The global wearable payment device market is a fast-growing space. Contactless payment is rapidly emerging as the preferred method of payment, becoming the leading application in-demand by consumers for wearable technology worldwide. Wearable payment devices are employed with MULTOS secure elements to provide the all-important secure storage and processing of payment digital credentials.
There are a variety of wearable devices supporting digital payments available today. The market growth largely attributes to the vast demand for the most convenient and consumer-friendly technologies that require no charging or batteries and yet functions similarly to the widely used contactless cards.
Additional factors bolstering the market value include the rising adoption of smartwatches fitness bands and rapid economic growth. According to Market Research Future (MRFR), the global Wearable Payment Device Market is expected to garner a vast valuation by the end of 2027, registering an impressive CAGR during the assessment period (2020-2027).
Convenience, user value, and security are key attributes expected to continue driving the growth of this market. The market is disrupted by notable wearable payment device manufacturers such as Sony, Thales, Westpac, Mclear Ltd. Technological convergence is another trend favoring the wearable payment device industry.
Smartwatches are attracting a large following due to artificial intelligence's development and the falling cost of electronics. The growing battery capacity and miniaturization have further exaggerated the attractiveness of smartwatches.
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Global Wearable Payment Device Market – Segments
The report is segmented into device types, applications, technologies, and regions. The device type segment is sub-segmented into smartwatches and fitness trackers. The smartwatch segment accounts for the largest market share and is expected to continue dominance throughout the forecast period.
The technology segment is sub-segmented into RFID and NFC. Of these, the RFID segment accounts for the largest market share; however, NFC is likely to take over the market by the end of 2023. The application segment is sub-segmented into retail stores, restaurants, utility outlets, entertainment centers, and others.
Retail stores and restaurants are the largest applications of wearable payment devices. However, the entertainment centers segment grows at the highest CAGR during the forecast period. The region segment is sub-segmented into North America, Europe, Asia-Pacific, Middle East Africa, and rest-of-the-world.
Global Wearable Payment Device Market – Regional Analysis
North America dominates the global wearable payment device market. Wide-spread awareness and government initiatives to strengthen cashless payment methods boost the market demand. Furthermore, the presence of several major industry players and the high disposable incomes of populations drive the market growth. Organizations in the US and Canada are implementing digital payment solutions.
Besides, the expansion of the mobile commerce industry, rising trend of mobile app purchases, and wearable device innovations are key growth contributors. The North American wearable payment device market is projected to retain its dominance throughout the estimated period.
Global Wearable Payment Device Market – Competitive Landscape
Characterized by several giant players like Sony, Thales, Westpac, Mclear Ltd., Token, Infineon, Huawei, and Microsoft, the global wearable payment device cast market appears highly competitive. To gain a larger competitive advantage and maintain their market position, well-established players incorporate strategic initiatives such as mergers acquisitions, collaborations, expansion, and product launches.
Players leading the global wearable payment device market include Microsoft Corporation (US), Huawei Technologies (China), Sony Corporation (Japan), Thales SA (France), Westpac (Australia), Intelligent Venue Solutions (UK), Caxia Bank (Spain), Intellix (US), Nymi (Canada), Mclear Ltd (UK), Jakcom Technology Co (Netherlands), Token (UK), and Infineon Technologies AG (Germany), among others.
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