Wearable payment devices have witnessed noteworthy growth in the past few years. With the introduction of Host Card Emulation (HCE) and cashless payment methods, several financial institutions and banks have started utilizing the features of these electronic payment devices in order to expand their current customer base. Rise of HCE is attributed to growth is demand for wearable payment devices, as HCE allows wearable devices to allow card imitation on NFC-enabled devices without depending on access to an authenticated element. Furthermore, NFC, RFID, and HCE technologies are integral parts of wearable and contactless payment devices, owing to their features that support a seamless transaction experience.
For More Insights Into The Market, Request a Sample of this Report – https://www.factmr.com/connectus/sample?flag=S&rep_id=5795
Several manufacturers such as Samsung Electronics and Apple Inc. are integrating payment technologies into their wearable devices to cater to rising customer demand. Additionally, reduction in the cost of NFC technology installation has also contributed to market growth. Wearable payment devices offer a secured shopping experience to customers by using advanced technology incorporated in them.
As per the new report published by Fact.MR, the global wearable payment devices market is anticipated to exceed a valuation of around US$ 15.6 Bn by 2021, and is expected to expand at a mammoth CAGR of around 29% over the forecast period of 2021 to 2031.
Get Customization Copy of this Report – https://www.factmr.com/connectus/sample?flag=S&rep_id=5795
Key Takeaways from Market Study
- South Asia is estimated to witness major growth during the forecast period (34% during 2021 – 2031).
- North America is anticipated to register the highest market share of around 31%, followed by Europe.
- In 2020, North America and Europe together accounted for 57% of global wearable payment device sales. The European market is expected to offer over US$ 35.6 Bn absolute dollar opportunity over the next ten years.
- In terms of device type, fitness trackers and payment wristbands together held around three-fourth of the global market share in 2020.
- Under technology, barcodes are estimated to cover a higher market share, accounting for around 30% of the market.
- Among the applications, with over 28%, retail accounted for the highest share of wearable payment devices.
Access Research Methodology Prepared By Experts – https://www.factmr.com/connectus/sample?flag=RM&rep_id=5795
Key Market Segments Covered
- By Device Type
- Fitness Trackers
- Payment Wristbands
- Smart Watches
- By Technology
- Contactless Point of Sale Terminals
- Near Field Communication (NFC Wearable Payment Devices)
- Quick Response (QR) Codes
- Radio Frequency Identification (RFID Wearable Payment Devices)
- By Application
- Wearable Payment Devices for Festivals & Life Events
- Fitness Wearable Payment Devices
- Healthcare Wearable Payment Devices
- Retail Wearable Payment Devices
- Wearable Payment Devices for Transportation
- By Region
- North America
- Latin America
- East Asia
- South Asia
Reasons to choose Fact.MR:
- Exhaustive research regarding the market to offer A to Z information.
- Digital technologies to provide innovative business solutions to the clients.
- 24/7 availability of services.
- Interaction with suppliers, vendors, and service providers for precise market landscape.
- Reports tailored as per the requireme nts of the clients.
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583