Wearable Payment Devices Market Size is Projected to Reach $158.8 Billion by 2031 | Growing at a CAGR of 13.3%.
Wearable Payment Devices Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
PORTLAND, OREGON, UNITED STATES, September 26, 2023 /EINPresswire.com/ — Allied Market Research published a report on the Wearable Payment Devices Market by Device Type (Fitness Trackers, Smart Watches, Payment Wristbands, Smart Rings), by Technology (Near-field Communication Technology (NFC), Radio Frequency Identification (RFID), QR and Barcode), by Application (Retail and Grocery Stores, Entertainment Centers, Restaurants and Bars, Hospitals and Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021-2031.
The global wearable payment devices market was valued at $47.1 billion in 2021, and is projected to reach $158.8 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.
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Increase in adoption of wearable contactless payment devices and rise in penetration of wearable payment technology have led to the growth of the wearable payment devices market in recent years. Wearable payment devices comprise several devices such as smart watches, fitness trackers, payment wristbands, smart rings, and others. Unlike mobile payments that are done through the internet, NFC payments are carried out in close physical proximity preventing unauthorized access during the transactions.
Some of the prime drivers of the wearable payment devices industry are surge in penetration of contactless payment systems at various retail stores, petrol pump stations, and restaurants, thereby positively impacting the growth of the wearable payment devices market trends. In addition, the increase in shift from traditional payment systems to digital system across developing nations and rise in the trend of mobile commerce across the globe boost the global wearable payment devices market growth. These transactions are considered highly authenticated and extremely protected as NFC chips interchange cryptographic data to render the transfer complete.
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The research report presents a complete judgment of the wearable payment devices market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. Also, these research report provides accurate economic, global, and country-level predictions and analysis, size and share analysis, market dynamics, segmental analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities
Competitive Analysis:
The wearable payment devices industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global wearable payment devices market include,
Apple Inc.
Samsung Electronics Co Ltd.
Garmin Ltd.
Xiaomi Corporation
Google LLC
Visa, Inc.
Barclays
PayPal Holdings, Inc.
Mastercard Inc.
Fitbit (Google)
Tappy Technology Ltd.
Top Impacting Factors:
Significant factors impacting the growth of the wearable payment devices market include increase in trend of NFC-based mobile commerce across the globe and increase in shift from traditional payment system to digital system across the developing nations. However, the difficulties in the replacement process of point-of-sale (POS) terminal may hamper market growth. Furthermore, increase in use of advanced technology, such as 5G and blockchain technology, in payment systems worldwide provides lucrative wearable payment devices market opportunity.
Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international wearable payment devices market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
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Key Benefits for Stakeholders:
1) The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
2) This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
3) Major countries in each region are mapped according to their revenue contribution to the global market.
4) Porter’s five forces analysis illustrates the potency of the buyers and the wearable payment devices market share of key vendors.
5) The report includes major wearable payment devices suppliers along with the company overview, business segments, product portfolio, and key strategic moves and development in the market.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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