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Wearable Payments Devices Market Size, Share & Trends Analysis Report by Device Type (Fitness Tracker, Smart Watches), by Technology, by Application, by Region, and Segment Forecasts, 2021-2028

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  • 140 Pages
  • January 2021
  • Region: Global
  • Grand View Research
  • ID: 5648991
Description Jump to:
The global wearable payments devices market size is expected to reach USD 80.39 billion by 2028. 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.

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.


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Table of Contents

Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Wearable Payments Devices Market - Industry Snapshot & Key Buying Criteria, 2016 - 2028
2.2 Global Wearable Payments Devices Market, 2016 - 2028
2.2.1 Global wearable payments devices market, by region, 2016 - 2028
2.2.2 Global wearable payments devices market, by device type, 2016 - 2028
2.2.3 Global wearable payments devices market, by technology, 2016 - 2028
2.2.4 Global wearable payments devices market, by application, 2016 - 2028
Chapter 3 Wearable Payments Devices Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Wearable Payments Devices Market - Value Chain Analysis
3.3.1 Vendor landscape
3.4 Wearable Payments Devices Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Increasing adoption of cashless transactions
3.4.1.2 Reducing costs of Near Field Communication (NFC) technology deployment
3.4.2 Market restraint analysis
3.4.2.1 High cost of wearable payments devices
3.5 Penetration and Growth Prospect Mapping
3.6 Wearable Payments Devices Market - Porter’s Five Forces Analysis
3.7 Wearable Payments Devices Market - Key Company Ranking/Company Market Share Analysis, 2020
3.8 Wearable Payments Devices Market - PESTEL Analysis
Chapter 4 Wearable Payments Devices Type Outlook
4.1 Wearable Payments Devices Market Share By Device Type, 2020
4.2 Fitness Tracker
4.2.1 Wearable fitness tracker payments devices market, 2016 - 2028
4.3 Payment Wristbands
4.3.1 Wearable payment wristbands devices market, 2016 - 2028
4.4 Smart Watches
4.4.1 Wearable smartwatches payments devices market, 2016 - 2028
Chapter 5 Wearable Payments Devices Technology Outlook
5.1 Wearable Payments Devices Market Share By Technology, 2020
5.2 Barcodes
5.2.1 Wearable payments barcodes devices market, 2016 - 2028
5.3 Contactless Point of Sale (POS) Terminals
5.3.1 Wearable payments contactless POS terminals devices market, 2016 - 2028
5.4 Near Field Communication (NFC)
5.4.1 Wearable payments NFC devices market, 2016 - 2028
5.5 Quick Response (QR) Codes
5.5.1 Wearable payments QR codes devices market, 2016 - 2028
5.6 Radio Frequency Identification (RFID)
5.6.1 Wearable payments RFID devices market, 2016 - 2028
Chapter 6 Wearable Payments Devices Application Outlook
6.1 Wearable Payments Devices Market Share By Application, 2020
6.2 Festival & Life Events
6.2.1 Wearable payments devices market in festival & life events, 2016 - 2028
6.3 Fitness
6.3.1 Wearable payments devices market in fitness, 2016 - 2028
6.4 Healthcare
6.4.1 Wearable payments devices market in healthcare, 2016 - 2028
6.5 Retail
6.5.1 Wearable payments devices market in retail, 2016 - 2028
6.6 Transportation
6.6.1 Wearable payments devices market in transportation, 2016 - 2028
6.7 Others
6.7.1 Wearable payments devices market in other applications, 2016 - 2028
Chapter 7 Wearable Payments Devices Regional Outlook
7.1 Wearable Payments Devices Market Share By Region, 2020
7.2 North America
7.2.1 North America wearable payments devices market, 2016 - 2028
7.2.2 North America wearable payments devices market, by device type, 2016 - 2028
7.2.3 North America wearable payments devices market, by technology, 2016 - 2028
7.2.4 North America wearable payments devices market, by application, 2016 - 2028
7.2.5 U.S.
7.2.5.1 U.S. wearable payments devices market, 2016 - 2028
7.2.5.2 U.S. wearable payments devices market, by device type, 2016 - 2028
7.2.5.3 U.S. wearable payments devices market, by technology, 2016 - 2028
7.2.5.4 U.S. wearable payments devices market, by application, 2016 - 2028
7.2.6 Canada
7.2.6.1 Canada wearable payments devices market, 2016 - 2028
7.2.6.2 Canada wearable payments devices market, by device type, 2016 - 2028
7.2.6.3 Canada wearable payments devices market, by technology, 2016 - 2028
7.2.6.4 Canada wearable payments devices market, by application, 2016 - 2028
7.3 Europe
7.3.1 Europe wearable payments devices market, 2016 - 2028
7.3.2 Europe wearable payments devices market, by device type, 2016 - 2028
7.3.3 Europe wearable payments devices market, by technology, 2016 - 2028
7.3.4 Europe wearable payments devices market, by application, 2016 - 2028
7.3.5 Germany
7.2.5.1 Germany wearable payments devices market, 2016 - 2028
7.2.5.2 Germany wearable payments devices market, by device type, 2016 - 2028
7.2.5.3 Germany wearable payments devices market, by technology, 2016 - 2028
7.2.5.4 Germany wearable payments devices market, by application, 2016 - 2028
7.3.6 U.K.
7.3.6.1 U.K. wearable payments devices market, 2016 - 2028
7.3.6.2 U.K. wearable payments devices market, by device type, 2016 - 2028
7.3.6.3 U.K. wearable payments devices market, by technology, 2016 - 2028
7.3.6.4 U.K. wearable payments devices market, by application, 2016 - 2028
7.4 Asia Pacific
7.4.1 Asia Pacific wearable payments devices market, 2016 - 2028
7.4.2 Asia Pacific wearable payments devices market, by device type, 2016 - 2028
7.4.3 Asia Pacific wearable payments devices market, by technology, 2016 - 2028
7.4.4 Asia Pacific wearable payments devices market, by application, 2016 - 2028
7.4.5 China
7.4.5.1 China wearable payments devices market, 2016 - 2028
7.4.5.2 China wearable payments devices market, by device type, 2016 - 2028
7.4.5.3 China wearable payments devices market, by technology, 2016 - 2028
7.4.5.4 China wearable payments devices market, by application, 2016 - 2028
7.4.6 India
7.4.6.1 India wearable payments devices market, 2016 - 2028
7.4.6.2 India wearable payments devices market, by device type, 2016 - 2028
7.4.6.3 India wearable payments devices market, by technology, 2016 - 2028
7.4.6.4 India wearable payments devices market, by application, 2016 - 2028
7.4.7 Japan
7.4.7.1 Japan wearable payments devices market, 2016 - 2028
7.4.7.2 Japan wearable payments devices market, by device type, 2016 - 2028
7.4.7.3 Japan wearable payments devices market, by technology, 2016 - 2028
7.4.7.4 Japan wearable payments devices market, by application, 2016 - 2028
7.5 Latin America
7.5.1 Latin America wearable payments devices market, 2016 - 2028
7.5.2 Latin America wearable payments devices market, by device type, 2016 - 2028
7.5.3 Latin America wearable payments devices market, by technology, 2016 - 2028
7.5.4 Latin America wearable payments devices market, by application, 2016 - 2028
7.5.5 Brazil
7.5.5.1 Brazil wearable payments devices market, 2016 - 2028
7.5.5.2 Brazil wearable payments devices market, by device type, 2016 - 2028
7.5.5.3 Brazil wearable payments devices market, by technology, 2016 - 2028
7.5.5.4 Brazil wearable payments devices market, by application, 2016 - 2028
7.6 MEA
7.6.1 MEA wearable payments devices market, 2016 - 2028
7.6.2 MEA wearable payments devices market, by device type, 2016 - 2028
7.6.3 MEA wearable payments devices market, by technology, 2016 - 2028
7.6.4 MEA wearable payments devices market, by application, 2016 - 2028
Chapter 8 Competitive Landscape
8.1 Apple, Inc.
8.1.1 Company overview
8.1.2 Financial performance
8.1.3 Product benchmarking
8.1.4 Strategic initiatives
8.2 Barclays PLC
8.2.1 Company overview
8.2.2 Financial performance
8.2.3 Product benchmarking
8.2.4 Strategic initiatives
8.3 Gemalto NV
8.3.1 Company overview
8.3.2 Financial performance
8.3.3 Product benchmarking
8.3.4 Strategic initiatives
8.4 Google LLC
8.4.1 Company overview
8.4.2 Financial performance
8.4.3 Product benchmarking
8.4.4 Strategic initiatives
8.5 Mastercard
8.5.1 Company overview
8.5.2 Financial performance
8.5.3 Product benchmarking
8.5.4 Strategic initiatives
8.6 Nymi
8.6.1 Company overview
8.6.2 Financial performance
8.6.3 Product benchmarking
8.6.4 Strategic initiatives
8.7 PayPal Holdings Inc.
8.7.1 Company overview
8.7.2 Financial performance
8.7.3 Product benchmarking
8.7.4 Strategic initiatives
8.8 Samsung Electronics
8.8.1 Company overview
8.8.2 Financial performance
8.8.3 Product benchmarking
8.8.4 Strategic initiatives
8.9 Visa Inc.
8.9.1 Company overview
8.9.2 Financial performance
8.9.3 Product benchmarking
8.9.4 Strategic initiatives
8.10 Wirecard
8.10.1 Company overview
8.10.2 Financial performance
8.10.3 Product benchmarking
8.10.4 Strategic initiatives
8.11 List of Prominent Market Players
List of Tables
Table 1 Wearable payments devices market-Industry snapshot & key buying criteria, 2016-2028
Table 2 Global wearable payments devices market, 2016-2028 (USD Million)
Table 3 Global wearable payments devices market, by region, 2016-2028 (USD Million, USD Billion))
Table 4 Global wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 5 Global wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 6 Global wearable payments devices market, by application, 2016-2028 (USD Million)
Table 7 Vendor landscape
Table 8 Wearable payments devices market-Key market driver impact
Table 9 Wearable payments devices market-Key market challenge impact
Table 10 Wearable fitness tracker payments devices market, 2016-2028 (USD Million)
Table 11 Wearable fitness tracker payments devices market, by region, 2016-2028 (USD Million)
Table 12 Wearable payment wristbands devices market, 2016-2028 (USD Million)
Table 13 Wearable payment wristbands devices market, by region, 2016-2028 (USD Million)
Table 14 Wearable smartwatches payments devices market, 2016-2028 (USD Million)
Table 15 Wearable smartwatches payments devices market, by region, 2016-2028 (USD Million)
Table 16 Wearable payments barcodes devices market, 2016-2028 (USD Million)
Table 17 Wearable payments barcodes devices market, by region, 2016-2028 (USD Million)
Table 18 Wearable payments contactless POS terminals devices market, 2016-2028 (USD Million)
Table 19 Wearable payments contactless POS terminals devices market, by region, 2016-2028 (USD Million)
Table 20 Wearable payments NFC devices market, 2016-2028 (USD Million)
Table 21 Wearable payments NFC devices market, by region, 2016-2028 (USD Million)
Table 22 Wearable payments QR codes devices market, 2016-2028 (USD Million)
Table 23 Wearable payments QR codes devices market, by region, 2016-2028 (USD Million)
Table 24 Wearable payments RFID devices market, 2016-2028 (USD Million)
Table 25 Wearable payments RFID devices market, by region, 2016-2028 (USD Million)
Table 26 Wearable payments devices market in festival & life events, 2016-2028 (USD Million)
Table 27 Wearable payments devices market in festival & life events, by region, 2016-2028 (USD Million)
Table 28 Wearable payments devices market in fitness, 2016-2028 (USD Million)
Table 29 Wearable payments devices market in fitness, by region, 2016-2028 (USD Million)
Table 30 Wearable payments devices market in healthcare, 2016-2028 (USD Million)
Table 31 Wearable payments devices market in healthcare, by region, 2016-2028 (USD Million)
Table 32 Wearable payments devices market in retail, 2016-2028 (USD Million)
Table 33 Wearable payments devices market in retail, by region, 2016-2028 (USD Million)
Table 34 Wearable payments devices market in transportation, 2016-2028 (USD Million)
Table 35 Wearable payments devices market in transportation, by region, 2016-2028 (USD Million)
Table 36 Wearable payments devices market in other applications, 2016-2028 (USD Million)
Table 37 Wearable payments devices market in other applications, by region, 2016-2028 (USD Million)
Table 38 North America wearable payments devices market, 2016-2028 (USD Million)
Table 39 North America wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 40 North America wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 41 North America wearable payments devices market, by application, 2016-2028 (USD Million)
Table 42 U.S. wearable payments devices market, 2016-2028 (USD Million)
Table 43 U.S. wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 44 U.S. wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 45 U.S. wearable payments devices market, by application, 2016-2028 (USD Million)
Table 46 Canada wearable payments devices market, 2016-2028 (USD Million)
Table 47 Canada wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 48 Canada wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 49 Canada wearable payments devices market, by application, 2016-2028 (USD Million)
Table 50 Europe wearable payments devices market, 2016-2028 (USD Million)
Table 51 Europe wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 52 Europe wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 53 Europe wearable payments devices market, by application, 2016-2028 (USD Million)
Table 54 Germany wearable payments devices market, 2016-2028 (USD Million)
Table 55 Germany wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 56 Germany wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 57 Germany wearable payments devices market, by application, 2016-2028 (USD Million)
Table 58 U.K. wearable payments devices market, 2016-2028 (USD Million)
Table 59 U.K. wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 60 U.K. wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 61 U.K. wearable payments devices market, by application, 2016-2028 (USD Million)
Table 62 Asia Pacific wearable payments devices market, 2016-2028 (USD Million)
Table 63 Asia Pacific wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 64 Asia Pacific wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 65 Asia Pacific wearable payments devices market, by application, 2016-2028 (USD Million)
Table 66 China wearable payments devices market, 2016-2028 (USD Million)
Table 67 China wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 68 China wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 69 China wearable payments devices market, by application, 2016-2028 (USD Million)
Table 70 India wearable payments devices market, 2016-2028 (USD Million)
Table 71 India wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 72 India wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 73 India wearable payments devices market, by application, 2016-2028 (USD Million)
Table 74 Japan wearable payments devices market, 2016-2028 (USD Million)
Table 75 Japan wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 76 Japan wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 77 Japan wearable payments devices market, by application, 2016-2028 (USD Million)
Table 78 Latin America wearable payments devices market, 2016-2028 (USD Million)
Table 79 Latin America wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 80 Latin America wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 81 Latin America wearable payments devices market, by application, 2016-2028 (USD Million)
Table 82 Brazil wearable payments devices market, 2016-2028 (USD Million)
Table 83 Brazil wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 84 Brazil wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 85 Brazil wearable payments devices market, by application, 2016-2028 (USD Million)
Table 86 MEA wearable payments devices market, 2016-2028 (USD Million)
Table 87 MEA wearable payments devices market, by device type, 2016-2028 (USD Million)
Table 88 MEA wearable payments devices market, by technology, 2016-2028 (USD Million)
Table 89 MEA wearable payments devices market, by application, 2016-2028 (USD Million)
List of Figures
FIG. 1 Market segmentation and scope
FIG. 2 Global wearable payments devices market, 2016 - 2028 (USD Million)
FIG. 3 Wearable payments devices market - Value chain analysis
FIG. 4 Wearable payments devices market - Market dynamics
FIG. 5 Wearable payments devices market - Key market driver impact
FIG. 6 Wearable payments devices market - Key market restraint impact
FIG. 7 Key opportunities prioritized
FIG. 8 Wearable payments devices market - Porter’s five forces analysis
FIG. 9 Wearable payments devices market - Key company ranking/Company market share analysis, 2020
FIG. 10 Wearable payments devices market - PESTEL analysis
FIG. 11 Wearable payments devices market, by device type, 2020
FIG. 12 Wearable payments devices market, by technology, 2020
FIG. 13 Wearable payments devices market, by application, 2020
FIG. 14 Wearable payments devices market, by region, 2020
FIG. 15 Wearable payments devices market - Regional takeaways
FIG. 16 North America wearable payments devices market - Key takeaways
FIG. 17 Europe wearable payments devices market - Key takeaways
FIG. 18 Asia Pacific wearable payments devices market - Key takeaways
FIG. 19 Latin America wearable payments devices market - Key takeaways
FIG. 20 MEA wearable payments devices market - Key takeaways

Companies Mentioned

  • Apple, Inc.
  • Barclays PLC
  • Gemalto NV
  • Google LLC
  • Mastercard
  • Nymi
  • PayPal Holdings Inc.
  • Samsung Electronics
  • Visa Inc.
  • Wirecard
  • List of Prominent Market Players

Methodology

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