Wearable Payments Devices Key Market Trends
- One key market trend in the global wearable payments device market is the increasing adoption of biometric authentication technology. Biometric authentication technology, such as fingerprint recognition and facial recognition, offers a more secure and convenient alternative to traditional authentication methods. Wearable payment devices equipped with biometric authentication technology are gaining popularity among consumers who are concerned about data security and privacy. Vendors are investing in the development of wearable payment devices with biometric authentication technology to meet the growing demand for more secure and convenient payment solutions.
Wearable Payments Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global wearable payments device market analysis, the market is driven by the increasing adoption of cashless transactions and the growing demand for host card emulation (HCE) technology. Wearable payments offer a quick and convenient way of making payments, especially for small to medium-sized transactions. The market is highly competitive, with numerous vendors operating in the market, and is expected to witness further consolidation in the coming years. The concern over data security and privacy is a major restraint to the growth of the market. However, the increasing adoption of biometric authentication technology is a key market trend, with vendors investing in the development of wearable payment devices with biometric authentication technology to meet the growing demand for more secure and convenient payment solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 12.10 billion |
| Market size value in 2031 | USD 130.10 billion |
| Growth Rate | 30.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wearable Payments Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wearable Payments Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wearable Payments Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wearable Payments Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wearable Payments Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wearable Payments Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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