An increase in the adoption of cashless payments across the world, better customer experience offered by wearable payment mediums, and the surge in demand for wearable devices and contactless payment for secure and safer payment transactions drive the growth of the global wearable payments market. Based on region, Europe held the major share in 2019, generating nearly two-fifths of the global market, and is expected to retain its dominance during the study period.
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According to the report published by Allied Market Research, the global wearable payments market generated $285.4 billion in 2019 and is projected to reach $1.37 trillion by 2027, witnessing a CAGR of 21.7% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chains, key investment pockets, regional scenarios, and competitive landscapes.
COVID-19 scenario:
- The outbreak of covid-19 has given rise to contactless payments to a considerable extent. Accordingly, the global wearable payments market has experienced a significant boost.
- The fact that retailers and consumers are now encouraged to have minimal physical interaction has impacted the market positively across the world.
The global wearable payments market is segmented on the basis of device type, technology, application, and region. Based on device type, the smartwatches segment contributed to more than two-fifths of the market revenue in 2019 and is expected to lead the trail by the end of 2027. The intelligent rings segment, on the other hand, is projected to portray the fastest CAGR of 23.7% throughout the forecast period.
Based on application, the grocery stores segment accounted for nearly one-third of the total market revenue in 2019 and is anticipated to rule the roost by 2027. At the same time, the entertainment centers segment would manifest the fastest CAGR of 23.8% from 2020 to 2027.
Based on region, Europe held the major share in 2019, generating nearly two-fifths of the global market, and is expected to retain its dominance during the study period. Simultaneously, the market across Asia-Pacific would grow at the fastest CAGR of 23.3% till 2027. The report is also analyzed across North America and LAMEA.
Leading players of the wearable global payments analyzed in the research include Alibaba Group, Apple Inc., Barclays Plc., Fitbit Inc., Google Inc., Jawbone, Mastercard, PayPal Inc. Samsung Electronics Co. Ltd., and Visa Inc.
