Wearable Payment Device Market to Garner USD 170.67 BN by 2030

Wearable Payment Device Market Insights

The wearable payment device market is likely to witness rapid revenue growth. The availability of various wearable devices supporting digital payments would drive market growth. Market Research Future (MRFR) confirms that the global wearable payment device market will escalate from USD 42.41 BN in 2022 to USD 170.67 BN by 2030, growing at a 19.01% CAGR throughout the assessment period (2023-2030).

Contactless payment is rapidly emerging as the preferred payment method, becoming the leading application in demand by consumers for wearable technology worldwide. Wearable payment devices are employed with MULTOS secure elements to provide the all-important secure storage and processing of payment digital credentials. Technological convergence is another trend favoring the wearable payment device industry. 

The vast demand for the most convenient and consumer-friendly technologies that require no charging or batteries and yet function similarly to the widely used contactless cards substantiates the wearable payment device market size. Additional factors bolstering the market value include the rising adoption of smartwatches & fitness bands and rapid economic growth. 

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Major Players

Leading wearable payment device market players are

• Microsoft Corporation (US),
• Huawei Technologies (China),
• Sony Corporation (Japan),
• Thales SA (France),
• Westpac (Australia),
• Intelligent Venue Solutions (UK),
• Caxia Bank (Spain),
• Intellix (US),
• Nymi (Canada),
• Mclear Ltd (UK),
• Jakcom Technology Co (Netherlands),
• Token (UK), and
• Infineon Technologies AG (Germany), among others.

Wearable Payment Device Market – Segments

The report is segmented into types, technologies, applications, and regions. The type segment is sub-segmented into smartwatches, fitness trackers, payment wristbands, and others. The technology segment is sub-segmented into barcodes, contactless point of sale (POS) terminals, radio frequency identification (RFID), near-field communication (NFC), and quick response (QR) codes.

The application segment is sub-segmented into fitness, healthcare, retail, transportation, bars & restaurants, entertainment centers, and others. By region, the wearable payment device market is segmented into the Americas, Europe, Asia-Pacific, Middle East & Africa, and the world.

Global Wearable Payment Device Market – Regional Analysis

North America dominates the global wearable payment device market. Wide-spread awareness and government initiatives to strengthen cashless payment methods boost the market demand. Furthermore, the presence of several major industry players and the high disposable incomes of populations drive the market growth. Organizations in the US and Canada are implementing digital payment solutions. 

Besides, the expansion of the mobile commerce industry, rising trend of mobile app purchases, and wearable device innovations are key growth contributors. The North American wearable payment device market will dominate throughout the estimated period.

Global Wearable Payment Device Market – Competitive Landscape

Characterized by several giant players like Sony, Thales, Westpac, Mclear Ltd., Token, Infineon, Huawei, and Microsoft, the global wearable payment device cast market appears highly competitive. To gain a larger competitive advantage and maintain their market position, well-established players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product launches. 

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Industry/ Innovation/ Related News:

July 18, 2023 – Fidesmo, a leading contactless solutions provider, announced a partnership with Wearonize, a payment services provider, to roll out a scalable wearable payments solution. Companies seek to establish a new standard for contactless payments by offering a more efficient and cost-effective solution integrating contactless payments into wearable devices. This strategic and commercial partnership will combine Fidesmo’s expertise in payment tokenization and Wearonize’s proficiency in technology & wearable networks.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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