Wearable Payment Device Market: Introduction
- Wearable payments are payments carried out through wearable devices that are integrated with wireless technology such as NFC and RFID. It offers customers convenience as well as contactless mode of payment. It also ensures safety and hygiene during the transaction.
- A wide range of wearable devices are available, which include payment and having high rate of adoption among consumers. These include wristbands, fitness tracker, watches, jewelry, and smart clothing. Thus, advancements in technology enable rapid payments and enhance consumer experience at the checkout.
- Furthermore, institutions and banks are starting to offer wearable payment options due to increasing customer base and benefits such as convenience while shopping across the globe. Internet penetration and a surge in adoption of smartphones is fueling the wearable payment device.
Increase in inclination toward contactless payment methods
- Benefits of contactless payments such as comfort and convenience, rapid and secure payment, and availability of multiple functions are enabling consumers to adopt contactless payment methods. Wearable contactless payments take convenience to the next level by offering flexibility of wearing the device in various forms.
- Moreover, companies offering wearable payment is witnessing a surge in contactless payment. For instance, MasterCard has witnessed a surge of 40% in contactless payments in the first quarter of 2020. These factors are fueling the market.
Rise in disposable income among people
- Increase in disposable income is boosting awareness about advanced technologies among people. This, is in turn, is boosting the demand for wearable devices. Additionally, manufacturers of wearable devices are integrating various technologies, such as NFC and RFID, into their products, which in turn offers lucrative opportunity for the market.
- However, security concerns, battery drain issues for devices, and high costs associated with the wearable devices are key factors hampering the market
Asia Pacific market to expand significantly
- In terms of region, the global wearable payment devices market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- The wearable payment devices market in Asia Pacific is anticipated to expand at a notable CAGR during the forecast period
- This expansion is attributed to benefits of wearable payment devices, increase in disposable income, and rise in digitalization. These factors are expected to increase the demand for wearable payment devices.
- The wearable payment devices market in North America and Europe is expected to expand at a prominent growth rate due to an increase in competition among key players. The market in Middle East & Africa is likely to expand at a high growth rate due to increasing disposable income among consumers.
Key Players in Global Wearable Payment Devices Market
The global wearable payment devices market is highly fragmented, as a large number of manufacturers are present. Prominent players operating in the global market are focused on product launch and technological developments to cater to the rising demand.
Key players operating in the global wearable payment devices market include:
- Apple Inc.
- Fitbit, Inc.
- Google, Inc.
- Samsung Electronics Co. Ltd.
Global Wearable Payment Device Market: Research Scope
Global Wearable Payment Device Market, by Type
- Smart Watches
- Fitness Tracker
- Payment Wristbands
- Smart Rings
Global Wearable Payment Device Market, by Technology
- Near-field Communication Technology (NFC)
- Radio Frequency Identification (RFID)
- QR & Bar Codes
Global Wearable Payment Device Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.