Wilmington, Delaware, Feb. 13, 2025 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Wearable Payments Market by Devices (Smart Watches, Payment Tracker, Payment Wristbands, Smart Rings, and Others), Technology (Near Field Communication Technology (NFC), RFID (Radio Frequency Identification), QR and Bar Codes, and Others), and Application (Grocery Stores, Bar and Restuarants, Pharmacies/Drug Stores, Entertainment Centers, anad Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the “wearable payments market” was valued at $46.9 billion in 2023, and is estimated to reach $393.4 billion by 2033, growing at a CAGR of 23.7% from 2024 to 2033.
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Prime Determinants of Growth
Increase in adoption of contactless payment solutions and rise in supportive government policies & regulatory frameworks are expected to drive the global wearable payments market growth. However, factors such as limited battery life and device reliability are anticipated to hamper the growth of the market. On the contrary, increase in use of NFC, RFID, and host card emulation technology in wearable payments is expected to create lucrative opportunities for the growth of the wearable payments market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $46.9 Billion |
| Market Size in 2033 | $393.4 Billion |
| CAGR | 23.7% |
| Segments covered | Devices, Technology, Application, and Region |
| Drivers | Rise in Adoption of Contactless Payment Solutions |
| Opportunities | Increase in use of NFC, RFID, & host card emulation technology in wearable payments |
| Restraints | Limited Battery Life and Device Reliability |
Segment highlights
The smart watches segment held the highest market share in 2023
By devices, the smart watches segment held the largest market share in 2023, accounting for more than two-fifths of the wearable payments market revenue and is estimated to maintain its leadership status during the forecast period, owing to the growing popularity of multi-functional devices. With enhanced connectivity and secure payment features, smartwatches offer convenience, which is driving their adoption in wearable payments.
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The near-field communication segment held the highest market share in 2023
By technology, the near-field communication segment held the highest market share in 2023 and is projected to maintain its lead position during the forecast period, owing to its ability to facilitate secure, fast, and contactless payments. NFC’s widespread integration in smartphones, wearables, and payment systems, along with its strong consumer adoption for seamless transactions, supports its continued dominance in the market.
The grocery stores segment accounted for the largest share in 2023
By application, the grocery stores segment accounted for the largest share in 2023, contributing for more than one-fourth of the wearable payments market revenue, owing to rise in adoption of contactless and wearable payment services by various retailers and grocery stores owners for improving the speed of the transaction and to attract large customer base.
Europe region to maintain its dominance by 2033
By region, Europe held the largest market share in terms of revenue in 2023, owing to the regulatory support in the region facilitated seamless integration of wearable technologies in payments, which is enhancing convenience and security. However, the Asia-Pacific segment is projected to attain the highest CAGR from 2023 to 2033, owing to rapid digitization and increase in smartphone penetration in countries such as China and India. The region’s growing middle class, urbanization, and government initiatives promoting cashless payments, further accelerate the adoption of wearable payment technologies in the region.
Leading Market Players
- Samsung Electronics Co. Ltd.
- Giesecke+Devrient GmbH
- Tappy Technologies Limited
- Infineon Technologies AG
The report provides a detailed analysis of these key players in the wearable payments market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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Recent Key and Developments
- In October 2024, Tappy Technologies announced the launch of its fitness and payment ring. This ring merges fitness tracking with network card tokenization technology for contactless payments.
- In March 2024, IndusInd Bank announced the launch of its contactless payment’s wearables, ‘Indus PayWear,’ India’s first All-in-One tokenizable wearables for both debit and credit cards exclusively on Mastercard, with the offering to be extended to other card networks shortly.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wearable payments market analysis from 2023 to 2033 to identify the prevailing wearable payments market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the wearable payments market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global wearable payments market trends, key players, market segments, application areas, and market growth strategies.
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