Wearable Payment Device Market Size- By Device, By Technology, By Sales Channel, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Global Wearable Payment Device Market Overview

According to SPER Market Research, the Global Wearable Payment Device Market is estimated to reach USD 179.11 billion by 2032 with a CAGR of 13.85%.

Anything that can be fastened to the body and used to accept payments of any kind is a wearable. Smartwatches and fitness trackers are the two wearables that are most commonly utilised. They connect a gadget to a user's bank account via platforms like Apple Pay and Samsung Pay. Also, with innovations like smartwatches, virtual reality and augmented reality, smart jackets, and a wide range of other gadgets, we are moving towards a more linked existence.

In the context of healthcare, wearable technology refers to electronic devices that people can wear, such Fitbits and smartwatches, and which are designed to collect data on their activity and health. The healthcare industry, which has a huge range of possible uses, is one of the most lucrative areas for wearables. Smartwatches can monitor your heart rate and activity levels for diagnostic and preventative purposes, stress levels can be monitored using bracelets, sweat patches can analyse sweat samples, and ingestible can monitor your digestive system.

It is possible to use a wearable connected to a smartphone to do crucial tasks. The usability of technology has increased recently. The market would most likely experience rapid growth throughout the projection period as a result of these factors. Future sales of smartphones-compatible smartwatches are expected to rise more swiftly. Wearable payment devices are getting smaller than ever thanks to new technologies and form factors, which calls for the use of tiny batteries to power payment capabilities. Furthermore, when a wearable device is run by cutting-edge operating systems, a sizable battery backup is required to ensure uninterrupted operation.

Impact of COVID-19 on the Global Wearable Payment Device Market

The COVID-19 pandemic has had a complex impact on the global wearable payment device market. While the reduced demand for these devices due to decreased foot traffic in physical stores has presented challenges, the pandemic has also accelerated the adoption of digital payments and contactless payment options. This has led to increased demand for wearable payment devices that provide these features, creating new opportunities for growth and investment. However, supply chain disruptions and delays in product launches due to the pandemic have also posed challenges for companies in the wearable payment device market. Overall, the long-term outlook for the market remains positive, as the adoption of digital payments and contactless payment options continues to grow, and consumers increasingly look to wearable devices for their payment needs.

Scope of the Report

Report Metric Details:

• Market size available for years: 2019-2032

• Base year considered: 2021

• Forecast period: 2022-2032

• Segments covered: By Application, By Device, By Sales Channel, By Technology.

• Regions covered: Asia-Pacific, Europe, Middle East and Africa, North America, Latin America

• Companies Covered: Apple Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Fitbit Inc. (US), Garmin AB (Switzerland), Xiaomi Corporation (China), Google LLC (US), PayPal Holding Inc. (US), Barclays PLC (UK), MasterCard, VISA Inc. (US), Tappy Technologies Ltd. (US)

Target Audience:

• Financial Institutions
• Retailers
• Technology Providers
• Government and regulatory bodies

Global Wearable Payment Device Market Segmentation:

• By Application: Based on the Application, Global Wearable Payment Device Market is segmented as; Retail/Grocery Stores, Restaurants, Hospitals/Pharmacies, Entertainment Centers

• By Device: Based on the Device, Global Wearable Payment Device Market is segmented as; Smart Watches, Fitness Tracker, Payment Wristbands, Smart Rings

• By Technology: Based on the Technology, Global Wearable Payment Device Market is segmented as; Near-field Communication Technology (NFC), Radio Frequency Identification (RFID), QR & Bar Codes

• By Region: The Global Wearable Payment Device Market report covers Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, and the United States