The global wearable
payment device market size is projected to grow from USD 43.0 billion in 2021 to USD 82.0
billion by 2026; it is expected to grow at a CAGR of 13.6% from 2021 to 2026.
The growth of the wearable payment device market is majorly driven by surge in
the adoption of contactless cards and wearable devices due to the COVID-19
situation, emerging demand for contactless payment for secure and safer payment
transactions, and the growing adoption of NFC technology.
COVID-19
impact on the Wearable payment device market
The wearable payment
device market was not severely impacted by the COVID-19 pandemic. The demand
for wearable devices has been boosted due to the rise in health concerns
post-COVID-19. The current pandemic has highlighted the importance and
usefulness of wearable devices. Users are adopting wearable devices to measure,
monitor, and continuously assess personal health regularly. The pandemic has
also raised awareness toward the adoption of contactless payments. It has
accelerated the shift from cash to digital options through smartphones and
wearable payment devices, due to the risk of contamination. Contactless
payments have emerged as an essential solution for all businesses as they help
them to drive their business forward along with ensuring safety to combat the
coronavirus pandemic.
Wearable
payment device market in APAC contributed the largest share in 2020.
APAC accounted for
the largest share of the wearable payment device market in 2020. The region has
the presence of prominent players of wearable devices. The manufacturers in
China and India offer wearable devices at a low price, making them affordable
for customers. Many international players get their wearable devices
manufactured and assembled by local manufacturers based in the region and then
brand their names. The region holds many highly populated countries, which
account for the high adoption rate of consumer electronics. The ongoing
COVID-19 pandemic has accelerated the rise of the digital economy, particularly
contactless payments. This, in turn, is expected to increase the demand for
wearable payment devices in APAC.
Retail and
grocery stores segment expected to lead the wearable payment device market in
2020
Consumers have been
using contactless payment through wearable devices for billing in retail and
grocery stores, as they are convenient and allow the consumers to keep a record
of their transactions. Besides, with the ongoing COVID-19 pandemic, consumers
are increasingly veering away from handling cash due to the fear of spreading
the disease. Also, several retailers across the world are investing in
contactless payment technologies to keep customers safe. Thus, the market for
retail and grocery stores is expected to grow at the highest rate during the
forecast period.
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Key Market
Players
The wearable payment
deviceplayers have implemented various types of organic as well as inorganic
growth strategies, such as product launches, product developments, and
acquisitions to strengthen their offerings in the market. Apple Inc. (US) Samsung
Electronics Co., Ltd. (South Korea), Fitbit Inc. (US), Garmin AB
(Switzerland), Xiaomi Corporation
(China) , Google LLC (US), Tappy Technologies Ltd. (US), Barclays PLC (UK),
VISA Inc. (US), PayPal Holding Inc. (US), and Mastercard, Inc. (US) are some of
the major players in wearable payment device market.
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