Published Date: 3-Feb-2021
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According to a new report Global Wearable Payments Devices Market, published by KBV research, The Global Wearable Payments Devices Market size is expected to reach $42.9 billion by 2026, rising at a market growth of 27.2% CAGR during the forecast period.
The category of smartwatches is expected to record the highest growth rate during the forecast period. The increasing focus of vendors on introducing low-priced smartwatches is estimated to propel the adoption of smartwatches during the forecast period. These smartwatches are linked to smartphones via Bluetooth, RF, or NFC, which makes the payment process easier for the customers. For example, big giants like Samsung Electronics and Apple Inc. have inculcated the Bluetooth connectivity feature in their smartphones to allow customers to use their smartwatches more effectively and efficiently.
The barcode category dominated the market of Wearable Payments Devices in 2019. Many vendors and retailers are aiming on eliminating the friction at checkouts and enhancing the overall customer experience. These wearable payments devices are encrypted with barcode scanners that integrated scan-and-go technology. This technology allowed the customers to smoothly scan their items as they shop. Moreover, the barcode system allows the retailers to remove the requirement for a traditional and static point-of-sale.
The festival and life events category is expected showcase promising growth during the forecast period. Festival and life event managers are aiming on accepting contactless payment technology to cut down long queues on the gates or entrances. Furthermore, users are choosing Wearable Payments Devices, like payment rings and wristbands, as these devices lessen down the cash in circulation at big events and enhance payment speed.
North America region dominated the wearable payments market in 2019. The growth of the market is attributed to the existence of main companies like Apple, Google, Mastercard, and Visa, in the region. Trends like the evolution in technological dependence for timing and monitoring and the rising adoption of wearable devices by fitness lovers are also estimated to propel the regional market growth during the forecast period. The Europe market is estimated to grow at a CAGR of 27% during (2020 - 2026). Additionally, The Asia Pacific market would showcase a CAGR of 27.9% during (2020 - 2026).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Apple, Inc., Thales Group S.A. (Gemalto NV), Google, Inc., Mastercard, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Xiaomi Corporation, PayPal Holdings, Inc. (eBay), Visa, Inc., Nymi, Inc., and Barclays PLC.
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