Allied Market Research published a report, titled, “Wearable Payments Market By Device Type (Smart Watches, Fitness Trackers, Payment Wristbands, Smart Rings and Others), Technology (Near-field Communication Technology (NFC), Radio Frequency Identification (RFID), QR & Bar Codes and Others), and Application (Grocery Stores, Bar & Restaurants, Pharmacies/Drug Stores, Entertainment Centers and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” The report provides an extensive analysis of drivers and opportunities, major investment pockets, key segments, competitive scenario, and investment feasibility.
According to the report published by Allied Market Research, the global wearable payments market was estimated at $285.47 billion in 2019 and is expected to hit $1.37 trillion by 2027, registering a CAGR of 21.7% from 2020 to 2027. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
The research provides a comprehensive analysis of drivers, restraining factors, and opportunities of the global Wearable Payment Market market. This analysis is helpful for deciding strategies and determining growth potential. Wearable Payment Market Market players, new entrants, and investors will be benefited through these insights for unlocking the potential and achieving competitive edge.
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A comprehensive analysis of each segment and sub-segment is provided in the research. In addition, the tabular and graphical representation of each segment and sub-segment will assist Wearable Payment Market market players in understanding the largest revenue generating segments and driving factors thoroughly. This analysis is valuable in identifying the fastest growing segments as well and strategizing to gain a long-term growth.
Key Market Segments:
- By Devices
- Smart Watches
- Fitness Tracker
- Payment Wristbands
- Smart Rings
- Others
- By Technology
- Near Field Communication Technology (NFC)
- RFID (Radio Frequency Identification)
- QR & Bar Codes
- Others
- By Application
- Grocery Stores
- Bar & Restaurants
- Pharmacies/Drug Stores
- Entertainment Centers
- Others
The research provides competitive landscape of the global Wearable Payment Market market for different regions and countries. Regions discussed in the research include North America (the U.S., Mexico, and Canada), Europe (the U.K., Germany, Italy, France, and rest of Europe), Asia-Pacific (India, China, Japan, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The data and statistics about these countries and regions prove to be helpful in determining strategies and exploiting the potential. AMR also provides the customization services for a particular country, region, and segment based on the client requirements.
The report offers the detailed impact of the Covid-19 pandemic on the global Wearable Payment Market market. These insights give an idea to adapt strategies and change business models to cope up with the impact of the pandemic. The key impact by the pandemic includes stoppage in manufacturing processes, supply chain disruptions, and lack of unavailability of workforce. However, the market is recovering slowly post-pandemic. Investors and stakeholder can change their strategies by determining the feasibility of investments as per the changing scenario.
They adopted various strategies such as partnerships, joint ventures, mergers and acquisitions, expansion, collaborations, and others to avail sustainable growth and make an international presence.
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The report offers a detailed analysis of key market players active in the global Wearable Payment Market market.
The leading market players analyzed in the report include
- ALIBABA GROUP HOLDING LIMITED
- APPLE INC.
- BARCLAYS PLC
- Fitbit, Inc.
- GOOGLE LLC
- Jawbone, Inc.
- MASTERCARD
- SAMSUNG ELECTRONICS CO., LTD.
- VISA, INC.
- PAYPAL INC.
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Drivers, Restraints and Opportunities
Rise in adoption of cashless payments across the globe, enhanced customer experience offered by wearable payment mediums, emerging demand for wearable devices, and contactless payment for secure and safer payment transactions have boosted the growth of the global wearable payments market. However, high cost of wearable devices and risk of stolen and limited battery life of wearable devices hamper the market. On the contrary, rise in use of NFC, RFID, and host card emulation technology in wearable payments is expected to create lucrative opportunities for the market players in the coming years.
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