Wearable Payments Devices Market By Type, By Application, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019–2026

The Wearable Payments Devices Market was valued at USD 3.2 Billion in 2018, and is expected to grow at CAGR of 15.2% from 2020–2026. Key factors influencing the growth rate include rising adoption of cashless transactions, demand for contactless payments, reducing costs of Near Field Communication (NFC) technology deployment and rise in demand of host card emulation (HCE).

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Wearables are mobile phones or gadgets that are worn by users to directly or indirectly interact with the device. Majorly used devices are wristbands, smart watches and fitness or health trackers. In terms of functionality, there are many wearables in the commercial market and with low entry barriers, high proliferation of simple gadgets are highly evident. For instance, the estimation for shipment for Apple watches in 2018 that was expected to cross around 480 million annually. However, the development and adoption scenarios might be contrasting, the market continues to demonstrate a continuous growth.

Going further, digitization in banks continue to gain traction as banks are now connecting card management systems with token service providers as specified by the payment networks. In addition, the market is becoming optimistic and gradually adopting industry standards. This has accelerated the adoption of wearable devices and growth in contactless payment models.

At present, the payment technology in wearable device is in nascent stages with a high number of challenges to overcome. However, standardization and collaboration of services, the major emphasis of industry leaders is on creating secure and reliable wearable devices for consumer use without any hassle. With this anticipation, the development for wearable devices in the payment technology market is expected to have a strong foothold within a global scenario.

Wearable Payments Devices Market Trends, Drivers and Opportunities:

Wearable payments device market is significantly driven by rise in digitization followed by increasing adoption of cashless economy witnessed in several countries. Internet penetration and use of SMART technologies as the number of connected devices are growing. The market growth is also influenced by the presence of AI and VR technologies driven by development in mobile applications. However, low awareness and rising competition are limiting the market growth in the forecast period. In addition, the market also witness setbacks such as low battery life, high pricing for consumers and constricted use cases.