The global wearable payment devices market is projected to expand at an impressive CAGR of around 29% over the forecast period of 2024 to 2031, with demand for payment wristbands surging across regions. The market has been progressing at a rapid pace in the past several years with advancements in the technology of payment methods.
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Growth of the market is attributed to increasing adoption of cashless transactions across the world. At present, customers prefer cashless transactions over traditional transaction methods, owing to growing demand for host card emulation (HCE) and surge in the COVID-19 pandemic. Wearable payment devices are also offered through various sales channels, both offline and online, lending added impetus to market growth.
Foremost objective of the new report by Fact.MR on wearable payment devices is to pitch insights on the purchase growth scenario, demand generators, and development strategies in this space. The report provides a taxonomy elaborating on key segments. The report also outlines visionary insights on the market dynamics, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key success factors. Demand trends have been tracked in 20+ high-growth countries, pointing towards countries in North America holding bulk of the market share.
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Historical Trends Vs. Future Market Projections
Historically, from 2016 to 2024, application of wearable payment devices increased at around 27% CAGR, and the key factor assisting this growth is their advantages over traditional payment systems, including payment via cards and cash. For instance, wearable payment devices offer no contact payments, which especially beneficial in the present COVID-19 situation. In recent years, payment through smart devices or credit cards was more preferred due to limited availability of wearable payment devices, but that is changing soon.
The market is forecasted to expand at a CAGR of nearly 29% over the coming 10 years. Prime factor influencing growth is inclination towards contactless payments, owing to growing hygiene concerns across the world.
Which Region Offers Huge Opportunity for Wearable Payment Device Manufacturers?
Major markets has been observed to be concentrated in North America. North America accounts for around 31% of the global sales of wearable payment devices. The region is expected to offer over US$ 43 Bn absolute dollar opportunity during the forecast period. Many manufacturers such as, Apple, Inc., Google LLC, and others are using NFC and RFID for wearable payment devices. Also, several companies are introducing host card emulation technologies for easy user interface in wearable devices.
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The Wearable Payment Devices market report answers important questions which include:
- What does the status of the Wearable Payment Devices market look like after the forecast period?
- Which region has the highest contribution to the global Wearable Payment Devices market and why?
- Which players remain at the top of the global Wearable Payment Devices market?
- What opportunities are available for the Wearable Payment Devices market players to expand their production footprint?
- Which segment has the maximum impact on the global Wearable Payment Devices market?
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