Global Wearable Payment Devices Market Insights Forecasts to 2032

• The Global Wearable Payment Devices Market Size was Valued at USD 45.7 Billion in 2022.
• The Market Size is Growing at a CAGR of 16.3% from 2022 to 2032
• The Worldwide Wearable Payment Devices Market Size is Expected to Reach USD 206.8 Billion by 2032
• Asia Pacific is Expected to Grow the fastest during the forecast period

The Global Wearable Payment Devices Market Size is Anticipated to Exceed USD 206.8 Billion by 2032, Growing at a CAGR of 16.3% from 2022 to 2032.

Market Overview

Wearables are gadgets that can be attached to the body or worn that are used to process payments. The most well-known instances are smartwatches that are connected to digital wallets such as Samsung Pay and Apple Pay. Wearable payment gadgets are a response to the global consumer demand for greater convenience that is always present. Event wristbands are a well-known example of this, as they are usually utilized to facilitate quick and clean contactless payments while avoiding the handling of currency. Over time, devices with a specific purpose often add capabilities that make them more indispensable to our everyday lives. Watches, bracelets, key rings, and other accessories can help us pay, earn loyalty points, and utilize public transit without having to carry around a wallet. Wearable payment options are being offered by several banks and financial institutions to increase their global customer base and improve outdoor purchasing convenience. Furthermore, wearable and contactless payment acceptance has grown globally in recent years as a result of smartphone adoption and transaction convenience relative to traditional banking payment methods. Moreover, a lot of businesses are adopting wearable payment technologies to enhance the client experience by eliminating the need to handle cash and worry about pickpocketing. Additionally, wearable technology is being used by a number of the transit and retail sectors to provide easier and more efficient client experiences, which is boosting the market's growth.

Report Coverage

This research report categorizes the market for the global wearable payment devices market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global wearable payment devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global wearable payment devices market.

Driving Factors

Over the anticipated period, the wearable payment device market will develop due to the growing trend of cashless payments and the need for secure financial transactions. Due to their increased susceptibility to chronic illnesses, the aging population is one of the main drivers propelling the growth of the wearable devices market globally. Because they allow for rapid payments, wearable payment devices are projected to see increased demand throughout the forecast period, driving market growth. Many e-banking platforms are implementing wearable payment devices. To facilitate smooth payments, these platforms are focusing on integrating Near Field Communication (NFC) technology into their transaction procedures. The industry is growing more quickly because consumers are choosing elegant, small devices for fitness and medical purposes.

Restraining Factors

The expansion of the wearable device market has been impeded by the expensive cost of these gadgets, which has discouraged individuals and businesses from adopting them. Furthermore, there are additional costs linked to wearable technology and contactless payment services, including upkeep, integration, and upgrades. Additionally, the cost invested by manufacturers of wearable devices is very high due to the need to fund research, marketing & promotion, shipping, licensing, software, and wearable development. However, worries about short battery life and unresolved legal difficulties are anticipated to hinder industry expansion. Additionally, during the forecast period, the worldwide wearable devices market is expected to face challenges due to the growing demand for ongoing gadget developments.

Market Segmentation

The Global Wearable Payment Devices Market share is classified into device type, technology, and application.

• The fitness tracker segment is expected to grow at the fastest pace in the global wearable payment devices market during the forecast period.   

The wearable payment devices market is categorized by device type into fitness trackers, smart watches, payment wristbands, and smart rings. Among these, the fitness tracker segment is expected to grow at the fastest pace in the wearable payment devices market during the forecast period. Fitness trackers are expected to gain popularity as more people utilize various fitness equipment and as there are more fitness lovers globally. Numerous companies have begun to integrate mobile payments with their fitness monitors. Customers are using fitness trackers more regularly due to their enhanced security features, which protect them from fraud and identity theft.

• The QR and barcode segment is expected to grow at the highest pace in the global Wearable Payment Devices market during the forecast period.    

Based on the technology, the global wearable payment devices market is divided into NFC, RFID, QR and barcode. Among these, the QR and barcode segment is expected to grow at the highest pace in the wearable payment devices market during the forecast period. Retailers are concentrating on improving overall consumer satisfaction and reducing checkout friction. Utilizing scan-and-go technology, barcode scanners help encrypt wearable payment devices. Customers may scan their things fast while they purchase thanks to this technology. Additionally, retailers can eliminate the need for antiquated, static point-of-sale systems by implementing barcode technology.

• The retail and grocery stores segment is expected to hold the largest share of the global Wearable Payment Devices market during the forecast period.

Based on the application, the global wearable payment devices market is divided into retail and grocery stores, entertainment centers, restaurants and bars, hospitals and pharmacies. Among these, the retail and grocery stores segment is expected to hold the largest share of the global wearable payment devices market during the forecast period. Due to its ease of use and ability to track transactions, consumers have begun utilizing wearable devices for contactless payment at retail and grocery outlets. Moreover, a lot of companies all around the world are spending money on contactless payment methods to safeguard their customers. Because of this, it is predicted that during the estimated time, the global wearable payment device market for retail and grocery stores will develop at the fastest rate.

Regional Segment Analysis of the Global Wearable Payment Devices Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is anticipated to hold the largest share of the global wearable payment devices market over the predicted timeframe.

Europe is projected to hold the largest share of the global wearable payment devices market over the predicted years. Europe now leads the wearable payments market as a result of rising demand for wearable devices in nations including the Netherlands, the UK, Russia, Germany, and Italy as well as rising internet usage in the area. Furthermore, industry growth is aided by an increase in end-user knowledge of wearable payments' advantages over traditional payment systems in European countries. The growing number of retailers and contactless payment users in the area is driving up demand for wearable payment devices, which in turn is driving the market's growth. Additionally, a lot of European companies are investing heavily in the creation of wearable technology, such as NFC and point-of-sale systems, which are predicted to have enormous global wearable payment device market potential.

Asia Pacific is expected to grow at the fastest pace in the global wearable payment devices market during the forecast period. The population growth, the payment industry's quick digitalization, the region's increasing urbanization, and economic improvement are all predicted to support the wearable payments market's expansion in Asia-Pacific. Furthermore, a large portion of the population in South Asian nations lacks access to banks, which is driving their rapid adoption of contactless and cashless payment systems and propelling the market's expansion. Moreover, the market's expansion is being propelled by the surge in online, contactless, and e-payments in China and Singapore.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global Wearable Payment Devices along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Apple, Inc.
• Barclays PLC
• Google LLC
• Mastercard
• Samsung Electronics
• Visa Inc.
• McLEAR Ltd.
• Gemalto NV
• Jakcom Technology Co.
• Microsoft Corporation
• Nymi
• PayPal Holdings Inc.
• Wirecard
• Huawei Technologies
• Infineon Technologies AG
• Intelligent Venue Solutions
• Intellitix

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2022, the management of Alibaba Group Holding Limited ("Alibaba" or the "Company") (NYSE: BABA and HKEX: 9988) has been authorized by the board of directors to apply for primary listing on the Main Board of the Hong Kong Stock Exchange. When the primary listing process is completed, which is expected to happen before the end of 2022, Alibaba is set to become a dual-primary listed corporation, with its ordinary shares being listed on the Hong Kong Stock Exchange and its American Depositary Shares ("ADSs") listed on the New York Stock Exchange.

• In August 2021, the Samsung Watch4 and Galaxy Watch4 Classic were unveiled by Samsung Electronics Co. Ltd. These are the first wearables with the updated Wear OS. boast One UI Watch, Samsung's most user-friendly UI to date, and is powered by Samsung and constructed in collaboration with Google. With enhanced hardware performance, the Galaxy Watch4 Series offers a more connected and fluid user experience than ever before.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Wearable Payment Devices Market based on the below-mentioned segments: 

Global Wearable Payment Devices Market, By Device Type

• Fitness Trackers
• Smart Watches
• Payment Wristbands
• Smart Rings

Global Wearable Payment Devices Market, By Technology

• NFC
• RFID
• QR and Barcode

Global Wearable Payment Devices Market, By Application

• Retail and Grocery Stores
• Entertainment Centers
• Restaurants and Bars
• Hospitals and Pharmacies

Global Wearable Payment Devices Market, By Region

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• Uk
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia Pacific
• South America
• Brazil
• Argentina
• Rest of South America
• Middle East & Africa
• UAE
• Saudi Arabia
• Qatar
• South Africa
• Rest of the Middle East & Africa