Global Wearable Payments Devices Market

Wearable Payments Devices Market Size, Share, Growth Analysis, By Type(Smartwatches and Wristbands), By Technology(Near Field Communication (NFC) and QR codes) - Industry Forecast 2024-2031

Report ID: SQMIG45J2084 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 59 | Figures: 75

To request a free sample copy of this report, please complete the form below.
What people say about us!

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

logos logos logos logos logos
Analyst Support
$5,300
BUY NOW
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Wearable Payments Devices Market size was valued at USD 12.10 billion in 2022 and is poised to grow from USD 15.75 billion  in 2023 to USD 130.10 billion by 2031, growing at a CAGR of 30.2% in the forecast period (2024-2031).

The wearable payments device market is highly competitive, with numerous vendors operating in the market. The market is fragmented, with the presence of both established players and new entrants. Companies are focusing on developing innovative products and expanding their product portfolios to gain a competitive edge. Additionally, partnerships and collaborations with technology companies and financial institutions are common strategies adopted by vendors to strengthen their market position. The market is expected to witness further consolidation in the coming years as vendors compete to gain a larger market share. 'Apple Inc. (US)', 'Samsung Electronics Co. Ltd. (South Korea)', 'Fitbit Inc. (US)', 'Xiaomi Corporation (China)', 'Garmin Ltd. (Switzerland)', 'Google LLC (US)', 'Mastercard Inc. (US)', 'Visa Inc. (US)', 'PayPal Holdings Inc. (US)', 'Fossil Group Inc. (US)', 'NXP Semiconductors N.V. (Netherlands)', 'Sony Corporation (Japan)', 'Huawei Technologies Co. Ltd. (China)', 'Lenovo Group Limited (Hong Kong)', 'Jawbone (US)', 'Infineon Technologies AG (Germany)', 'Thales Group (France)', 'Gemalto NV (Netherlands)', 'Qualcomm Inc. (US)', 'American Express Co. (US)'

One key driver of the wearable payments device market is the increasing adoption of contactless payments. Governments around the world are mandating digital payment networks, which has led to an increase in the adoption of payment-enabled devices. Wearable payments are particularly useful for small to medium-sized transactions, and the increasing integration of NFC payment systems in mobile devices, coupled with rising comfort with using contactless cards and the adoption of contactless point-of-sale readers, are expected to create further growth opportunities.

One key market trend in the wearable payments device market is the increasing adoption of biometric authentication technology. Biometric authentication technology, such as fingerprint recognition and facial recognition, offers a more secure and convenient alternative to traditional authentication methods. Wearable payment devices equipped with biometric authentication technology are gaining popularity among consumers who are concerned about data security and privacy. Vendors are investing in the development of wearable payment devices with biometric authentication technology to meet the growing demand for more secure and convenient payment solutions.

North America dominated the wearable payments device market. The region has a well-established financial infrastructure and high levels of digital adoption, which has led to an increase in the adoption of wearable payment devices. The United States is a major contributor to the growth of the market in North America, with a large number of vendors operating in the country. The increasing adoption of mobile payments, particularly in the United States, is expected to drive the growth of the market in the region.

Related Reports

Smart Door Lock Market
Buy Now GET FREE SAMPLE
Sortation Systems Market
Buy Now GET FREE SAMPLE
Waveguide Market
Buy Now GET FREE SAMPLE
Voltage Detector Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Wearable Payments Devices Market

Product ID: SQMIG45J2084

$5,300
BUY NOW