Market Overview
The worldwide wearable payment device market is a quickly developing space. Contactless payment is quickly arising as the favored strategy for payment, turning into the main application popular by customers for wearable innovation around the world. Wearable payment devices are utilized with MULTOS secure components to give the exceptionally significant secure stockpiling and handling of payment advanced accreditations.
There are an assortment of wearable devices supporting advanced payments accessible today. The market development to a great extent credits to the huge interest for the most helpful and customer well disposed innovations that require no charging or batteries but then capacities comparatively to the generally utilized contactless cards.
Extra factors supporting the market esteem incorporate the rising reception of smartwatches and wellness groups and quick financial development. As per Market Research Future (MRFR), the worldwide wearable payment device market examination is relied upon to collect a tremendous valuation before the finish of 2027, enlisting a noteworthy CAGR during the appraisal time frame (2020-2027).
Accommodation, client worth, and security are key ascribes expected to keep driving the development of this market. The market is upset by remarkable wearable payment device producers like Sony, Thales, Westpac, Mclear Ltd. Mechanical combination is another pattern leaning toward the wearable payment device industry.
Smartwatches are drawing in a huge after because of computerized reasoning's turn of events and the falling expense of hardware. The developing battery limit and scaling down have additionally overstated the engaging quality of smartwatches.
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Global Wearable Payment Device Market – Segments
The report is segmented into device types, applications, technologies, and regions. The device type segment is sub-segmented into smartwatches and fitness trackers. The smartwatch segment accounts for the largest market share and is expected to continue dominance throughout the forecast period.
The technology segment is sub-segmented into RFID and NFC. Of these, the RFID segment accounts for the largest market share; however, NFC is likely to take over the market by the end of 2023. The application segment is sub-segmented into retail stores, restaurants, utility outlets, entertainment centers, and others.
Retail stores and restaurants are the largest applications of wearable payment devices. However, the entertainment centers segment grows at the highest CAGR during the forecast period. The region segment is sub-segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and rest-of-the-world.
Global Wearable Payment Device Market – Regional Analysis
North America dominates the global wearable payment device market. Wide-spread awareness and government initiatives to strengthen cashless payment methods boost the market demand. Furthermore, the presence of several major industry players and the high disposable incomes of populations drive the market growth. Organizations in the US and Canada are implementing digital payment solutions.
Besides, the expansion of the mobile commerce industry, rising trend of mobile app purchases, and wearable device innovations are key growth contributors. The North American wearable payment device market is projected to retain its dominance throughout the estimated period.
Global Wearable Payment Device Market – Competitive Landscape
Characterized by several giant players like Sony, Thales, Westpac, Mclear Ltd., Token, Infineon, Huawei, and Microsoft, the global wearable payment device cast market appears highly competitive. To gain a larger competitive advantage and maintain their market position, well-established players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product launches.
Major Players:
Players leading the global wearable payment device market include Microsoft Corporation (US), Huawei Technologies (China), Sony Corporation (Japan), Thales SA (France), Westpac (Australia), Intelligent Venue Solutions (UK), Caxia Bank (Spain), Intellix (US), Nymi (Canada), Mclear Ltd (UK), Jakcom Technology Co (Netherlands), Token (UK), and Infineon Technologies AG (Germany), among others.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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