Wearable payments are a secure method for consumers to purchase products or services by using advanced technology integrated in their wearable devices. In addition, it is known as tap-and-go payment method by various retailers and organizations, as it provide retailers and vendors with more secure and error-free payment method.
MARKET SCOPE
The "Global Wearable Payment Devices Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the wearable payment devices market with detailed market segmentation by device type, technology, application, and geography. The report provides key statistics on the market status of the leading wearable payment devices market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on device type, the global wearable payment devices market is segmented into fitness tracker, payment wristbands, and smart watches.
- On the basis of technology, the market is segmented into barcodes, contactless Point of Sale (POS) Terminals, Near Field Communication (NFC), Quick Response (QR) Codes, and Radio Frequency Identification (RFID).
- Based on application, the market is segmented into festival and life events, fitness, healthcare, retail, transportation, and others.
MARKET DYNAMICS
Drivers:
- The increase in adoption of cashless payments across the globe and rise in demand for wearable devices along with contactless payment for secure and safer payment transaction are the major factors driving the growth of the global wearable payments market.
- In addition, wearable payments devices provide enhanced customer experience and more convenient shopping experience to customers, which fuel the growth of the market.
Restraints
- Security concerns and high cost of these devices may hamper the growth of the market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The wearable payment devices market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the wearable payment devices market in these regions.
IMPACT OF COVID-19 ON WEARABLE PAYMENT DEVICES MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the wearable payment devices market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from wearable payment devices market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the wearable payment devices market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Apple, Inc.
- Barclays PLC
- Gemalto NV
- Google LLC
- Mastercard
- Nymi
- PayPal Holdings Inc.
- Samsung Electronics;
- Visa Inc.
- Wirecard
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.