Wearable Payments Market to Grow Exponentially Driven by Consumer’s Demand for Convenient and Seamless Payment Solutions

The wearable payments market is driven by the convenience and security offered by wearable devices for making transactions on the go.

AUSTIN, TEXAS, UNITED STATES, April 19, 2024 /EINPresswire.com/ -- The SNS Insider report indicates that the Wearable Payments Market Size was valued at USD 632.5 Billion in 2023, and is expected to reach USD 2984.1 Billion by 2031 and grow at a CAGR of 21.4% over the forecast period 2024-2031.

Smartwatches, rings, wristbands, and fitness bands are a few examples of wearable technologies that facilitate transactions. Additionally, several businesses have unveiled brand-new wearable technology that links clients to their bank accounts. A significant factor driving the growth of the global wearable payments market is the shift in preference toward wearable payments among different industries to boost customer convenience. Additionally, many businesses are implementing wearable payment technologies to enhance the client experience by eliminating the hassle of managing currency. Moreover, many retail and transportation companies are implementing wearable technology to give customers a simpler, more practical experience, accelerating the market's expansion.

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Some of the Major Key Players Studied in this Report are:

➤ Alibaba Group Holding Limited
➤ Apple
➤ Barclays
➤ Fitbit
➤ Google
➤ Jawbone
➤ MasterCard
➤ Samsung Electronics
➤ Visa
➤ PayPal
➤ Others

Market Analysis

Different wearable payments and contactless payments utilize NFC and RFID as essential components. The development of contactless cards and wearable devices by many manufacturers uses NFC and RFID technologies, which are projected to provide lucrative chances for global market expansion. Additionally, many businesses are implementing host card emulation and NFC technology to give their customers simple access to the merchandise displayed on their smartphones. Customers can place their orders by tapping an LED screen with NFC-based technology. KFC launched this service to encourage home delivery services and broaden the use of contactless payment methods. In addition, businesses are using host card emulation technology in their wearable devices to empower wearables and boost the performance of various mobile and wearable devices, which is a potential growth prospect for the industry.

Growth Factors Driving the Wearable Payments Market

➤ Integration with Ecosystems: Wearable payment devices are increasingly being integrated into broader ecosystems, including fitness, healthcare, and smart home systems. For example, smartwatches not only enable payments but also track fitness metrics, monitor health parameters, and control smart home devices. This integration adds value to wearable devices, making them indispensable tools for consumers, thereby driving market growth.

➤ Global Expansion of Contactless Payments: The global expansion of contactless payment infrastructure is propelling the growth of the wearable payments market. Governments and financial institutions worldwide are investing in contactless payment infrastructure, driving widespread acceptance of contactless payments across retail, transportation, and hospitality sectors. This infrastructure expansion creates a favorable environment for the adoption of wearable payment devices, driving market growth.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Device Type

➤ Fitness Tracker
➤ Payment Wristbands
➤ Smart Watches

On The Basis of Technology

➤ Barcodes
➤ Contactless Point of Sale (POS) Terminal
➤ Near Field Communication (NFC)
➤ Quick Response (QR) Codes
➤ Radio Frequency Identification (RFID)

On The Basis of Application

➤ Festival & Life Events
➤ Fitness
➤ Healthcare
➤ Retail
➤ Transportation
➤ Others

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Impact of Russia Ukraine War

The ongoing Russia-Ukraine conflict has significant implications for the wearable payments market, particularly in Central and Eastern Europe. Russia, being a major player in the wearables technology sector in the region, holds a substantial market share, with over 70% of smartwatches being made by Apple and Samsung. However, the war has led to inflation, sanctions, and companies exiting the region, impacting market dynamics. Additionally, Ukraine's position as a key bridge between Western and Eastern Europe has been disrupted, leading to a drastic decline in the market for wearable devices. The exclusion of Russia from SWIFT and suspension of operations by International Card Schemes have sent warning signals to the global payment industry, affecting market stability.

Impact of Economic Slowdown

During an economic slowdown, consumer spending tends to decrease, affecting the adoption and usage of wearable payment devices. Sectors such as airlines, tourism, hospitality, and entertainment experience declines in digital payment volumes, impacting the market. Remittances from B2B or C2B countries also decrease, affecting international transactions. Various industries such as energy, oil and gas, transport, and manufacturing experience economic repercussions, leading to a global recession. For example, the hospitality sector witnessed a significant decline in digital payments due to reduced travel and leisure activities during the economic slowdown

Key Regional Development

In 2023, North America dominated the market with over 31.2% of total revenue, attributed to the presence of key players like Apple, Google, Mastercard, and Visa. The region's growth is supported by increasing technical dependence and the adoption of wearable devices by fitness enthusiasts.

Asia Pacific is expected to witness the fastest growth, driven by a large population and growing demand for electronic devices. The region's market growth is fueled by the development of a cashless economy and advancements in payment technologies.

Key Takeaways

➤ Wearable payments market poised for exponential growth driven by consumer convenience.

➤ Smartwatches emerge as the dominant device type, while NFC technology leads in payment technology.

➤ Ongoing geopolitical tensions and economic slowdown pose challenges but also present opportunities for market players.

➤ North America leads in market revenue, with Asia Pacific forecasted as the fastest-growing region.

Recent Developments

In July 2022: Alibaba Group has approved a primary listing on the Hong Kong Stock Exchange, aiming for dual-primary listings on the NYSE and HKEX.

In July 2022: Alibaba Cloud launches Energy Expert, a sustainability platform to help businesses manage carbon emissions globally.

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Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Wearable Payments Market Segmentation, by Device Type
8.1. Fitness Tracker
8.2. Payment Wristbands
8.3. Smart Watches

9. Wearable Payments Market Segmentation, by Technology
9.1. Barcodes
9.2. Contactless Point of Sale (POS) Terminal
9.3. Near Field Communication (NFC)
9.4. Quick Response (QR) Codes
9.5. Radio Frequency Identification (RFID)

10. Wearable Payments Market Segmentation, by Application
10.1. Festival & Life Events
10.2. Fitness
10.3. Healthcare
10.4. Retail
10.5. Transportation
10.6. Others

11. Regional Analysis
11.1. Introduction
11.2. North America
11.3. Europe
11.4. Asia-Pacific
11.5. The Middle East & Africa
11.6. Latin America

12. Company Profile

13. Competitive Landscape
13.1. Competitive Benchmarking
13.2. Market Share Analysis
13.3. Recent Developments

14. USE Cases and Best Practices

15. Conclusion

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