Please Wait.....
Report
Wearable Payment Device Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Market Report I 2024-08-29 I 252 Pages I Global Market Insights
The Global Wearable Payment Device Market was valued at USD 56.8 billion in 2023. Projections indicate a robust growth trajectory, with an anticipated CAGR of over 21% from 2024 to 2032, owing to the rising prominence of digital wallets.
Digital wallets, including Apple Pay, Google Wallet, and Samsung Pay, are becoming ubiquitous. Their integration into wearable devices enhances convenience and security for users. This seamless linkage allows for direct, contactless transactions. As both merchants and consumers increasingly embrace digital wallets, the adoption of wearable payment devices has surged. Beyond mere transactions, digital wallets offer perks like rewards, loyalty programs, and streamlined card management, enriching the user experience. This synergy between digital wallets and wearables propels the market forward, as consumers gravitate towards more efficient payment solutions.
Technological strides in near-field communication (NFC) are reshaping the landscape of wearable payment devices. NFC's evolution promises quicker, safer, and more dependable contactless transactions, pivotal for the rising popularity of wearables. Advanced security measures, including encryption and tokenization, have curtailed fraud, bolstering consumer trust in wearable payments. The integration of NFC across a diverse array of devices, from smartwatches and fitness trackers to smart rings, caters to varied consumer tastes. These advancements ensure smooth compatibility with numerous payment systems and POS terminals, enhancing the allure of NFC-enabled wearables for both consumers and merchants. As NFC technology progresses, it stands poised to further amplify the global reach and acceptance of wearable payment devices.
The overall industry is divided based on device, technology, application, sales channel, and region.
Smartwatches segment dominated the market in 2023, capturing over 52% share and is projected to surpass USD 159 billion by 2032. Their multifunctionality and broad consumer appeal cemented their leading position in the wearable payment device arena. Smartwatches, unlike many wearables, offer a suite of features: fitness tracking, health monitoring, communication, and seamless smartphone integration. This versatility attracts a diverse audience. The incorporation of payment functionalities in flagship models like the Apple Watch and Samsung Galaxy Watch has propelled their market presence. Moreover, the convenience of wrist-worn contactless payments amplifies user satisfaction and drives adoption. Continuous innovation and a robust ecosystem, championed by tech giants, further solidify smartwatches' dominance as the go-to for wearable payment solutions.
In 2023, the NFC segment commanded a market share of approximately 67%. Its dominance in the wearable payment device realm stems from its trusted reliability in facilitating secure, contactless transactions. NFC's swift communication with point-of-sale (POS) terminals makes it a favored choice for consumers and retailers. In today's fast-paced world, the ability to make instant payments with a mere tap or wave is invaluable. Backing from major financial institutions and tech providers ensures NFC's compatibility across a vast array of devices and payment networks. Its robust security features, including encryption and tokenization, further cement its market leadership, assuring users of transaction safety.
North America held a significant 36% market share in 2023, with projections exceeding USD 108.9 billion by 2032. The U.S. stands at the forefront of this market, driven by its sophisticated financial infrastructure and a populace quick to adopt digital payment innovations. The prevalent use of wearables, from smartwatches to fitness trackers, bolsters this trend. Collaborations between financial institutions, tech firms, and retailers play a pivotal role in embedding NFC and other payment technologies into wearables. Coupled with a thriving e-commerce landscape and a consumer base demanding secure, convenient transactions, North America market growth trajectory remains robust.
Report Content
Chapter 1 Methodology and Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 360 synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Component manufacturers
3.2.2 Chipset manufacturers
3.2.3 Operating system providers
3.2.4 Payment gateway providers
3.2.5 Wearable device manufacturers
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increased preference for contactless payments among consumers
3.8.1.2 Rising integration of payment capabilities with wearable devices
3.8.1.3 Advancement of near-field communication (NFC) technology
3.8.1.4 Expansion of digital wallets
3.8.1.5 Growing E-commerce and retail sector
3.8.2 Industry pitfalls and challenges
3.8.2.1 High costs and affordability issues
3.8.2.2 Limited battery life and performance issues
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates and Forecast, By Device, 2021 - 2032 ($Bn, Units)
5.1 Key trends
5.2 Smartwatches
5.3 Fitness trackers
5.4 Smart rings
5.5 Payment wristbands
Chapter 6 Market Estimates and Forecast, By Technology, 2021 - 2032 ($Bn, Units)
6.1 Key trends
6.2 Near field communication (NFC)
6.3 Radio frequency identification (RFID)
6.4 Bluetooth low energy (BLE)
6.5 QR codes/barcodes
Chapter 7 Market Estimates and Forecast, By Application, 2021 - 2032 ($Bn, Units)
7.1 Key trends
7.2 Retail
7.3 Transportation
7.4 Healthcare
7.5 Hospitality
7.6 Others
Chapter 8 Market Estimates and Forecast, By Sales Channel, 2021 - 2032 ($Bn, Units)
8.1 Key trends
8.2 Online
8.3 Offline
Chapter 9 Market Estimates and Forecast, By Region, 2021 - 2032 ($Bn, Units)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Spain
9.3.5 Italy
9.3.6 Russia
9.3.7 Nordics
9.3.8 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 ANZ
9.4.6 Southeast Asia
9.4.7 Rest of Asia Pacific
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.5.4 Rest of Latin America
9.6 MEA
9.6.1 UAE
9.6.2 South Africa
9.6.3 Saudi Arabia
9.6.4 Rest of MEA
Chapter 10 Company Profiles
10.1 Apple Inc.
10.2 Barclays PLC
10.3 Fitbit Inc.
10.4 Garmin Ltd.
10.5 Google LLC
10.6 Huawei Technologies Co., Ltd.
10.7 Infineon Technologies AG
10.8 Ingenico Group
10.9 Laks Pay
10.10 Mastercard, Inc.
10.11 Mclear Ltd.
10.12 Nymi
10.13 PayPal Holding Inc.
10.14 Samsung Electronics Co., Ltd.
10.15 Sony Corporation
10.16 Tappy Technologies Ltd.
10.17 Thales SA
10.18 VISA Inc.
10.19 Wirecard
10.20 Xiaomi Corporation
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security