Wearable Payment Market Trends, Analysis and Forecasts to 2025

Wearable payment refers to transactions between wearable devices and contactless payment terminals like NFC. NFC is a standard-based short-range (about 10 cm) connectivity that uses high-frequency wireless communication technology. This technology enables peer-to-peer communication between two devices, by bringing them in close proximity. End-users use this technology to transfer information from their devices to contactless payment terminals such as smartphones and NFC tags. The technology involves a direct transfer of data between wearable devices and POS devices.

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The various contributors involved in the value chain of Wearable Payment include manufacturers, suppliers, distributors, intermediaries, and customers. The key manufacturers in the Wearable Payment include Apple, Jawbone, Google, MasterCard, Samsung Electronics, Visa, Alibaba, American Express, Barclays, Broadcom, Fitbit, Gemalto, Infineon Technologies, Inside Secure, MediaTek, Microsoft, NXP Semiconductors, Qualcomm, PayPal, Renesas Electronics, Sony and Xiaomi.

According to the report, one of the primary drivers in the market is declining cost of NFC technology. The global wearable payment market is driven by the declining cost of NFC technology. The technology has become more affordable for device manufacturers that integrate the technology into wearable devices. In addition, as the number of vendors offering wearable devices is increasing, it is likely to support the growth of the wearable payment in the coming years. The declining price of NFC technology and the growth of the NFC ecosystem that supports various NFC applications have encouraged vendors to integrate NFC technology into wearable devices. Jawbone launched the fitness device UP4, which is integrated with payment technology. This will likely encourage more people to adopt NFC-enabled wearable devices, which will in turn, drive the growth of the global wearable payment market during the forecast period.

Market Size Split by Type

· Smart Watches

· Fitness Trackers

· Payment Wristbands

Market Size Split by Application

· Online

· Offline

Wearable Payment Consumption by Region

· North America

· Asia-Pacific

· Europe

· Central & South America

· Middle East & Africa

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Scope of Report:

· To study and analyze the global Wearable Payment market size (value & volume) by company, key regions/countries, products and application, history data from 2013 to 2017, and forecast to 2025.

· To understand the structure of Wearable Payment market by identifying its various subsegments.

· To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

· Focuses on the key global Wearable Payment manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.

· To analyze the Wearable Payment with respect to individual growth trends, future prospects, and their contribution to the total market.

· To project the value and volume of Wearable Payment submarkets, with respect to key regions (along with their respective key countries).

· To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.

· To strategically profile the key players and comprehensively analyze their growth strategies.

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