Wearable Payment Devices Market
The market for wearable payment devices is experiencing growth due to the rising trend of automation for industrial optimization. Digital communication interfaces are replacing the older analog wearable payment devices and offering remote calibration and diagnostics. These transmitters are widely used in industrial machinery, as well as in consumer electronics for various applications, such as indoor navigation. Additionally, the healthcare industry is also contributing to market growth, with wearable payment devices being used to monitor blood pressure and regulate the quality of steam produced by sterilizers in hospitals. The market is also projected to grow due to increasing investments in the energy industry and the adoption of advanced technology to minimize human errors. Allied Market Research, the global wearable payment devices market was estimated at $47.1 billion in 2021 and is expected to hit $158.8 billion by 2031, registering a CAGR of 13.3% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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The report offers a detailed segmentation of the global wearable payment devices market based on device type, technology, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped into to achieve growth in the coming years.
Based on device type, the fitness trackers segment held the largest share in 2021, garnering nearly three-fifths of the global wearable payment devices market revenue, and is projected to maintain its dominance by 2031. The smartwatches segment, however, would cite the fastest CAGR of 14.75% throughout the forecast period. The payment wristbands and smart rings segments are also analyzed throughout the report.
Based on application, the retail and grocery stores segment accounted for the highest share in 2021, generating more than two-fifths of the global wearable payment devices market revenue, and is projected to rule the roost by 2031. However, the hospitals & pharmacies segment showcases the fastest CAGR of 14.8% during the forecast period. The entertainment centers and restaurants & bars segments are also discussed in the report.
Based on technology, the QR and barcode segment contributed to nearly three-fifths of the global wearable payment devices market revenue and is projected to rule the roost by 2031. However, the near-field communication technology (NFC) would portray the fastest CAGR of 14.41% throughout the forecast period. The radio frequency identification (RFID) segment is also studied in the report.
Based on region, Asia-Pacific held the major share in 2021, garnering nearly half of the global wearable payment devices market revenue, and is projected to maintain the lion’s share by 2031. Simultaneously, the same region would display the fastest CAGR of 14.23% throughout the forecast period. The other provinces studied in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global wearable payment devices market report include PayPal Holdings, Inc., Visa, Inc., Mastercard Inc., Fitbit (Google), Xiaomi Corporation, Samsung Electronics Co. Ltd., Apple Inc., Garmin Ltd., Google LLC, Tappy Technology Ltd, and Barclays. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments by the market players.
Key Benefits for Stakeholders
– This study comprises an analytical depiction of the wearable payment devices market size along with the current trends and future estimations to depict the imminent investment pockets.
– The overall wearable payment devices market analysis is determined to understand the profitable trends to gain a stronger foothold.
– The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
– The wearable payment devices market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
– Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the wearable payment devices market.
– The report includes the share of key vendors and market trends.
Wearable Payment Devices Market Key Segments:
Device Type
Fitness Trackers
Smart Watches
Payment Wristbands
Smart Rings
Application
Retail and Grocery Stores
Entertainment Centers
Restaurants and Bars
Hospitals and Pharmacies
Technology
Near-field Communication Technology (NFC)
Radio Frequency Identification (RFID)
QR and Barcode
By Region
North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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