The major contributing factor for the growth of the market for Wearable Payments Devices can convergence of wearable devices and e-banking, by deploying NFC technology in devices.
Market Size – USD 312.4 billion in 2018, Market Growth – CAGR of 15.31%, Market Trends – rising demand for IoT products.
NEW YORK, March 12, 2019 (GLOBE NEWSWIRE) — The Wearable Payments Devices market is expected to grow from USD 312.4 billion in 2018 to USD 1121.01 billion by 2026, at a CAGR of 15.31% during the forecast period. Rise in demand of host card emulation (HCE), rising adoption of cashless transactions, growth of IoT globally, emerging demand of wearable devices and contactless payments and reducing costs of Near Field Communication (NFC) technology deployment, are some of the driving factors of the market.
Security concerns, high cost of the devices and limited battery life of the devices may restrain the growth of the Wearable Payments Devices market.
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Further key findings from the report suggest
- The Wearable Payments Devices market is segmented by type into smart watches, fitness trackers & payment wristbands. The market for smart watches is expected to witness highest growth of approx. CAGR of 16.72% during the forecast period, since several vendors are launching relatively low-priced smart watches, which are connected to smartphones via NFC, RF, or Bluetooth.
- The Wearable Payments Devices market is segmented by application into retail, festivals and live events, theme parks, transportation, sports stadiums & other. The market for retail is driven by the demand of cashless payments at local shops &markets and e-commerce. Payments at festivals and live events will reduce the issues faced due to phone battery life during events and risks of theft or getting broken. On the other hand, payments at theme parks will allow their guests to access lockers, hotel rooms or VIP areas, as well as will also offer payments, from using the items pre-loaded credit to activating ‘fast pass’ tickets or spending pre-paid “entitlements” like meal plans.
- The Wearable Payments Devices Market is segmented by Geography into North, America, Europe, Asia Pacific, Middle East & Africa and Latin America. APAC is expected to have the highest market share in the market, with a CAGR of 15.79% in the forecast year, due to adoption of smartwatches in the region. Another factor which is driving the market in this region is the China-based companies such as HTC and Huawei Technologies, which are focusing on manufacturing smartwatches at a reasonable price for its consumers.
- Key players with in Wearable Payments Devices market are Apple, Xiaomi, Disney, Intelligent Venue Solutions, MasterCard, Fitbits, Barclays, Intellitix, Jawbone, Nymi, Wirecard, Garmin, CaixaBank, PayPal, Gemalto, Westpac, & Samsung, among others.
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For the purpose of this report, the market has been segmented on the basis of type, applications, and regional analysis.
• Wearable Payments Devices Market by type (Revenue, USD Billion; 2018-2026)
- Smart Watches
- Fitness Trackers
- Payment Wristbands
• Wearable Payments Devices Market by applications (Revenue, USD Billion; 2018-2026)
- Festivals and Live Events
- Theme Parks
- Sports Stadiums
• Wearable Payments Devices Market Regional Outlook (Revenue, USD Billion; 2018-2026)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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