Wearable payment devices are apparel, gadgets, and accessories used to make contactless payments. The most common types are smartwatches, belts, jackets, fitness trackers and rings. Connect devices to consumer bank accounts using services such as Apple Pay, Samsung Pay, and Google Pay. Moreover, banking wearables provide real-time notifications and updates about account activities, such as balance updates, transaction alerts, or security notifications. Users can receive these notifications directly on their wearable devices, making it convenient to stay informed about their financial transactions.
The increase in demand for host card emulation (HCE) is a key driver for the growth of banking wearable market. The increasing preference for convenience and speed in contactless transactions has spurred the demand for HCE technology. HCE technology helps users to securely make contactless payments via their mobile devices, eliminating the need for physical cards. This viable solution simplifies the payment process and eliminates the need to carry multiple cards as consumers opt for contactless payments. In addition, the growth in adoption of cashless transaction and increase in demand for wearable payment devices are the major driving factors for the market. However, the high cost of banking wearable devices is a major factor hampering the growth of the market. The high costs associated with banking wearable devices have prevented individuals and businesses from adopting these devices, which is hindering the growth of the market. In addition, fees vary for services related to wearable devices and contactless payments, such as maintenance, referrals, and upgrades. Contrarily, the integration of digital banking services presents a significant opportunity for the banking wearable industry. The integration of banking wearables and digital banking services allow users to access various banking functions directly from their wearables. Users may check account balances, view transaction history, send money, receive real-time notifications, and more. This integration will enhance the overall banking experience, giving users convenient and instant access to financial information and services.
The banking wearable market is segmented on the basis of type, technology, application, and region. On the basis of type, it is categorized into fitness tracker, payment wristbands, smart watches, and others. By technology, it is divided into near field communication (NFC), quick response (QR) codes, radio frequency identification (RFID), and others. On the basis of application, it is segregated into retail, entertainment centers, restaurants and bars, healthcare, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the banking wearable market such as Google LLC, Apple Inc., Fidesmo, Xiaomi Corporation, Visa Inc., Wirecard, Thales, Nymi Inc., Gemalto NV, and Samsung Electronics. These players have adopted various strategies to increase their market penetration and strengthen their position in the banking wearable market.
The increase in demand for host card emulation (HCE) is a key driver for the growth of banking wearable market. The increasing preference for convenience and speed in contactless transactions has spurred the demand for HCE technology. HCE technology helps users to securely make contactless payments via their mobile devices, eliminating the need for physical cards. This viable solution simplifies the payment process and eliminates the need to carry multiple cards as consumers opt for contactless payments. In addition, the growth in adoption of cashless transaction and increase in demand for wearable payment devices are the major driving factors for the market. However, the high cost of banking wearable devices is a major factor hampering the growth of the market. The high costs associated with banking wearable devices have prevented individuals and businesses from adopting these devices, which is hindering the growth of the market. In addition, fees vary for services related to wearable devices and contactless payments, such as maintenance, referrals, and upgrades. Contrarily, the integration of digital banking services presents a significant opportunity for the banking wearable industry. The integration of banking wearables and digital banking services allow users to access various banking functions directly from their wearables. Users may check account balances, view transaction history, send money, receive real-time notifications, and more. This integration will enhance the overall banking experience, giving users convenient and instant access to financial information and services.
The banking wearable market is segmented on the basis of type, technology, application, and region. On the basis of type, it is categorized into fitness tracker, payment wristbands, smart watches, and others. By technology, it is divided into near field communication (NFC), quick response (QR) codes, radio frequency identification (RFID), and others. On the basis of application, it is segregated into retail, entertainment centers, restaurants and bars, healthcare, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the banking wearable market such as Google LLC, Apple Inc., Fidesmo, Xiaomi Corporation, Visa Inc., Wirecard, Thales, Nymi Inc., Gemalto NV, and Samsung Electronics. These players have adopted various strategies to increase their market penetration and strengthen their position in the banking wearable market.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global banking wearable market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global banking wearable market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global banking wearable market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Type
- Fitness Tracker
- Payment Wristbands
- Smart Watches
- Others
By Technology
- Near Field Communication (NFC)
- Quick Response (QR) Codes
- Radio Frequency Identification (RFID)
- Others
By Application
- Retail
- Entertainment Centers
- Restaurants and Bars
- Healthcare
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Apple Inc.
- Fidesmo
- Gemalto NV
- Google LLC
- Nymi Inc.
- Samsung Electronics
- Thales
- Visa Inc.
- Wirecard
- Xiaomi Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BANKING WEARABLE MARKET, BY TYPE
CHAPTER 5: BANKING WEARABLE MARKET, BY TECHNOLOGY
CHAPTER 6: BANKING WEARABLE MARKET, BY APPLICATION
CHAPTER 7: BANKING WEARABLE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the banking wearable market was valued at $13.7 billion in 2022, and is estimated to reach $62.7 billion by 2032, growing at a CAGR of 16.8% from 2023 to 2032.The Banking Wearable Market is likely to experience a significant growth rate of 16.8% from 2023-2032 owing to increasing market demand for smart watches
Banking wearable refers to a device that is designed to enable banking transactions and services through a wearable device, such as a smart watch or a fitness tracker. These wearables are typically equipped with technologies like near field communication (NFC) or Bluetooth that allow them to communicate with banking systems and perform various banking functions. One of the primary functions of banking wearables is to facilitate contactless payments. By linking the wearable device to a user's bank account or payment card, they can make purchases by simply tapping or waving the device near a compatible payment terminal.
Increase in demand for wearable payment devices is driving the banking wearable market growth. Wearable payment devices offer users a remarkable level of convenience and ease of use. These devices allow individuals to make payments effortlessly and seamlessly without the burden of carrying physical wallets or mobile phones. The inherent wearable design of these devices, such as smartwatches or fitness bands, grants users swift and convenient access to payment features, empowering them to conduct transactions on the move. In addition, the appearance and layout of wearable payment devices have undergone changes to meet the preferences of fashion-savvy consumers. Furthermore, the increasing preference for convenience and speed in contactless transactions has spurred the demand for HCE technology. HCE technology help users to securely make contactless payments via their mobile devices, eliminating the need for physical cards, which escalates the growth of the market. However, one of the restraining factors in the banking wearable market is the high costs associated with banking wearable devices. The high costs associated with banking wearable devices have prevented individuals and businesses from adopting these devices, which is hindering the growth of the market. In addition, fees vary for services related to wearable devices and contactless payments, such as maintenance, referrals, and upgrades. Moreover, the high initial production price of banking wearables leads to additional costs.
The market also offers growth opportunities to the key players in the market. Near field communication (NFC) and radio frequency identification (RFID) technologies provide enhanced security features for banking wearables. NFC facilitates secure communication between wearable devices and payment terminals, ensuring protection of sensitive payment information. In addition, RFID technology enables secure access control and authentication, adding an extra layer of security to portable devices. The increasing emphasis on secure payment methods creates an opportunity for banking wearables that use NFC and RFID technology. Therefore, increase in use of NFC and RFID presents a significant opportunity for the expansion of the global banking wearable market during the forecast period.
The banking wearable market is segmented on the basis of type, technology, application, and region. On the basis of type, it is categorized into fitness tracker, payment wristbands, smart watches, and others. By technology, it is divided into near field communication (NFC), quick response (QR) codes, radio frequency identification (RFID), and others. On the basis of application, it is segregated into retail, entertainment centers, restaurants and bars, healthcare, and others. Region wise, it is analyzed across North America (the U. S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Google LLC, Apple Inc., Fidesmo, Xiaomi Corporation, Visa Inc., Wirecard, Thales, Nymi Inc., Gemalto NV, and Samsung Electronics. The players in the market have been actively engaged in the adoption various strategies such as collaboration, product launch, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in September 2022, Zaggle announced the launch of a key fob called the Zakey Yespay RuPay ON-THE-GO, which was the part of a new range of on-the-go wearables, in partnership with YES BANK on the RuPay network, powered by National Payments Corporation of India (NPCI). Therefore, this partnership helped for the growth of banking wearable market. Moreover, in December 2020, Mastercard, partnered with MatchMove, a Singapore based ‘Banking-as-a-Service’ provider and Tappy Technologies, a world leading wearable payment integrator, introduced tokenization into a small, flexible chip which can be attached to a range of battery-less wearables and accessories such as watchstraps or keyrings, turning them into secure contactless payments devices. With the help of this partnership MatchMove cardholders were able add their MatchMove Mastercard to this payment chip by simply placing the wearable or the accessory on a Bluetooth-connected device developed by Tappy Technologies. Therefore, such strategies helped to support the growth of the banking wearable market.
Key Market Insights
By type, the fitness tracker segment was the highest revenue contributor to the market, and is estimated to reach $14.71 billion by 2032, with a CAGR of 10.8%. However, the smart watches segment is estimated to be the fastest growing segment with the CAGR of 20.4% during the forecast period.By technology, the near field communication (NFC) segment dominated the global market, and is estimated to reach $19.84 billion by 2032, with a CAGR of 12.6%. However, the quick response (QR) codes segment is expected to be the fastest growing segment with the CAGR of 20.2% during the forecast period.
By application, the retail segment dominated the global market, and is estimated to reach $20.85 billion by 2032, with a CAGR of 14.5%. However, the entertainment centers segment is expected to be the fastest growing segment with the CAGR of 21.4% during the forecast period.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for $4.73 billion in 2022, and is estimated to reach $26.46 billion by 2032, with a CAGR of 19.1%.
Companies Mentioned
- Apple Inc.
- Fidesmo
- Gemalto NV
- Google LLC
- Nymi Inc.
- Samsung Electronics
- Thales
- Visa Inc.
- Wirecard
- Xiaomi Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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