Wearable Payment Devices Market

Market Synopsis:

The Global Wearable Payment Devices Market is valued at USD 47.50 Billion in the year 2022 and is forecasted to reach a value of USD 127.19 Billion by the year 2030. The Global Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 13.10% over the forecast period.

Wearable Payment Devices are devices that can be worn by users and can also be used to make payments without the hassle of conventional payment processing. These can also be integrated with smart technologies to create a smart retail or sales solution that will be completely automated. The increasing trend of automated and contactless payments is projected to bolster the Wearable Payment Devices Market potential over the forecast period. The increased demand for contactless payment during the COVID-19 pandemic gave an impetus to the Wearable Payment Devices Market growth and is expected to see good growth in the post-pandemic era through the complete forecast period.

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The increasing popularity of contactless payments, rising digitization, increasing disposable income, and high technological proliferation are major factors that will propel the Wearable Payment Devices Market potential over the forecast period. Increasing focus on contactless payments will be a major driver for the Wearable Payment Devices Market. However, battery issues with Wearable Payment Devices are expected to have a hampering effect on the Global Wearable Payment Devices Market growth and hinder sales. Wearable Payment Devices companies are investing in increasing battery performance to bolster sales potential over the forecast period.

Market Segmentation:

The Wearable Payment Devices Market is segmented on the basis of Device Type, technology, Sales Channel and Application. On the basis of Device Type, the market is segmented into Smart Watches, Fitness Trackers, Payment Wristbands, and Smart Rings. On the basis of Technology, the market is segmented into Near Field Communication Technology (NFC), Radio Frequency Identification (RFID), and QR & Barcode. On the basis of the Sales Channel, the market is segmented into Direct Sales and Indirect Sales. On the basis of Application, the market is segmented into Retail/Grocery Stores, Restaurants, Hospitals/Pharmacies, Entertainment Centers, and Others.

Based on Application

The retail and grocery stores segment are anticipated to be the most lucrative application of all and will hold a dominant stance over the forecast period. The increasing scope of application of contactless payment solutions in this segment is expected to bolster the Wearable Payment Devices Market potential over the forecast period. Impetus from the COVID-19 pandemic is projected to help Wearable Payment Devices Market growth through 2028

Based on Sales Channel

The global market will be led by the indirect sales segment as most the wearable payment device manufacturers are adopting this channel to ensure maximum sales with minimal investments in marketing. However, increasing sales networks of multiple wearable payment device manufacturers are expected to increase demand for the direct sales segment over the forecast period. Wearable payment device manufacturers are adopting various strategies to boost sales via direct as well as indirect sales channels in order to maximize the revenue generation potential on a global scale.

Asia Pacific Dominates the Global Wearable Payment Devices Market

Asia Pacific region will see the fastest Compound Annual Growth Rate (CAGR) growth in the Global Wearable Payment Devices Market and will maintain a prominent market share in the Wearable Payment Devices Marketplace. Rising technological proliferation and increasing disposable income of the general population will be major trends propelling Wearable Payment Devices Market growth in this region. Japan is expected to see high demand for Wearable Payment Devices due to its technologically advanced infrastructure and supportive government initiatives. India and China are also projected to see good growth over the forecast period owing to rising digitization and increasing smart proliferation. Asia Pacific region accounted for a market share of 38.20% in the Global Wearable Payment Devices industry landscape and holds a revenue total of US$ 16.31 million in 2021.