Market overview:
The market for the wearable payment market is forecast to reach USD 7.39 billion by 2027, expanding at a CAGR of 7.3 percent respectively in 2021 and 2027. Digital payments have become one of a country's primary growth imperatives. It has the potential to increase productivity and economic growth, improve transparency, increase tax revenues, expand financial inclusion, and creates new economic opportunities for end-users. For example, the Indian government has launched various initiatives such as Digital India and the Unified Payments Interface (UPI) to promote digital payments and increase the adoption of transactions made via smartphone and wearable devices.
Such initiatives aid in digitalization and raise awareness about the benefits of new technologies. Individuals now prefer online payment methods over traditional payment methods as a result of digitization. The introduction of e-commerce has altered the business landscape. Several companies are seizing new opportunities in the electronic marketplace by implementing novel business models. The established firms are attempting to adapt their old business models to the new environment.
Market segmentation:
By type of device: The wearable digital payment market is divided into two categories: smartwatches and fitness trackers. Smartwatches dominated the market in 2020 and are expected to do so again during the forecast period. Nowadays, smartwatches are equipped with touch screens and a variety of application interfaces that allow the user to make payments via NFC or Wi-Fi, eliminating the need to use a smartphone or debit/credit card at the time of payment.
By using technology: RFID and NFC are the two types of wearable payment devices on the market. RFID will be the market leader in 2020. NFC, on the other hand, is expected to dominate the market by the end of 2023.
By way of example: Retail stores, restaurants, utility outlets, and entertainment centers make up the wearable digital payment market. Retail stores and restaurants have been the primary applications for wearable payment devices. The entertainment centers segment, on the other hand, is expected to grow at the fastest rate during the forecast period.
Regional Classification:
The worldwide wearable electronic payments market is expected to expand rapidly between 2021 and 2027. North America (the United States, Canada, and Mexico), Europe (the United Kingdom, Germany, France, Spain, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, and the rest of Asia-Pacific), and the rest of the world have all been studied geographically (the Middle East and Africa and South America). North America dominated the global market in 2020 and is expected to do so for the remainder of the forecast period. In contrast, Asia-Pacific is expected to grow the fastest during the forecast period.
Key Players:
Microsoft Corporation, Huawei Technologies, Sony Corporation, Thales SA, Westpac, IntelliX Software, Nymi Inc., McLEAR LTD., Jakcom Technology CO., Token Inc., Infineon Technologies AG, Printplast It is increasing the adoption of advanced technologies in the market for wearable payment devices. Wearable technology providers are also focusing more on providing enhanced customer services through mobile applications.
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Source- Market Research Future
