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Wearable Payments Market Report, Size, Share, Growth, Trends, Industry Forecast, Outlook to 2033
Wearable Payments Market
The new report published by The Business Research Company, titled Wearable Payments Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the wearable payments market size has grown rapidly in recent years. It will grow from $56.69 billion in 2023 to $67.2 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The wearable payments market size is expected to see rapid growth in the next few years. It will grow to $133.36 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%.
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What Is Driving The Growth Of The Global Wearable Payments Market?
Impact Of Cashless Transaction In Wearable Payments Market
The increase in cashless transactions is expected to propel the growth of the wearable payments market going forward. Cashless transactions refer to payments made without physical currency, typically using electronic methods such as cards, mobile wallets, or online transfers. The increase in cashless transactions is due to factors such as convenience, security, technological advancements in payment systems, and shifting consumer preferences towards digital and contactless payment methods. Wearable payments facilitate cashless transactions by enabling users to make payments conveniently and securely through devices such as smartwatches and fitness trackers, integrating payment functionalities seamlessly into daily activities. For instance, in January 2023, according to the Bank for International Settlements (BIS), a Switzerland-based international financial institution, there was a notable increase in cashless payments in advanced economies (AEs) by 11% and in emerging markets and developing economies (EMDEs) by 34% in 2021. Therefore, the increase in cashless transactions is driving the growth of the wearable payments market.
What Is The Key Trend In The Global Wearable Payments Market?
Innovative Silicon Wristbands Enhance Convenience And Security In Wearable Payments
Major companies operating in the wearable payments market are developing advanced solutions such as silicon wristbands to offer consumers more convenient and secure payment options. A silicon wristband is a stretchy band made of silicone rubber, often used as an accessory or for holding electronic components. For instance, in May 2024, Sampath Bank, a Sri Lankan-based commercial bank, launched Sampath PayBand. It is Sri Lanka's first wearable payment device designed for seamless and secure transactions. This innovative silicon wristband, embedded with a payment chip, integrates directly with Sampath Bank Savings accounts. Users can effortlessly make payments with a tap at any near field communication (NFC)-enabled Point of Sale (POS) terminal, eliminating the need for wallets, cards, or phones.
How Is The Global Wearable Payments Market Segmented?
The wearable payments market covered in this report is segmented -
1) By Device: Smart Watches, Fitness Trackers, Payment Wristbands, Smart Rings, Other Devices
2) By Technology: Barcodes, Contactless Point Of Sale (POS) Terminals, Near Field Communication (NFC), Quick Response (QR) Codes, Radio Frequency Identification (RFID)
3) By Application: Festival And Life Events, Fitness, Healthcare, Retail, Transportation, Other Applications
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How Is The Competitive Landscape Of The Global Wearable Payments Market?
Major companies operating in the wearable payments market are Samsung Group, American Express Company, Xiaomi Corporation, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Thales Group, NXP Semiconductors N.V., Garmin Ltd., Timex Group, Ingenico Group, Fitbit Inc., Polar Electro Oy, Suunto Inc., Kerv Wearables, Nymi Inc., Zwipe AS, Netclearance Systems Inc., Tappy Technologies Limited, Fidesmo AB, Wirecard AG
Contents Of The Global Wearable Payments Market
1. Executive Summary
2. Wearable Payments Market Report Structure
3. Wearable Payments Market Trends And Strategies
4. Wearable Payments Market - Macro Economic Scenario
5. Wearable Payments Market Size And Growth
…..
27. Wearable Payments Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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