Wearables are gadgets or mobile phones that are worn out by users to directly or indirectly interrelate with the device. Majorly used devices are fitness or health trackers, smartwatches, and wristbands. In terms of functionality, several wearables are used in the commercial market, and the low entry barricades have enabled the high proliferation of payment devices.
Digitization in banks is projected to continue gaining traction throughout the forecast period as banks are now focusing on involving card management systems with the token service providers. The growing adoption of contactless payment models in the banking sector is further anticipated to drive the market. Moreover, several players are focusing on generating reliable and secure wearable devices for consumer use, thereby producing growth opportunities for the market.
The exclusive COVID 19 impact analysis provides an analysis of micro and macro-economic factors on the Wearable payment device market. Also, complete analysis of changes on healthcare expenditure, economic and international policies on supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The COVID-19 pandemic is projected to positively impact wearable payment device market growth over the forecast period. The rising adoption of cashless transactions in the time of the epidemic is anticipated to influence the adoption of wearable payments devices over the forecast period.
The study analyses the global wearable payment device market based on device type, application, technology, and geography.
Fitness trackers, payment wristbands, and smartwatches are the various device of the market. The fitness tracker segment accounted for the highest share of the global revenue. Fitness trackers are projected to gain momentum due to the growing use of a variety of fitness devices and a growing number of fitness enthusiasts across the globe. Furthermore, customers are broadly opting for fitness trackers owing to their improved safety feature, which shields them from deception and identity theft at the time of payment processes.
The market finds application in festival & life events, fitness, healthcare, retail, and transportation. The retail segment held a lion’s share in the market. Owing to the growing demand for cashless payments in local shops, markets, and e-commerce. Conferring to a survey by Vista Retail Support, 72% of the customers have faith that wearable payment devices are the future of in-store shopping. Moreover, several retailers across the world are focusing on educating customers about contactless payment technology, which, in turn, is endorsing the use of wearable payment devices in the retail sector.
The technology used for these devices is Barcodes, Contactless Point of Sale (POS) Terminals, Near Field Communication (NFC), Quick Response (QR) Codes, and Radio Frequency Identification (RFID). The barcodes segment is likely to dominate the market. Retailers are concentrating on eliminating friction at checkouts and enhancing the overall customer experience. Wearable payments devices are encoded with barcode scanners that include scan-and-go technology. This technology enables customers to fluently scan their items as they shop. Moreover, the barcode system allows retailers to abolish the need for a traditional and static point-of-sale.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific, and the Rest of the World. North America is leading the global wearable payment device market. Owing to the presence of key players such as Google LLC, Mastercard, Apple, Inc., and Visa, Inc. in the region. Trends such as the development in technological dependence for timing and tracking and the growing adoption of wearable devices by fitness enthusiasts are projected to fuel the regional market growth through the forecast period.
The key competitor of the market includes Wirecard, Visa Inc., Samsung Electronics, PayPal Holdings Inc., Nymi, Mastercard, Google LLC, Gemalto NV, Barclays PLC, Apple, Inc., among others.
The study analyzed the global Wearable payment device market based on device type, application, technology, and geography. Fitness trackers, payment wristbands, and smartwatches are the device type of the market. The fitness tracker segment accounted for the highest share of the global revenue. The market finds application in festival & life events, fitness, healthcare, retail, and transportation. The retail segment held a lion’s share in the market. The technology used in the market is Barcodes, Contactless Point of Sale (POS) Terminals, Near Field Communication (NFC), Quick Response (QR) Codes, and Radio Frequency Identification (RFID). The barcodes segment will dominate the market. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific, and the Rest of the World.
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