Wearable Payments Devices Market Growth and Forecast 2031

 

The wearable payments devices market size is expected to grow at a CAGR of 15.8% from 2023 to 2031. The wearable payments devices market includes growth prospects owing to the current wearable payments devices market trends and their foreseeable impact during the forecast period. The wearable payments devices market is growing due to factors such as growing adoption of cashless transactions, increasing adoption of wearable devices, and rising internet penetration

Wearable Payments Devices Market Analysis

Wearable payment devices are gadgets, like smartwatches or wristbands, equipped with technology that lets users make payments without cash or cards. Many wearable payment devices offer enhanced security features like biometric authentication or tokenization, making transactions safer than carrying physical cards. Some wearable payment devices also offer features to track spending habits, helping users manage their finances more effectively.

Wearable Payments Devices Market Industry Overview

• The wearable payment devices market industry is evolving rapidly, with a growing demand for convenient and secure payment solutions.
• Companies are innovating to offer sleek, stylish devices that appeal to consumers' tastes while providing seamless transaction experiences.
• As more people embrace digital payment methods, the market for wearable payment devices continues to expand, offering opportunities for businesses and meet evolving consumer needs.

Wearable Payments Devices Market Driver

Growing Adoption Of Wearable Devices To Drive The Wearable Payments Devices Market

• The wearable technology market has grown substantially, with major players such as Apple and Samsung. According to Gitnux, 640 million wearable technology devices are expected to be shipped worldwide by 2031.
• With an increasing number of people embracing wearable technology for fitness tracking, notifications, and other functionalities, the integration of payment capabilities adds another layer of convenience to these devices.

Wearable Payments Devices Market Report Segmentation Analysis

• Based on the device type, the wearable payments devices market is segmented into smart watches, fitness trackers, payment wristbands, smart rings, and others. The smart watches segment is expected to hold a substantial wearable payments devices market share in 2023.

Wearable Payments Devices Market Share Analysis By Geography

The scope of the wearable payments devices market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant wearable payments devices market share owing to factors such as the widespread adoption of wearable technology and the increasing preference for cashless transactions. Consumers in the region are embracing wearable devices like smartwatches and fitness trackers, which are often equipped with payment functionalities for added convenience. Moreover, North America has the presence of major players such as Apple, Google, and Fitbit, which are driving innovation in wearable payment technology.

Wearable Payments Devices Market Report Scope

The "Wearable Payments Devices Market Analysis" was carried out based on device type, technology, and geography. On the basis of device type, the market is segmented into smart watches, fitness trackers, payment wristbands, smart rings, and others.  On the basis of technology, the market is segmented into NFC, RFID, QR, and Barcode. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Wearable Payments Devices Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the wearable payments devices market. A few recent key market developments are listed below:

• In March 2024, IndusInd Bank announced a partnership with Tappy Technologies and Thales to launch a tokenization solution for wearable payments. The Indus PayWear app will enable the bank’s customers to tokenize their credit and debit cards, which can then be applied to Indus PayWear wearables such as rings, watch clasps, and stickers to facilitate contactless payments.

[Source: IndusInd Bank, Press Release]

• In October 2022, Curve announced a partnership with the Swedish technology company Fidesmo to enable its customers to make contactless payments with wearable devices. Offering a wearable collection of rings, bracelets, and keychains, Fidesmo’s partnership with Curve allowed its UK and European Economic Area (EEA) customers to add multiple payment cards to Fidesmo devices, using them to pay at contactless terminals.

[Source: Curve, Press Release]

Wearable Payments Devices Market Report Coverage & Deliverables

The wearable payments devices market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Wearable Payments Devices Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

REGIONAL FRAMEWORK

Wearable Payments Devices Market Report Analysis

MARKET PLAYERS

Wearable Payments Devices Market Report Scope