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ELECTRONICS & SMART DEVICES

Wearable Payment Device Market Segmentation By Application (Retail, Events And Others); By Device (Smart Watches, Wrist Bands And Smart Rings); By Distribution Channel (Online And Offline) – Global Demand Analysis And Opportunity Outlook 2028

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Extensive insights into the Growth of Wearable Payment Device Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • February 18, 2020: Finserv, a leading company for payments and financial services technology solutions, announced that it completed the development of its one-of-a-kind PIN on transactions with Samsung Knox and Visa. This would allow various merchants to accept payments through their personal mobile devices without the need of any additional hardware.

Introduction

Wearable devices are the smart electronic devices that are worn in close contact with the skin. Smart watches, wrist bands and smart rings are some examples of the most popular wearable devices in the recent times. They can detect, analyze and transmit information about the vital signs of the body. They are devices which use the application of internet of things (IoT) as the data is actively exchanged with the operator, manufacturer and other connected devices. These devices are also used for contactless payment. Since the beginning of the COVID-19 pandemic, people have been apprehensive about using physical cards for payment at retail outlets since it carries the risk of infection. Contactless payment using wearable technology and smartphones has emerged as the first choice of people for making safer transactions.

Market Size and Forecast

Governments across the world have recommended using contactless payment options amid the COVID-19 outbreak. There has been a massive surge in digital payments since then. Wearable payment device technology has become increasingly reliable and efficient over the years upon usage of cutting edge technology. Many global and regional players have been launching new models of wearable devices frequently at relatively lower prices. Owing to these factors, the wearable payment device market is expected to grow by a significant CAGR during the forecast period, i.e., 2020-2028. The market is segmented by device into smart watches, wrist bands and smart rings. Out of these, the smart watch segment is anticipated to grow at the fastest rate on the back of their increasing popularity and newer models being launched frequently. CLICK TO DOWNLOAD SAMPLE REPORT

Wearable Payment Device Market Graph

Growth Drivers

Easier Compatibility with Smartphones

Wearable devices connected to the smartphones can be used for carrying out major functions. Additionally, the ease of use of the technology has been enhanced in the recent years. Owing to these factors, the market is anticipated to grow at a rapid pace during the forecast period.   Rising sales of smart watches that are compatible with the smartphones is further predicted to drive the market growth during the forecast period.

Increasing Investments in Research and Development

Increasing investment in wearable payment device research and development, in order to invent sophisticated technology that helps in enhancing end product performance, is estimated to aid in boosting the market growth over the next few years.

Rising Adoption of Cashless Transactions

Governments across the world have been encouraging the usage of digital transactions for convenience and transparency. Additionally, upon the COVID-19 outbreak, contactless payment solutions have become a preferred mode of payment. This is predicted to result in a significant market growth in future.

Restraints

Limited Battery Life of the Devices

As the features of smartphones and smart watches are increasing, it is taking a toll on the battery life of devices in which the technological development has not kept pace with the software. This is estimated to have negative impact on the market growth over the forecast period.

Rising Number of Digital Scams

Rising digitalization is giving rise to different types of financial frauds such as remote access mobile application scam, phishing, scams using social engineering among others. It has created a wide trust deficit among the affected people who feel digital payments are not secure. This is further predicted to negatively affect the market growth.

Market Segmentation

Our in-depth analysis of the wearable payment device market includes the following segments:

By Application:

  • Retail
  • Events
  • Others

By Device:

  • Smart Watches
  • Wrist Bands
  • Smart Rings

By Distribution Channel:

  • Online
  • Offline

By Region:

On the basis of regional analysis, the wearable payment device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region out of which, the market in North America is anticipated to hold the largest market share on the back of high investments in wearable payment device technology in the region. Moreover, the market in Asia Pacific is anticipated to record the highest CAGR on the back of high adoption rate of smart watches and digital payment technology in the region.

The global wearable payment device market is further classified on the basis of regions as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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