Regardless of a company’s size or income, the most recent research report from Quadintel offers a thorough analysis of the global Wearable Payments Market for the years 2023–2030.
The global market report provides statistics and information on the evolution of the investment structure, technological advancements, industry trends and developments, market players’ capabilities, and in-depth details on the major market players. The analysis also includes a summary of the global market strategies that have been implemented in light of the industry’s present and future conditions.
An overview of the Wearable Payments Market, the current state of the industry, market trends, significant market participants, product type, application, and geography are provided at the beginning of the study. It also covers how COVID-19 has affected market participants, end-user industries, future predictions, growth potential, and worldwide market trends.
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Market Overview:
Global Wearable Payments Market is valued at approximately USD 422.81 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 21.7% over the forecast period 2022-2029.
Wearable Payments refers to wearable devices that can be attached to the body and used to make contactless payment at different places such as Merchant Outlets, Gas stations, and retail stores among others. There are different devices used as wearable payment solutions including bracelets, wrist bands, smart watches, and smart rings etc. Wearable payment solutions work on different technologies such as Near-field Communication Technology (NFC), Radio Frequency Identification (RFID), QR & Bar Codes. The increasing adoption of cashless payments worldwide and growing penetration of wearable devices as well as strategic initiatives from leading market players are key factors driving the market growth.
According to Statista – in 2021, the contactless payment market in the United States was estimated at USD 111 billion, and the market is projected to grow to USD 358 billion by 2025. Moreover, rising penetration of wearable devices is another key factor driving the market growth. For instance, as per Statista – in 2019, the number of connected wearable devices worldwide was estimated at 722 million, and this number is projected to reach 1000 million by end of 2022. Also, rising expansion of IT infrastructure in emerging economies and increasing penetration of contactless payment solutions in post covid era would create lucrative growth prospects for the market over the forecast period. However, certain factors such as high cost associated with wearable devices and limited battery life as well as rising incidences of data breaches impede market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Wearable Payments Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region worldwide in terms of market share owing to presence of leading FinTech companies as well as availability of required infrastructure in the region. Whereas, Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising expansion of IT infrastructure as well as increasing penetration of contactless payment solutions in the region.
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Major market players included in this report are:
Alibaba Group Holding Ltd.
Apple Inc.
Barclays Plc
Fitbit, Inc.
Google Llc
Jawbone, Inc.
Mastercard
Samsung Electronics Co., Ltd.
Visa, Inc.
PayPal Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Device Type:
Smart Watches
Fitness Trackers
Payment Wristbands
Smart Rings
Others
By Technology:
Near-field Communication Technology (NFC)
Radio Frequency Identification (RFID)
QR & Bar Codes
Others
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By Application:
Grocery Stores
Bar & Restaurants
Pharmacies/Drug Stores
Entertainment Centers
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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Report Include:
- Market Behavior/ Level of Risk and Opportunity
- End Industry Behavior/ Opportunity Assessment
- Expected Industry Recovery Timeline
Key Market Features in Global Market: The report assessed key market features, including revenue, capacity, price, capacity utilization rate, production rate, gross, production, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. The study also offers a thorough analysis of the most important market factors and their most recent developments, as well as pertinent market segments and sub-segments.
In this report, the following important queries are addressed:
- What is the Global market’s sales value, production value, consumption value, import, and export (including North America, Europe, Asia-Pacific, South America, Middle East, and Africa)?
- Who are the major manufacturers in this sector on a global scale? How are their capacity, production, sales, pricing, cost, gross, and revenue operating?
- What are the vendors’ market prospects and risks in the international industry?
- Which product types, end users, or applications might be looking for additional growth prospects? What is each type’s and application’s market share?
- What specific strategies and limitations are keeping the market in check?
- What is the various marketing, sales, and distribution channels in the international market?
- What are the upstream raw materials, as well as the manufacturing machinery?
- What are the market opportunities, market risk, and market overview of this industry?
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