Wearable Payment Devices Market Advanced Technology and New Innovations by 2031

Wearable Payment Devices Market Expected to Reach $158.8 Billion by 2031 — Allied Market Research

WILMINGTON, DELAWARE, , UNITED STATES, July 17, 2024 /EINPresswire.com/ -- 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, titled, "Wearable Payment Devices Market," The wearable payment devices market size was valued at $47.1 billion in 2021, and is estimated to reach $158.8 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/A15670

Some of the prime drivers of the wearable payment devices industry are the surge in penetration of contactless payment systems at various retail stores, petrol pump stations, and restaurants, thereby positively impacting the growth of the wearable payment devices market trends. In addition, the increase in shift from traditional payment systems to digital systems across developing nations and the rise in the trend of mobile commerce across the globe boost the global wearable payment devices market growth. These transactions are considered highly authenticated and extremely protected as NFC chips interchange cryptographic data to render the transfer complete. However, battery drain issues and the high risk of stolen or lost wearables are expected to hamper the market growth. On the contrary, the rise in demand for mobile and wearable payment devices among developing nations, such as China, Japan, and India, is expected to offer remunerative opportunities for the expansion of the market during the forecast period. 

The increase in the adoption of wearable contactless payment devices and the rise in penetration of wearable payment technology have led to the growth of the wearable payment devices market in recent years. Wearable payment devices comprise several devices such as smartwatches, fitness trackers, payment wristbands, smart rings, and others. Unlike mobile payments that are done through the internet, NFC payments are carried out in close physical proximity preventing unauthorized access during the transactions. 

The retail & grocery stores segment is expected to garner a significant wearable payment devices market share during the forecast period. This is attributed to the demand for contactless payment services in the retail industry and the increase in investment by retail owners for adopting digital payment technology. However, the other segment contributed the largest wearable payment devices market share in 2020, owing to an increase in the adoption of mobile payment devices among various industries for reducing cash counting time and different types of errors. The growing integration of NFC payment systems in mobile devices has boosted comfort with using contactless cards, and the increasing acceptance of contactless point-of-sale devices is likely to generate development prospects for the market throughout the forecast period. 

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/A15670

Region-wise, the wearable payment devices market was dominated by Asia-Pacific in 2021 and is expected to retain its position during the forecast period. This is attributed to an increase in demand among merchants across the U.S. and Canada to use contactless payment technology. However, North America is expected to witness a significant growth rate during the forecast period, owing to the penetration of high-speed internet connectivity across developing nations such as the U.S. and Canada.  

The wearable payment devices market analysis is based on device type, technology, application, and region. By device type, the market is classified into fitness trackers, smart watches, payment wristbands, and smart rings. By technology, it is divided into near-field communication technology (NFC), radio frequency identification (RFID), and QR and Barcode. By application, it is fragmented into retail & grocery stores, entertainment centers, restaurants & bars, and hospitals & pharmacies. Region-wise, the wearable payment devices market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific) and LAMEA (Latin America, the Middle East, and Africa).

Country-wise, the China region holds a significant wearable payment devices market share in the global wearable payment devices market analysis, owing to the presence of prime players. Major organizations and government institutions in this country are intensely putting resources into these global wearable payment devices. These prime sectors have strengthened the wearable payment devices market growth in the region.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A15670

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

• In 2021, by device type, the fitness trackers segment accounted for maximum revenue and is projected to grow at a notable CAGR during the forecast period.
• By technology, the QR and barcode segment was the highest revenue contributor to the market, with $26,795.0 million in 2021, and is estimated to reach $87,839.3 million by 2031, with a CAGR of 13.02%.
• By application, the retail and grocery stores segment generated the largest revenue to the market and is estimated to reach significant growth by 2031, with a CAGR of 13.7%.
• Region-wise, the Asia-Pacific was the highest revenue contributor, accounting for $23,324.3 million in 2021, and is estimated to reach $85,078.2 million by 2031, with a CAGR of 14.23%.

The wearable payment devices market key players profiled in the report include 𝑨𝒑𝒑𝒍𝒆 𝑰𝒏𝒄., 𝑺𝒂𝒎𝒔𝒖𝒏𝒈 𝑬𝒍𝒆𝒄𝒕𝒓𝒐𝒏𝒊𝒄𝒔 𝑪𝒐 𝑳𝒕𝒅, 𝑮𝒂𝒓𝒎𝒊𝒏 𝑳𝒕𝒅., 𝑿𝒊𝒂𝒐𝒎𝒊 𝑪𝒐𝒓𝒑𝒐𝒓𝒂𝒕𝒊𝒐𝒏, 𝑮𝒐𝒐𝒈𝒍𝒆 𝑳𝑳𝑪, 𝑽𝒊𝒔𝒂, 𝑰𝒏𝒄., 𝑩𝒂𝒓𝒄𝒍𝒂𝒚𝒔, 𝑷𝒂𝒚𝑷𝒂𝒍 𝑯𝒐𝒍𝒅𝒊𝒏𝒈𝒔, 𝑰𝒏𝒄., 𝑴𝒂𝒔𝒕𝒆𝒓𝒄𝒂𝒓𝒅 𝑰𝒏𝒄., 𝑭𝒊𝒕𝒃𝒊𝒕 (𝑮𝒐𝒐𝒈𝒍𝒆), 𝒂𝒏𝒅 𝑻𝒂𝒑𝒑𝒚 𝑻𝒆𝒄𝒉𝒏𝒐𝒍𝒐𝒈𝒚 𝑳𝒕𝒅. The market players have adopted various strategies, such as product launches, collaborations & partnerships, joint ventures, and acquisitions to expand their foothold in the wearable payment devices industry.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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Allied Market Research
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