Wearable Payment Devices Market size is Projected to Reach $158.8 Billion by 2031 | Growing at a CAGR of 13.3%.

Allied Market Research published a report on the Wearable Payment Devices Market by Device Type (Fitness Trackers, Smart Watches, Payment Wristbands, Smart Rings), by Technology (Near-field Communication Technology (NFC), Radio Frequency Identification (RFID), QR and Barcode), by Application (Retail and Grocery Stores, Entertainment Centers, Restaurants and Bars, Hospitals and Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021-2031. The global wearable payment devices market was valued at $47.1 billion in 2021, and is projected to reach $158.8 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.

Download Research Report Sample:
https://www.alliedmarketresearch.com/request-sample/16039

Some of the prime drivers of the wearable payment devices industry are surge in penetration of contactless payment systems at various retail stores, petrol pump stations, and restaurants, thereby positively impacting the growth of the wearable payment devices market trends. In addition, the increase in shift from traditional payment systems to digital system across developing nations and rise in the trend of mobile commerce across the globe boost the global wearable payment devices market growth. These transactions are considered highly authenticated and extremely protected as NFC chips interchange cryptographic data to render the transfer complete. However, battery drain issues and the high risk of stolen or lost wearables are expected to hamper the market growth.

Increase in adoption of wearable contactless payment devices and rise in penetration of wearable payment technology have led to the growth of the wearable payment devices market in recent years. Wearable payment devices comprise several devices such as smart watches, fitness trackers, payment wristbands, smart rings, and others. Unlike mobile payments that are done through the internet, NFC payments are carried out in close physical proximity preventing unauthorized access during the transactions. 

Report Overview:
https://www.alliedmarketresearch.com/wearable-payment-devices-market-A15670

Businesses can evaluate the Porter's Five Forces Analysis to determine the structure, level of competition, and industry's strengths and weaknesses. The report also contains information and statistics, tables and figures that are used in strategic planning for the company's success. The report will be remarkable in its ability to provide worldwide investors with the information they need to make informed judgments about the market. Also, these research report provides accurate economic, global, and country-level predictions and analysis.

Competitive Analysis:

The wearable payment devices industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the global wearable payment devices market include,

Apple Inc.
Samsung Electronics Co Ltd
Garmin Ltd.
Xiaomi Corporation
Google LLC
Visa, Inc.
Barclays
PayPal Holdings, Inc.
Mastercard Inc.
Fitbit (Google)
Tappy Technology Ltd.

Press Release:
https://www.alliedmarketresearch.com/press-release/wearable-payment-devices-market.html

Top Impacting Factors

Significant factors impacting the growth of the wearable payment devices market include increase in trend of NFC-based mobile commerce across the globe and increase in shift from traditional payment system to digital system across the developing nations. However, the difficulties in the replacement process of point-of-sale (POS) terminal may hamper market growth. Furthermore, increase in use of advanced technology, such as 5G and blockchain technology, in payment systems worldwide provides lucrative wearable payment devices market opportunity.

Key Benefits for Stakeholders:

This study comprises analytical depiction of the wearable payment devices market size along with the current trends and future estimations to depict the imminent investment pockets.

The overall wearable payment devices market analysis is determined to understand the profitable trends to gain a stronger foothold.

The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

The wearable payment devices market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.

The Porter's five forces analysis illustrates the potency of the buyers and suppliers in the wearable payment devices market.

The report includes the share of key vendors and market trends.

Inquiry before Buying:
https://www.alliedmarketresearch.com/purchase-enquiry/16039

Contact Us:

United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Us:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

This release was published on openPR.