WASHINGTON, May 24, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Wearable Payment Devices Market finds that growing inclination toward contactless payment methods owing to hygiene concerns amid COVID-19 and increasing focus of wearable technology providers on offering enhanced customer services with mobile applications are the major factors fueling the growth of Global Wearable Payment Devices Market.
The Global Market is estimated to reach USD 90.8 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 13.4%. The Global Market revenue value stood at USD 42.7 Billion in the year 2021.
Furthermore, the increasing wearable technology is considered to be an emerging trend that integrates electronic payment into daily activities and fits into the changing lifestyles and can be worn on any part of the body, thus anticipated to augment the growth of the Global Wearable Payment Devices Market, states Vantage Market Research, in a report, titled “Wearable Payment Devices Market Size, Share & Trends Analysis Report by Device Type (Smart Watches, Fitness Trackers, Payment Wristbands, Smart Rings), by Technology (Near Field Communication Technology (NFC), Radio Frequency Identification (RFID), QR & Barcode), by Sales Channel (Direct Sales, Indirect Sales), by Application (Retail/Grocery Stores, Restaurants, Hospitals/Pharmacies, Entertainment Centers), by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Driver: Increasing Trend for Wearable Devices thus Propelling the Growth of Wearable Payment Devices
The evolution of digital and mobile technologies has changed many aspects of our lives. Internet connectivity has become easy and increasingly important for many, and access to data and information has become low-cost, manageable and comfortable. Such technological advances have led to the emergence of wearable technologies that lay the groundwork for the next stage of the digital revolution, where technology is not only usable but also wearable.
Wearable technologies are an important market that can provide value-added services such as physical and mental health monitoring, localization and navigation, sports analytics, health insurance analytics, financial payments. Related researches estimates that the wearable technology market value will approach USD 58 million by 2022, USD 100 billion by 2023 and USD 150 billion by 2026.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Wearable Payment Devices market is predicted to grow at a CAGR of roughly 13.4% during the forecast period.
The Wearable Payment Devices market was estimated to be worth roughly USD 42.7 Billion in 2021 and is expected to reach USD 90.8 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Wearable Payment Devices market.
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Segmentation of the Global Wearable Payment Devices Market:
Near Field Communication Technology (NFC)
Radio Frequency Identification (RFID)
QR & Barcode
Middle East & Africa
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Restrain: Increasing Social Issues and High Cost of Wearable Payment Devices
Factors such as the limited battery life of the devices, high cost of the devices, and security concerns are expected to hamper the market growth. The high costs of devices impact the ability of manufacturers to launch their products in the market, thus resulting in limited production. These payment devices are costly, which restricts various consumers from purchasing these devices. Additionally, the rising competition in the market and low awareness about the product are further limiting the market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The report on Wearable Payment Devices Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
Asia Pacific Dominated the Global Wearable Payment Devices Market
Asia Pacific held the largest market share in 2021. Most of the companies advancing in this technology are based in the United States. High technology exposure and ease of availability of smart devices have created a strong market for wearable payment devices in this region.
Asia Pacific is expected to grow at the fastest CAGR in the Global Wearable Payment Devices Market and is likely to continue the same trend during the forecast period. This is attributable to the improving manufacturing infrastructure coupled with increasing disposable spending in the region. Additionally, the growing inclination towards wearable devices and increasing disposable income is also expected to support the growth of the market in near future.
List of Prominent Players in Wearable Payment Devices Market:
Apple Inc. (US)
Samsung Electronics Co. Ltd. (South Korea)
Fitbit Inc. (US)
Garmin AB (Switzerland)
Xiaomi Corporation (China)
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Wearable Payment Devices Market Size, Share & Trends Analysis Report by Device Type (Smart Watches, Fitness Trackers, Payment Wristbands, Smart Rings), by Technology (Near Field Communication Technology (NFC), Radio Frequency Identification (RFID), QR & Barcode), by Sales Channel (Direct Sales, Indirect Sales), by Application (Retail/Grocery Stores, Restaurants, Hospitals/Pharmacies, Entertainment Centers), by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/wearable-payment-devices-market-457703
In January 2021, Google LLC has acquired Fitbit Inc. to enter the wearable payment device market, for USD 2.1 billion in an all-cash deal. This acquisition is a move that could shore up the internet giant’s hardware business while increasing antitrust scrutiny.
In September 2020, Apple Inc. launched Apple Watch Series 6 and Apple Watch SE, two iPad models, the first fitness experience built for Apple Watch that brings significant developments in health and wellness features to iPhone, iPad, and Apple TV. Apple Watch Series 6 expanded the health capabilities of previous Apple Watch models with a new feature that measures the oxygen saturation of blood for a better understanding of fitness and wellness, as well as enables payment through Apple Pay.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Wearable Payment Devices Market?
How will the Wearable Payment Devices Market change in the upcoming six years?
Which application and product will take a lion’s share of the Wearable Payment Devices Market?
What is the Wearable Payment Devices market drivers and restrictions?
What will be the CAGR and size of the Wearable Payment Devices Market throughout the forecast period?
This market titled “Wearable Payment Devices Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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