Wearable payment device market is anticipated to grow at a CAGR of 16.5% during the forecast period (2024–2031). Wearable payment devices include a range of electronic products such as watches, wristbands, and rings with contactless payments feature. The market growth is driven by rising demand for smartwatches, growth in the global digital payment market, increasing adoption of wrist wearables, and a changing trend in digital payments. Further, the market is expected to be positively influenced by novel product launches in wearable technology by financial institutions, the growth of the smart payment ring market, and the growing adoption of NFC (near-field communication) technology.

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In recent years, the sales of smartwatches have considerably increased owing to the affordability of the product, changing technological trends, advancements in technology, and increasing adoption of wearable technology products, which has benefited the wearable payment device market. Further, most wearable devices are smartwatches, creating scope for market players to integrate payment technology to the devices, resulting in added product features and growing sales. For instance, in February 2023, Gizmore, one of the top companies of fitness equipment, home audio, and smart accessories in India, expected to sell more than 1.5 million smartwatches by 2023–2024 and take a 5.0% market share there. In addition, Gizmore stated that it will be working with Optiemus Electronics Limited (OEL) to produce approximately a million smartwatches over the course of the following year.

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Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global Wearable Payment Devices Market by Type

Fitness Tracker
Payment Wristbands
Smart Watches
Others (Rings, and Fob Sleeve)

Global Wearable Payment Devices Market by Technology

Barcodes
Contactless Point of Sale (POS) Terminal
Near Field Communication (NFC)
Quick Response (QR) Codes
Radio Frequency Identification (RFID)

Global Wearable Payment Devices Market by Application

Festival & Life Events
Fitness
Healthcare
Retail
Transportation

Regional Analysis

North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Latin America
Middle East and Africa

Company Profiles 

Australian Payments Plus Ltd, (bpay)
Barclays PLC
Garmin AB
Imagine Marketing Ltd. (Boat)
Infineon Technologies AG
LG Electronics Inc.
Mastercard, Inc.
Nexxbase Marketing Pvt Ltd. (Noise)
Nymi Inc
Tappy Technologies Ltd.
com, Inc.
Titan Company Ltd.
VISA Inc.
PayPal Holding Inc.
Sevenring Innovations Pvt Ltd.

The Report Covers 

Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global wearable payment device market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.

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