Wearable Payments Devices Market with COVID-19 Impact Analysis, By Device Type (Smart Watches Fitness Trackers Payment Wristbands Smart Rings), By Application (Retail/Grocery Stores Restaurants Hospitals/Pharmacies Entertainment Centers), By Technology (Near Field Communication Technology (NFC) Radio Frequency Identification (RFID) QR & Barcode), By Sales Channel (Direct Sales Indirect Sales), and by Region (NA, EU, APAC, LA, MEA) Analysis, Size, Share, Trends, & Forecast from 2021-2027
Report Code: AV1091
Industry: Semiconductor and Electronics
Publiced On: 2022-01-02
Pages: 304
Format:
REPORT HIGHLIGHT
The global Wearable Payments Devices market was valued at USD 42,008.4 Million in 2020, growing with 14.8% CAGR during the forecast period, 2021-2027.
Consumers can use advanced technology integrated into their wearable devices to pay for products or services securely. The tapping-and-go method of payment is also called tap-and-go by many retailers and organizations since it provides retailers and vendors with a safer and more secure method of payment.
Market Dynamics
According to a report released by the National Association for the Advancement of Science, the major factors driving the market growth include the adoption of COVID-19-compliant cards and wearable devices, a growing demand for contactless payments for safe and secure payments, and growing adoption of NFC technology.
Wearable payment is defined as the act of making payments using devices that include wireless technologies such as NFC and RFID. Wearable payment devices are now being offered to customers more than just a convenient, contactless mode of payment since COVID-19 was spreading. Additionally, they can be used in both a healthy and safe manner. As an example, in the first quarter of 2020, MasterCard saw an increase of 40% in contactless payments. The technology is also used by 60% of all VISA customers outside of the United States for contactless payments. As a consequence, there has been a number of financial institutions, banks, and payment service providers who have accepted the digital payment agenda.
The COVID-19 pandemic had little effect on the market. Post-COVID-19, health concerns have prompted an increase in wearable device demand. During the current pandemic, wearable devices have been highlighted for their importance and usefulness. They are being adopted by users as ways to measure, monitor, and continuously gauge their health. As a result of the pandemic, contactless payments are becoming more popular. Due to contamination risks, phones and these devices have accelerated the switch to digital expense options.
Segmentation Analysis:
The Wearable Payments Devices industry is segmented based on devices type, application, sales channel technology, and region.
In terms of devices type, the global Wearable Payments Devices industry is separated into smartwatches, fitness trackers, wristbands, smart rings, and others. Among these, into fitness tracker devises type segment accounted for the highest market share in 2020. Due to the increasing use of fitness devices and an increasing number of fitness enthusiasts around the world, fitness trackers are expected to grow in popularity in the coming years. Some fitness tracker vendors offer mobile payment capabilities. In addition, customers are increasingly choosing fitness trackers because of their added security features, which will protect them from frauds and identity thefts during the expense process.
Based upon the sales channel, the global Wearable Payments equipment industry is fragmented into indirect sales channels and direct sales channels. Most of the wearable payment device market is dominated by indirect sales channels or third parties since these channels are most commonly used by providers to sell their products to consumers. The market's key players have well-established sales networks and sell their products worldwide. As of now, smartwatches are primarily used for contactless payment in the wearable device market. Apple, Samsung, Fitbit, Garmin, and other major companies in this sector depend heavily on indirect sales channels for revenue generation.
Further, in terms of technology, the global Wearable Payments equipment industry is classified as Near Field Communication Technology (NFC), QR & Barcode, and Radio Frequency Identification (RFID). Among these barcode technology segment has the largest market share in 2020. Consumers are being focused on improving their experience at the checkout and reducing friction. Barcode scanners integrated with wearable devices allow them to scan and go. Customers can scan their items effortlessly while shopping with this technology.
Competitive Landscape:
The global Wearable Payments Devices industry is characterized by the presence of many global giant companies operating in various regions. Prominent players operating in this industry include Apple Inc. (US) Samsung Electronics Co., Ltd. (South Korea), Garmin AB (Switzerland), Xiaomi Corporation (China), Fitbit Inc. (US), Google LLC (US), Barclays PLC (UK), Tappy Technologies Ltd. (US), VISA Inc. (US), PayPal Holding Inc. (US), and Mastercard, Inc.
This industry is moderately fragmented in nature and shows the presence of many players competing for market share. Major players are adopting mergers and acquisitions as one of the prominent strategies to expand their foothold in the industry. For instance, Fitbit, a wearable device company, has been acquired by Google LLC for USD 2.1 billion in an all-cash deal in January 2021. As a result of the acquisition, the internet giant will increase competition oversight while strengthening its hardware business.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL WEARABLE PAYMENTS DEVICES MARKET KEY PLAYERS
- Apple, Inc.
- Barclays PLC
- Gemalto NV
- Google LLC
- Mastercard
- Nymi
- PayPal Holdings Inc.
- Samsung Electronics
- Visa Inc.
- Wirecard
- Xiaomi
- Garmin
- Sony corporation
- Westpac
- Thales
GLOBAL WEARABLE PAYMENTS DEVICES MARKET, BY DEVICES TYPE
- Smart Watches
- Fitness Trackers
- Payment Wristbands
- Smart Rings
GLOBAL WEARABLE PAYMENTS DEVICES MARKET, BY APPLICATION
- Retail/Grocery Stores
- Restaurants
- Hospitals/Pharmacies
- Entertainment Centers
- Others
GLOBAL WEARABLE PAYMENTS DEVICES MARKET, BY TECHNOLOGY
- Near Field Communication Technology (NFC)
- Radio Frequency Identification (RFID)
- QR & Barcode
GLOBAL WEARABLE PAYMENTS DEVICES MARKET, BY SALES CHANNEL
- Direct Sales
- Indirect Sales
GLOBAL WEARABLE PAYMENTS DEVICES MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Singapore
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA
1. Wearable Payments Devices Market Overview
1.1. Study Scope
2. Executive Summary
2.1. Market Snippet
2.1.1. Market Snippet by Device Type
2.1.2. Market Snippet by Application
2.1.3. Market Snippet by Technology
2.1.4. Market Snippet by Sales Channel
2.1.5. Market Snippet by Region
2.2. Competitive Insights
3. Wearable Payments Devices Key Market Trends
3.1. Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Market Opportunities
3.4. Market Future Trends
4. Wearable Payments Devices Industry Study
4.1. Porter’s Five Forces Analysis
4.2. Marketing Strategy Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Wearable Payments Devices Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Wearable Payments Devices Market Landscape
6.1. Market Share Analysis, 2020
6.2. Key Innovators Analysis
6.3. Breakdown Data, by Key Manufacturer
6.3.1. Established Players’ Analysis
6.3.2. Emerging Players’ Analysis
7. Wearable Payments Devices Market – By Device Type
7.1. Overview
7.1.1. Segment Share Analysis, By Device Type, 2020 & 2027 (%)
7.2. Smart Watches
7.3. Fitness Trackers
7.4. Payment Wristbands
7.5. Smart Rings
8. Wearable Payments Devices Market – By Application
8.1. Overview
8.1.1. Segment Share Analysis, By Application, 2020 & 2027 (%)
8.2. Retail/Grocery Stores
8.3. Restaurants
8.4. Hospitals/Pharmacies
8.5. Entertainment Centers
8.6. Others
9. Wearable Payments Devices Market – By Technology
9.1. Overview
9.1.1. Segment Share Analysis, By Technology, 2020 & 2027 (%)
9.2. Near Field Communication Technology (NFC)
9.3. Radio Frequency Identification (RFID)
9.4. QR & Barcode
10. Wearable Payments Devices Market – By Sales Channel
10.1. Overview
10.1.1. Segment Share Analysis, By Technology, 2020 & 2027 (%)
10.2. Direct Sales
10.3. Indirect Sales
11. Wearable Payments Devices Market– By Geography
11.1. Introduction
11.1.1. Segment Share Analysis, By Geography, 2020 & 2027 (%)
11.2. North America
11.2.1. Overview
11.2.2. Key Manufacturers in North America
11.2.3. North America Market Size and Forecast, By Country, 2016 - 2027 (US$ Million)
11.2.4. North America Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.2.5. North America Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.2.6. North America Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.2.7. North America Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.2.8. U.S.
11.2.8.1. Overview
11.2.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.2.8.3. U.S. Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.2.8.4. U.S. Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.2.8.5. U.S. Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.2.8.6. U.S. Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.2.8.7.
11.2.9. Canada
11.2.9.1. Overview
11.2.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
1.1.1.1. Canada Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
1.1.1.2. Canada Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
1.1.1.3. Canada Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
1.1.1.4. Canada Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.3. Europe
11.3.1. Overview
11.3.2. Key Manufacturers in Europe
11.3.3. Europe Market Size and Forecast, By Country, 2016 - 2027 (US$ Million)
11.3.4. Europe Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.3.5. Europe Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.3.6. Europe Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.3.7. Europe Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.3.8. Germany
11.3.8.1. Overview
11.3.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.3.8.3. Germany Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.3.8.4. Germany Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.3.8.5. Germany Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.3.8.6. Germany Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.3.9. Italy
11.3.9.1. Overview
11.3.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.3.9.3. Italy Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.3.9.4. Italy Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.3.9.5. Italy Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.3.9.6. Italy Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.3.10. United Kingdom
11.3.10.1. Overview
11.3.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.3.10.3. United Kingdom Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.3.10.4. United Kingdom Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.3.10.5. United Kingdom Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.3.10.6. United Kingdom Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.3.11. France
11.3.11.1. Overview
11.3.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.3.11.3. France Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.3.11.4. France Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.3.11.5. France Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.3.11.6. France Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.3.12. Rest of Europe
11.3.12.1. Overview
11.3.12.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.3.12.3. Rest of the Europe Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.3.12.4. Rest of the Europe Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.3.12.5. Rest of the Europe Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.3.12.6. Rest of the Europe Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.4. Asia Pacific (APAC)
11.4.1. Overview
11.4.2. Key Manufacturers in Asia Pacific
11.4.3. Asia Pacific Market Size and Forecast, By Country, 2016 - 2027 (US$ Million)
11.4.4. Asia Pacific Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.4.5. Asia Pacific Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.4.6. Asia Pacific Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.4.7. Asia Pacific Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.4.8. India
11.4.8.1. Overview
11.4.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.4.8.3. India Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.4.8.4. India Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.4.8.5. India Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.4.8.6. India Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.4.9. China
11.4.9.1. Overview
11.4.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.4.9.3. China Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.4.9.4. China Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.4.9.5. China Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.4.9.6. China Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.4.10. Japan
11.4.10.1. Overview
11.4.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.4.10.3. Japan Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.4.10.4. Japan Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.4.10.5. Japan Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.4.10.6. Japan Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.4.11. South Korea
11.4.11.1. Overview
11.4.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.4.11.3. South Korea Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.4.11.4. South Korea Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.4.11.5. South Korea Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.4.11.6. South Korea Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.4.12. Rest of APAC
11.4.12.1. Overview
11.4.12.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.4.12.3. Rest of APAC Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.4.12.4. Rest of APAC Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.4.12.5. Rest of APAC Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.4.12.6. Rest of APAC Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.5. Latin America
11.5.1. Overview
11.5.2. Key Manufacturers in Latin America
11.5.3. Latin America Market Size and Forecast, By Country, 2016 - 2027 (US$ Million)
11.5.4. Latin America Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.5.5. Latin America Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.5.6. Latin America Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.5.7. Latin America Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.5.8. Brazil
11.5.8.1. Overview
11.5.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.5.8.3. Brazil Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.5.8.4. Brazil Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.5.8.5. Brazil Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.5.8.6. Brazil Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.5.9. Mexico
11.5.9.1. Overview
11.5.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.5.9.3. Mexico Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.5.9.4. Mexico Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.5.9.5. Mexico Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.5.9.6. Mexico Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.5.10. Argentina
11.5.10.1. Overview
11.5.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.5.10.3. Argentina Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.5.10.4. Argentina Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.5.10.5. Argentina Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.5.10.6. Argentina Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.5.11. Rest of LATAM
11.5.11.1. Overview
11.5.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.5.11.3. Rest of LATAM Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.5.11.4. Rest of LATAM Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.5.11.5. Rest of LATAM Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.5.11.6. Rest of LATAM Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.6. Middle East and Africa
11.6.1. Overview
11.6.2. Key Manufacturers in Middle East and Africa
11.6.3. Middle East and Africa Market Size and Forecast, By Country, 2016 - 2027 (US$ Million)
11.6.4. Middle East and Africa Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.6.5. Middle East and Africa Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.6.6. Middle East and Africa Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.6.7. Middle East and Africa Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.6.8. Saudi Arabia
11.6.8.1. Overview
11.6.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.6.8.3. Saudi Arabia Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.6.8.4. Saudi Arabia Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.6.8.5. Saudi Arabia Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.6.8.6. Saudi Arabia Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
11.6.9. United Arab Emirates
11.6.9.1. Overview
11.6.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2016 - 2027, (US$ Million)
11.6.9.3. United Arab Emirates Market Size and Forecast, By Device Type, 2016 - 2027 (US$ Million)
11.6.9.4. United Arab Emirates Market Size and Forecast, By Application, 2016 - 2027 (US$ Million)
11.6.9.5. United Arab Emirates Market Size and Forecast, By Technology, 2016 - 2027 (US$ Million)
11.6.9.6. United Arab Emirates Market Size and Forecast, By Sales Channel, 2016 - 2027 (US$ Million)
12. Key Vendor Analysis
12.1. Competitive Dashboard
12.2. Company Profiles
12.2.1. Ingersoll Cutting Tool Company
12.2.2. SGS Tool Company
12.2.3. Advent Tool & Manufacturing, Inc.
12.2.4. Garr Tool Company
12.2.5. Mitsubishi Materials Corporation
12.2.6. Best Wearable Payments Devices, Inc.
12.2.7. CERATIZIT S.A.
12.2.8. PROMAX Tools
12.2.9. Rock River Tool, Inc.,
12.2.10. vHF Camfacture AG
12.2.11. Vora industries
12.2.12. carbide tools Manufacturing, Inc
12.2.13. Tunco Manufacturing Inc.
12.2.14. Global Excel Tools Manufacturing Sdn
12.2.15. PROMAX Tools
13. 360 Degree AnalystView
14. Appendix
14.1. Research Methodology
14.2. References
14.3. Abbreviations
14.4. Disclaimer
14.5. Contact Us
