Wearable Payment Device Market by Device Type, Technology, Application

Posted by Steve Stark on April 19th, 2021

The global wearable payment device market size is projected to grow from USD 43.0 billion in 2021 to USD 82.0 billion by 2026; it is expected to grow at a CAGR of 13.6% from 2021 to 2026. The growth of the wearable payment device market is majorly driven by surge in the adoption of contactless cards and wearable devices due to the COVID-19 situation, emerging demand for contactless payment for secure and safer payment transactions, and the growing adoption of NFC technology.

COVID-19 impact on the Wearable payment device market

The wearable payment device market was not severely impacted by the COVID-19 pandemic. The demand for wearable devices has been boosted due to the rise in health concerns post-COVID-19. The current pandemic has highlighted the importance and usefulness of wearable devices. Users are adopting wearable devices to measure, monitor, and continuously assess personal health regularly. The pandemic has also raised awareness toward the adoption of contactless payments. It has accelerated the shift from cash to digital options through smartphones and wearable payment devices, due to the risk of contamination. Contactless payments have emerged as an essential solution for all businesses as they help them to drive their business forward along with ensuring safety to combat the coronavirus pandemic.

Wearable payment device market in APAC contributed the largest share in 2020.

APAC accounted for the largest share of the wearable payment device market in 2020. The region has the presence of prominent players of wearable devices. The manufacturers in China and India offer wearable devices at a low price, making them affordable for customers. Many international players get their wearable devices manufactured and assembled by local manufacturers based in the region and then brand their names. The region holds many highly populated countries, which account for the high adoption rate of consumer electronics. The ongoing COVID-19 pandemic has accelerated the rise of the digital economy, particularly contactless payments. This, in turn, is expected to increase the demand for wearable payment devices in APAC.

Retail and grocery stores segment expected to lead the wearable payment device market in 2020

Consumers have been using contactless payment through wearable devices for billing in retail and grocery stores, as they are convenient and allow the consumers to keep a record of their transactions. Besides, with the ongoing COVID-19 pandemic, consumers are increasingly veering away from handling cash due to the fear of spreading the disease. Also, several retailers across the world are investing in contactless payment technologies to keep customers safe. Thus, the market for retail and grocery stores is expected to grow at the highest rate during the forecast period.

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Key Market Players

The wearable payment deviceplayers have implemented various types of organic as well as inorganic growth strategies, such as product launches, product developments, and acquisitions to strengthen their offerings in the market. Apple Inc. (US) Samsung Electronics Co., Ltd. (South Korea), Fitbit Inc. (US), Garmin AB (Switzerland),  Xiaomi Corporation (China) , Google LLC (US), Tappy Technologies Ltd. (US), Barclays PLC (UK), VISA Inc. (US), PayPal Holding Inc. (US), and Mastercard, Inc. (US) are some of the major players in wearable payment device market.