The global Wearable Payments Devices
Market size is expected to reach USD 80.39
billion by 2028, according to a new report by Grand View Research, Inc. It is
expected to expand at a CAGR of 29.8% from 2021 to 2028. Over time, payment
systems have adapted to suit the needs of customers, such as increased
convenience and reduced time while making payments. The growing popularity of
contactless payment technology, coupled with the increasing adoption of
wearable devices, such as smartwatches for contactless payments, is expected to
fuel the market growth over the forecast period.
Wearables are gadgets or mobile phones that
are worn by users to indirectly or directly interact with the device. Majorly
used devices are smartwatches, fitness or health trackers, and wristbands. In
terms of functionality, there are numerous wearables that are used in the
commercial market, and the low entry barriers have enabled the high
proliferation of payments devices.
Digitization in banks is expected to
continue gaining traction over the forecast period as banks are now focusing on
connecting card management systems with the token service providers. The
increasing adoption of contactless payment models in the banking sector is
further expected to drive the market. Furthermore, numerous players are
focusing on creating reliable and secure wearable devices for consumer use,
thereby creating growth opportunities for the market.
The COVID-19 pandemic is expected to
positively impact market growth over the forecast period. The increasing
adoption of cashless transactions in the time of the pandemic is expected to
influence the adoption of wearable payments devices over the forecast period.
Wearable devices offer users a convenient form of payment to make transactions
through their stored payment credentials, thus enabling issuers to build brand
loyalty among their users.
Related Press Release @ Wearable Payments Devices
Market Report
Wearable Payments Devices Market Report Highlights
Market players are focusing on integrating
Near Field Communication (NFC) wireless technology into their smartwatches,
thereby creating opportunities for the use of smartwatches in contactless
payments
Based on technology, the contactless Point
of Sale (POS) terminals segment is expected to emerge as the fastest-growing
segment over the forecast period. These terminals have witnessed significant
growth owing to benefits, such as low deployment cost, mobility, and ease of
use
By application, the retail segment is
expected to maintain its lead over the forecast period. Wearable payment
devices are widely adopted in retail applications as they offer a convenient
mode of payment. Furthermore, the adoption of these devices by customers is
opening innovative and new ways for retailers to improve customer experience
Asia Pacific is expected to emerge as the
fastest-growing regional market over the forecast period. The adoption rate of
smartwatches in the region is expected to witness significant growth as major
China-based companies, such as Huawei Technologies and HTC, are focusing on the
production of smartwatches that are reasonable for the larger audience
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
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company provides syndicated research reports, customized research reports, and
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company offers market intelligence studies ensuring relevant and fact-based
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