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Wearable Payment Device Market Size 2023- Future Challenges, Growth Opportunities, Demand, Share, Upcoming Trends and Forecast Report 2022-2032: SPER Market Research
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Wearable Payment Device Market Overview (2022-2032)
Forecast CAGR (2022-2032): 13.85%
Forecast Market Size (2032): 179.11 billion
With the use of cutting-edge technologies integrated into their wearable gadgets, wearable payments provide consumers a secure way to purchase goods and services. Because it offers vendors and merchants a more secure and error-free payment mechanism, some organisations and stores refer to it as the tap-and-go payment technique. In order to diversify their clientele globally and give customers more ease when buying outside, many banks and financial institutions are now offering wearable payment options.
Impact of COVID-19 on the Wearable Payment Device Market
The Covid-19 pandemic has had a complex impact on the global wearable payment device market. While the reduced demand for these devices due to decreased foot traffic in physical stores has presented challenges, the pandemic has also accelerated the adoption of digital payments and contactless payment options. This has led to increased demand for wearable payment devices that provide these features, creating new opportunities for growth and investment. However, supply chain disruptions and delays in product launches due to the pandemic have also posed challenges for companies in the wearable payment device market. Overall, the long-term outlook for the market remains positive, as the adoption of digital payments and contactless payment options continues to grow, and consumers increasingly look to wearable devices for their payment needs.
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Wearable Payment Device Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Application:
Entertainment Centers
Hospitals/Pharmacies
Restaurants
Retail/Grocery Stores
By Device:
Fitness Tracker
Payment Wristbands
Smart Rings
Smart Watches
By Sales Channel:
Direct Sales
Indirect Sales
By Technology:
Near-field Communication Technology (NFC)
QR & Bar Codes
Radio Frequency Identification (RFID)
By Region:
Asia-Pacific
Europe
Middle East & Africa
North America
Latin America
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
Wearable Payment Device Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Apple Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Fitbit Inc. (US), Garmin AB (Switzerland), Xiaomi Corporation (China), Google LLC (US), PayPal Holding Inc. (US), Barclays PLC (UK), MasterCard, VISA Inc. (US), Tappy Technologies Ltd. (US).
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