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

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.