DUBLIN--(BUSINESS WIRE)--The "Global Wearable Payment Device Market with COVID-19 Impact Analysis by Device Type (Smart Watches, Fitness Trackers), Technology (NFC, RFID), Sales Channel, Application (Retail/Grocery Stores, Restaurants, Entertainment Centers), and Geography - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global wearable payment device market is projected to grow from USD 43 billion in 2021 to USD 82 billion by 2026; it is expected to grow at a CAGR of 13.6% from 2021 to 2026.
The growth of the wearable payment device market is majorly driven by surge in the adoption of contactless cards and wearable devices due to the COVID-19 situation, emerging demand for contactless payment for secure and safer payment transactions, and the growing adoption of NFC technology.
COVID-19 has emerged as a global pandemic that has spread over 215 countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. However, the pandemic may have positive impact on the wearable payment device market. With the going COVID-19 pandemic situation, there is a rise in the adoption of contactless payment methods due to the rise in severe health concerns. This is anticipated to increases the demand for smart watches with payment functions in the coming years.
Smart watches expected to hold the largest market share during the forecast period
Smart watches held the largest share of the wearable payment market in 2020. In recent years, smart watches have had NFC technology integrated into them to enable mobile payments. Manufacturers such as Samsung (South Korea), Apple (US), Garmin (Switzerland), and others offer advanced smart watches with payment-enabled features. Besides, in terms of shipment, smart watches accounted for the highest number of shipped units of devices integrated with mobile payment functions in 2020, globally, as compared to other device types. With the going COVID-19 pandemic situation, there is a rise in the adoption of contactless payment methods due to the rise in severe health concerns. This is anticipated to increases the demand for smart watches with payment functions in the coming years.
Retail and grocery stores application is expected to grow at the highest CAGR during the forecast period
The wearable payment device market for retail and grocery stores is expected to grow at the highest CAGR from 2021 to 2026. Consumers have been using contactless payment through wearable devices for billing in retail and grocery stores, as they are convenient and allow the consumers to keep a record of their transactions. Besides, with the ongoing COVID-19 pandemic, consumers are increasingly veering away from handling cash due to the fear of spreading the disease. According to a new National Retail Federation survey, 67% of retailer respondents accept some form of no-touch payment in 2020. Also, several retailers across the world are investing in contactless payment technologies to keep customers safe. Thus, the market for retail and grocery stores is expected to grow at the highest rate during the forecast period.
APAC is projected to grow at the highest CAGR during the forecast period
Wearable payment device market in APAC is expected to grow at the highest CAGR during 2021-2026. The region has the presence of prominent players of wearable devices. The manufacturers in China and India offer wearable devices at a low price, making them affordable for customers. Many international players get their wearable devices manufactured and assembled by local manufacturers based in the region and then brand their names. The region holds many highly populated countries, which account for the high adoption rate of consumer electronics. The ongoing COVID-19 pandemic has accelerated the rise of the digital economy, particularly contactless payments. This, in turn, is expected to increase the demand for wearable payment devices in APAC.
Market Dynamics
Drivers
- Growing Inclination Toward Contactless Payment Methods due to Hygiene Concerns Amid COVID-19
- Surging Adoption of Secure and Advanced Technology-Based Digital Payment Solutions
- Increasing Focus of Wearable Technology Providers on Offering Enhanced Customer Services with Mobile
Applications
- Escalating Use of NFC Technology in Wearable Devices
- Rising Demand for Wearable Electronic Devices, Which, in Turn, Would Propel Growth of Wearable Payment Devices
Restraints
- Battery Drain Issues in Wearable Payment Devices
- Shorter Life Cycle of Consumer Electronics
Opportunities
- Increasing Adoption of Advanced Technologies, such as NFC, RFID, and Host Card Emulation, in Wearable Payment Devices
- Challenges
- Security Concerns Related to Wearable Payment Devices
Companies Mentioned
- Apple Inc.
- Bank of America
- Barclays plc
- Caxia Bank
- Fitbit, Inc.
- FitPay
- Garmin Ltd.
- Google LLC
- Huawei Technologies
- Infineon Technologies AG
- Intelligent Venue Solutions
- Intellitix
- Jakcom Technology Co.
- Mastercard
- McLEAR Ltd.
- Microsoft Corporation
- NYMI
- Paypal Holding Inc.
- PrintPlast
- Samsung Electronic Co. Ltd.
- SBI
- Sony Corporation
- Tappy Technologies Ltd.
- Thales SA
- Titan
- Token
- Visa Inc.
- Westpac
- Xiaomi Corporation
For more information about this report visit https://www.researchandmarkets.com/r/jx3mng
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April 20, 2021 at 08:58PM
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Global Wearable Payment Device Market (2021 to 2026) - Security Concerns Related to Wearable Payment Devices Presents Opportunities - ResearchAndMarkets.com - Business Wire
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