Global Wearable Payment Device Market: Industry Analysis and Forecast (2020-2026)

 Global Wearable Payment Device Market size was valued at US$ XX Bn in 2019 and the total revenue is expected to grow at 13.5 % through 2020 to 2026, reaching nearly US$ XX Bn.

The global Wearable Payment Device market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Wearable Payment Device report also provides trends by market segments, technology, and investment with a competitive landscape.
Definition of Wearable Payment Device:

Wearable devices are smart electronic devices/ gadgets worn in close contact with the skin by users. Wearable devices such as smartwatches, wrist bands, and smart rings have become increasingly common in recent years. They can track, interpret, and relay data about the body's vital signs.
Global Wearable Payment Device Market Dynamics:

The global wearable payments market is being driven by an increase in the adoption of cashless payments and a rise in demand for wearable devices with contactless payments for secure and safer payment transactions. Wearable payments also provide consumers with a better shopping experience and a more efficient shopping experience, which helps to drive the growth of the industry. For instance, Apple is incorporating newer technology into its products, such as LTE capability on Apple Watches and Siri on Apple AirPods, to improve device operability. Further, banks are now linking card management systems with token service providers as defined by payment networks, indicating that digitization is gaining traction. Consequently, the sector is improving and increasingly embracing industry standards. As a result, the adoption of wearable devices has increased, as since then the development of contactless payment models.

By 2022, the total number of connected wearable devices would have surpassed 1.2 billion. For the sake of convenience and transparency, governments all over the world have encouraged the use of digital transactions. Contactless payment systems have also been a preferred mode of payment since the COVID-19 outbreak. This is expected to lead to substantial business expansion in the future.

However, the market's growth is hampered by the high cost of wearable devices and their short battery life. Increased use of near-field communication (NFC), radio frequency identification (RFID), and host card emulation technology in wearable payments, on the other hand, is expected to provide a lucrative potential for market expansion over the forecast era.
Global Wearable Payment Device Market Segmentation:

Based on the device type, the wearable payment device market is segmented into fitness trackers, payment wristbands, and smartwatches. In 2020, the fitness tracker segment dominated the industry, accounting for more than 43.03 % of global sales. Because of the growing use of a variety of fitness devices and the number of fitness enthusiasts around the world, fitness trackers are expected to gain traction. Several companies have begun to incorporate mobile payments into their fitness trackers. Furthermore, consumers are increasingly choosing fitness trackers because of their enhanced security feature, which protects them from fraud and identity theft during payment processes. For instance, Garmin developed a variety of health and activity monitoring devices. Fitness trackers and ruggedized GPS smartwatches from the company are sold all over the world. Users can monitor, analyze, and share their fitness and wellness data using the Garmin Connect and Garmin Connect Mobile platforms.

Global Wearable Payment Device Market

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Global Wearable Payment Device Market Regional Insights:

In 2020, North America dominated the industry, accounting for over 31.01 % of global sales. The presence of key players such as Apple, Inc., Google LLC, Mastercard, Xiaomi Corporation, PayPal Holdings, Inc. (eBay), and Visa, Inc. in the region has contributed to the market's growth. Trends such as the increase in technological dependence for timing and monitoring, as well as the growing adoption of wearable devices by fitness enthusiasts, are expected to drive regional market during the forecast period. Furthermore, the development of smart devices with tracking and payment features is rapidly increasing in North America. The use of smart technology, combined with increasing internet penetration, has led to a rise in the adoption of connected devices. Besides, the market's growth is influenced by the presence of Virtual Reality (VR) and Artificial Intelligence (AI) technologies, which are influenced by mobile app creation. Banks are aiming to linked card management systems, so digitization is expected to increase.

Global Wearable Payment Device Market Regional Insights

The objective of the report is to present a comprehensive analysis of the global wearable payment device market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global wearable payment device market dynamics, structure by analyzing the market segments and project the global wearable payment device market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global wearable payment device market make the report investor’s guide.
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Global Wearable Payment Device Market
Global Wearable Payment Device Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Wearable Payment Device Market Key Players

• Apple Inc.
• Samsung Electronics Co., Ltd.
• Fitbit Inc.
• Garmin AB
• Xiaomi Corporation
• Google LLC
• Tappy Technologies Ltd.
• Barclays PLC
• VISA Inc.
• PayPal Holding Inc.
• Mastercard, Inc.
• American Express
• Fossil Group
• GOQuii
• Huawei
• Thales Group S.A.
• Other Key Players