Wearable Payment Device Market Consumer Needs, Trends And Drivers Analysis

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Wearable Payment Device Market Consumer Needs, Trends And Drivers Analysis

The wearable payment device market is estimated to reach USD 7.39 billion by 2027, registering a CAGR of 7.3% during the forecast period of 2021–2027.

Market Overview

The improvement of the wearable payment device market not entirely settled by advancement in the gathering of wearable devices and contactless cards in view of the COVID-19 pandemic crisis, extending revenue for secure contactless payment, and the creating gathering of NFC development. Initially periods of the pandemic, there was wide reportage about the disease making due with surfaces for up to several hours, which provoked free for all and incredulity about reaching dark surfaces out in the open spots among people.

Most countries and economies approved lockdowns running between a large portion of a month to several months and introduced social eliminating out in the open spots to limit the spread of the COVID-19 disease. During these times, wearable payment devices and contactless payment strategies saw growing gathering due to the liberated from any risk payment environment proposed to the clients and avoiding any contact with another individual or surface.

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Key Players

The prominent players in the global Wearable Payment Device Market are Microsoft Corporation (US), Huawei Technologies (China), Sony Corporation (Japan), Thales SA (France), Westpac (Australia), Intelligent Venue Solutions (UK), Caixa Bank (Spain), IntelliX Software (US), Nymi Inc. (Canada), McLEAR Ltd. (UK), Jakcom Technology CO. (China), Token Inc. (UK), Infineon Technologies AG (Germany), and Printplast (Turkey).

Wearable Payment Device Market - Segmentation

Based on device type, the wearable payment device market has been categorized into smart watches and fitness trackers. The smart watches segment is projected to account for the largest share during the review period. Additionally, the technological advancement in the wearable payment devices market provides opportunities for the vendors operating in this segment. The advancements in display and plug-in features in the watches areset to revolutionize the wearable payment devices market, with new technologies introduced that will boost wearable payment devices' reach and capacity. However, the fitness trackers segment is projected to register the highest CAGR due to the increasing adoption of this technology, especially while the pandemic is still registering many cases in many countries. Growing concerns towards personal health and the need for its effective tracking have boosted the sales of fitness trackers with built-in payment devices.

Based on the technology, the wearable payment device market has been categorized as Wearable Payment Device (RFID) and Near Field Communication (NFC) technology. The RFID utilizes electromagnetic fields for effective identification and tracking of tags attached to devices and objects. An RFID system is made of a compact radio transponder, a radio transmitter, and a receiver. The RFID segment dominated the market in 2019due mainly to consumer preferences as the technology has been in use for over three decades. NFC technology is also projected to witness increasing market share due to growing consumer awareness regarding the technology and increasing affordability in the adoption of the technology.

Based on application, the wearable payment device market has been categorized as Retail Stores, Restaurants, Utility Outlets, and Entertainment Centers. The retail stores segment is projected to hold the largest market share owing to the high adoption and proliferation of card reader machines. Restaurants are also among the early adopters of the reader machines and have promoted using cardless transactions during the pandemic to avoid the spread of the virus. However, the entertainment centers segment is expected to register a substantial CAGR during the forecast period, given the larger transaction value and volume generated and with the demographic that they cater to being the largest consumer base for wearable payment devices.

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In light of use, the wearable payment device market has been sorted as Retail Stores, Restaurants, Utility Outlets, and Entertainment Centers. The retail locations section is projected to hold the biggest market share inferable from the high reception and expansion of card peruser machines. Cafés are additionally among the early adopters of the peruser machines and have advanced utilizing cardless exchanges during the pandemic to keep away from the spread of the infection. Notwithstanding, the diversion communities fragment is supposed to enlist a significant CAGR during the conjecture time frame, given the bigger exchange worth and volume created and with the segment that they take care of being the biggest purchaser base for wearable payment devices.

Wearable Payment Device Market - Regional Analysis

The wearable payment devices market has been distributed, by region, into North America, Europe, Asia-Pacific, and the rest of the world.

North America, followed by Asia-Pacific, is depended upon to be the greatest market in the figure time span inferable from the high assembly of market players and the ample availability of able specific fitness. Also, the extending revenue for acceptable printing and the rising customer premium in wearable payment devices in the region further drive the improvement of the wearable payment device market. Also, the market in Europe is projected to select an enormous CAGR during the check time span.

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