Wearable Payment Device Market with COVID-19 Impact Analysis by Device Type, Technology, Sales Channel, Application and Geography – Global Forecast to 2026

DUBLIN, April 23, 2021 /PRNewswire/ — The «Global Wearable Payment Device Market with COVID-19 Impact Analysis by Device Type (Smart…

DUBLIN, April 23, 2021 /PRNewswire/ — The «Global Wearable Payment Device Market with COVID-19 Impact Analysis by Device Type (Smart Watches, Fitness Trackers), Technology (NFC, RFID), Sales Channel, Application (Retail/Grocery Stores, Restaurants, Entertainment Centers), and Geography – Forecast to 2026» report has been added to ResearchAndMarkets.com’s offering.

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The global wearable payment device market is projected to grow from USD 43 billion in 2021 to USD 82 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 has emerged as a global pandemic that has spread over 215 countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. However, the pandemic may have positive impact on the wearable payment device market. With the going COVID-19 pandemic situation, there is a rise in the adoption of contactless payment methods due to the rise in severe health concerns. This is anticipated to increases the demand for smart watches with payment functions in the coming years.

Smart watches expected to hold the largest market share during the forecast period

Smart watches held the largest share of the wearable payment market in 2020. In the recent years, smart watches have NFC technology integrated into them to enable mobile payments. Manufacturers such as Samsung (South Korea), Apple (US), Garmin (Switzerland), and others offer advanced smart watches with payment-enabled features. Besides, in terms of shipment, smart watches accounted for the highest number of shipped units of devices integrated with mobile payment functions in 2020, globally, as compared to other device types. With the going COVID-19 pandemic situation, there is a rise in the adoption of contactless payment methods due to the rise in severe health concerns. This is anticipated to increases the demand for smart watches with payment functions in the coming years.

Retail and grocery stores application is expected to grow at the highest CAGR during the forecast period

The wearable payment device market for the retail and grocery stores is expected to grow at the highest CAGR from 2021 to 2026. 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. According to a new National Retail Federation survey, 67% of retailer respondents accept some form of no-touch payment in 2020. 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.

APAC is projected to grow at the highest CAGR during the forecast period

Wearable payment device market in APAC is expected to grow at the highest CAGR during 2021-2026. 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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

3.1 Post-COVID-19 Scenario

3.2 Optimistic Scenario (Post-COVID-19)

3.3 Pessimistic Scenario (Post-COVID-19)

4 Premium Insights

4.1 Opportunities in Wearable Payment Device Market

4.2 Wearable Payment Device Market, by Device Type

4.3 Wearable Payment Device Market in APAC, by Application and Country, 2026

4.4 Wearable Payment Device Market, by Application

4.5 Wearable Payment Device Market, by Country

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Growing Inclination Toward Contactless Payment Methods due to Hygiene Concerns Amid COVID-19

5.2.1.2 Surging Adoption of Secure and Advanced Technology-Based Digital Payment Solutions

5.2.1.3 Increasing Focus of Wearable Technology Providers on Offering Enhanced Customer Services with Mobile Applications

5.2.1.4 Escalating Use of NFC Technology in Wearable Devices

5.2.1.5 Rising Demand for Wearable Electronic Devices, Which, in Turn, Would Propel Growth of Wearable Payment Devices

5.2.2 Restraints

5.2.2.1 Battery Drain Issues in Wearable Payment Devices

5.2.2.2 Shorter Life Cycle of Consumer Electronics

5.2.3 Opportunities

5.2.3.1 Increasing Adoption of Advanced Technologies, such as NFC, RFID, and Host Card Emulation, in Wearable Payment Devices

5.2.4 Challenges

5.2.4.1 Security Concerns Related to Wearable Payment Devices

5.3 Value Chain Analysis

5.4 Ecosystem Analysis

5.5 Porter’s Five Forces Analysis

5.6 Case Study Analysis

5.7 Technology Analysis

5.7.1 Growing Popularity of IoT and Connected Devices

5.7.2 Rising Focus on Implementing Artificial Intelligence in Wearables

5.7.3 Surging Requirement to Improve Performance of Wearable Payment Devices by Adding 5G Technology

5.8 Pricing Analysis

5.9 Trade Analysis

5.10 Patent Analysis

5.11 Tariff & Regulatory Landscape

5.11.1 Tariff Landscape

5.11.2 Regulatory Landscape

6 Wearable Payment Device Market, by Device Type

6.1 Introduction

6.2 Smart Watches

6.2.1 Smart Watches are Most Popular Wearable Payment Devices

6.3 Fitness Trackers

6.3.1 Payment Functions are Integrated into Fitness Trackers to Innovate Devices and Enhance Customers’ Convenience

6.4 Payment Wristbands

6.4.1 Payment Wristbands are Widely Used for Closed-Loop Payments

6.5 Smart Rings

6.5.1 Smart Rings Allow Customers to Pay for Small Purchases

7 Wearable Payment Device Market, by Technology

7.1 Introduction

7.2 NFC (Near Field Communications)

7.2.1 Most of Wearable Payment Devices are Integrated with NFC Technology to Enable Payment Functions

7.3 RFID (Radio Frequency Identification)

7.3.1 Contactless Transactions Enabled by RFID Technology are Faster, Convenient, and More Secure

7.4 QR & Barcodes

7.4.1 QR & Barcode Technology Has Been Adopted in Fitness Trackers to Enable Payment Functions

8 Wearable Payment Device Market, by Sales Channel

8.1 Introduction

8.2 Direct Sales Channel

8.2.1 Major Players in Market Offer Their Wearable Payment Devices Through Their Online and Offline Stores

8.3 Indirect Sales Channel

8.3.1 Indirect Sales is Most Preferred by Wearable Device Providers, Globally

9 Wearable Payment Device Market, by Application

9.1 Introduction

9.2 Impact of COVID-19 on Applications of Wearable Payment Device Market

9.3 Retail/Grocery Stores

9.3.1 COVID-19 Pandemic Has Increased Adoption of Wearable Payment Devices in Grocery Stores

9.4 Restaurants

9.4.1 NFC-Enabled Wearable Devices to Enhance Customer Experience in Restaurants

9.5 Hospitals/Pharmacies

9.5.1 Secure, Simple, and Efficient Payment Methods Driving Growth of Wearable Payment Devices

9.6 Entertainment Centers

9.6.1 Payment Wristbands to Enhance Customer Experience Post-Pandemic

9.7 Others

10 Geographic Analysis

10.1 Introduction

10.2 North America

10.3 Europe

10.4 Asia-Pacific

10.5 RoW

11 Competitive Landscape

11.1 Introduction

11.2 Top 5 Company Revenue Analysis

11.3 Market Share Analysis, 2020

11.4 Competitive Leadership Mapping

11.4.1 Star

11.4.2 Emerging Leaders

11.4.3 Pervasive

11.4.4 Participant

11.4.5 Wearable Payment Device Market: Product Footprint

11.5 Small and Medium Enterprises (SME) Evaluation Quadrant, 2020

11.5.1 Progressive Companies

11.5.2 Responsive Companies

11.5.3 Dynamic Companies

11.5.4 Starting Blocks

11.6 Competitive Situations and Trends

11.6.1 Wearable Payment Device Market: Product Launches, January 2018-February 2021

11.6.2 Wearable Payment Device Market: Deals, January 2018-Feb-21

12 Company Profiles

12.1 Introduction

12.2 Impact of COVID-19 on Players of Wearable Payment Device Market

12.3 Key Players

12.3.1 Apple Inc.

12.3.2 Fitbit, Inc.

12.3.3 Xiaomi Corporation

12.3.4 Samsung Electronic Co. Ltd.

12.3.5 Garmin Ltd.

12.3.6 Google LLC

12.3.7 Tappy Technologies Ltd.

12.3.8 Barclays plc

12.3.9 Visa Inc.

12.3.10 PayPal Holding Inc.

12.3.11 Mastercard

12.4 Other Key Players

12.4.1 Microsoft Corporation

12.4.2 Huawei Technologies

12.4.3 Sony Corporation

12.4.4 Thales SA

12.4.5 Westpac

12.4.6 Intelligent Venue Solutions

12.4.7 Caxia Bank

12.4.8 Intellitix

12.4.9 NYMI

12.4.10 McLEAR Ltd.

12.4.11 Jakcom Technology Co.

12.4.12 Token

12.4.13 Infineon Technologies AG

12.4.14 PrintPlast

13 Appendix

13.1 Insights of Industry Experts

13.2 Discussion Guide

13.3 Knowledge Store: The Subscription Portal

13.4 Available Customizations

For more information about this report visit https://www.researchandmarkets.com/r/lig0jn

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