Wearable Payment Devices Market Size, Trends and Insights By Device Type (Smartwatches, Fitness Trackers, Wristbands, Smart Rings), By Payment Mode (Credit Cards, Debit Cards, Mobile Payments, Cryptocurrency), By End Users (Individuals, Financial Institutions, Retail Businesses), By Sales Channel (Online Stores, Retail Stores, Direct Sales), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Apple Inc.
- Barclays PLC
- Gemalto NV
- Google LLC
- Mastercard
- Others
Reports Description
According to Custom Market Insights (CMI), the global wearable payment devices market was estimated at USD 13.5 billion in 2022 and is anticipated to reach USD 165 billion by 2030, recording a CAGR of around 30% between 2023 and 2030.
CMI research report offers a 360-degree view of the Wearable Payment Devices Market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Wearable Payment Devices Market.
- Market players have adopted various strategies in the wearable payments devices market to gain a competitive edge and increase their market share. These strategies include:
- Many market players have collaborated with other companies, such as banks and financial institutions, to expand their product range and access a broader customer base. For instance, Fitbit has teamed up with prominent banks like Bank of America, Capital One, and Chase to enable users to make payments using their Fitbit devices.
- To distinguish themselves in the highly competitive wearable payment devices market, many players are investing in product innovation. They are creating new and improved wearable devices that offer unique features and functions, such as sophisticated security measures, health monitoring capabilities, and customized user experiences.
- Some market players have pursued mergers and acquisitions to strengthen their position in the market and acquire new technologies and skills. For example, Google acquired Fitbit in 2020 to enhance its standing in the wearable technology market and broaden its product range.
- Market players are investing heavily in marketing and advertising to enhance brand recognition and reach more customers. They are utilizing different channels such as social media, influencers, and events to promote their products and distinguish themselves from their rivals.
- As the wearable payments devices market becomes increasingly competitive, many players are adopting a pricing strategy to offer reasonably priced products that cater to a broader range of customers. Companies like Xiaomi have succeeded in capturing market share by providing affordable wearable payment solutions.
- Overall, market players in the wearable payment devices market are utilizing a mix of strategies to stay competitive and meet the changing demands of
Report Scope
The global Wearable Payment Devices market research report offers an in-depth analysis of the global market size, which is further segmented into the regional and country-level market size, and segmentation market growth. Also, it provides the market share, sales analysis, competitive landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations. The scope of the study includes market sizing and forecast for segmentation by device type, payment mode, end-user, sales channel, and geography.
| Feature of the Report | Details |
| Market Size in 2021 | USD 13.5 Billion |
| Projected Market Size in 2030 | USD 165 Billion |
| Market Size in 2022 | USD 30.33 Billion |
| CAGR Growth Rate | 30% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Device Type, Payment Mode, End Users, Sales Channel, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Market Dynamics
- The increasing popularity of contactless payments due to their convenience and speed has led to a surge in demand for wearable payment solutions that offer an even more effortless way to make contactless payments.
- The adoption of wearable technology, such as smartwatches and fitness trackers, is increasing as consumers seek devices that can help them track their fitness goals, monitor their health, and stay connected. The added convenience of wearable payment solutions further drives this trend.
- Wearable payment devices provide a simple and convenient payment option that eliminates the need to carry a wallet or a physical payment card.
- Wearable payment devices offer advanced security features like biometric authentication and encryption, providing a secure way for users to make payments.
- Wearable payment devices support various payment methods, including mobile payments and cryptocurrency, in addition to traditional payment methods like credit cards and debit cards, providing users with more payment options.
- Emerging players like Xiaomi are offering affordable wearable payment solutions, driving the growth of the market.
- Overall, the wearable payments devices market is driven by the increasing popularity of contactless payments, the growing adoption of wearable technology, and the convenience of using wearable devices for payment transactions.
Smartwatch Segment Led the Wearable Payment Devices Market in 2022
- Based on device type, the Wearable Payment Devices market is categorized into smartwatches, fitness trackers, wristbands, and smart rings.
- Smartwatches have become highly popular among consumers due to their wide range of functionalities beyond payments, including fitness tracking, communication, and access to various apps. They also offer a larger and more accessible display, making it easier for users to access payment information and complete transactions quickly. Additionally, smartwatches have been in the market for a longer time than other wearable payment devices like wristbands or smart rings, which has allowed them to establish a more significant presence and market share.
- Established players in the smartwatch market, such as Apple and Samsung, have made significant investments in their payment systems, making them more reliable and user-friendly for consumers. The increasing adoption of mobile payments and rising demand for contactless payments has also contributed to the growth of the smartwatch segment. Smartwatches support various payment modes, including NFC-based contactless payments and mobile payments, making them highly versatile.
- Therefore, the smartwatch segment is expected to continue to lead the wearable payments devices market due to its popularity, advanced functionalities, and versatility.
Asia Pacific is Expected to Witness Significant CAGR in the Wearable Payment Devices Market
- Asia Pacific region led the Wearable Payment Devices market in 2022. Asia Pacific market is anticipated to record a CAGR of around 33% during the forecast period.
- This can be attributed to several factors, including the high adoption rate of new technology, the increasing popularity of mobile payments, and the growing e-commerce industry in the region.
- Countries like China, Japan, and South Korea are significant contributors to the growth of the wearable payments devices market in the APAC region. These countries have a large population of tech-savvy consumers who are quick to adopt new technology, including wearable devices.
- In addition, the governments in these countries have been promoting cashless transactions and digital payments, which has further fueled the growth of the wearable payment devices market. For instance, China has a well-established mobile payments ecosystem, and consumers are increasingly using mobile payments to make purchases.
- Moreover, the growing e-commerce industry in the region has also contributed to the rise in demand for wearable payment devices. Consumers are looking for convenient and secure payment options while shopping online, and wearable payment devices provide an additional layer of security and ease of use.
- Overall, the Asia Pacific region is expected to continue to grow at a significant rate in the wearable payments devices market due to its large consumer base, the high adoption rate of new technology, and supportive government policies.
Competitive Landscape
The market for wearable payment devices is characterized by intense competition among established players and new entrants vying for a larger market share. Some notable players in the market include Apple, Samsung, Fitbit, Garmin, Xiaomi, Huawei, and Google, among others.
Apple is the leading player in the wearable payment devices market, with its Apple Watch and Apple Pay services, which have gained widespread popularity among consumers. With its Galaxy Watch and Samsung Pay services, Samsung is also a significant player in the market. Fitbit, which Google acquired in 2020, has a strong presence in the fitness tracker segment and has made strides in the wearable payment devices market with its Fitbit Pay service.
An emerging player in the market is Xiaomi, a Chinese technology firm that offers affordable wearable payment solutions and its Mi Band fitness trackers. Another Chinese technology firm has also entered the market with its Huawei Watch and Pay services.
The market is witnessing collaborations and partnerships between technology companies and financial institutions to expand their product offerings and reach a wider customer base. For example, Fitbit has partnered with several leading banks, such as Bank of America, Capital One, and Chase, to allow users to make payments through their Fitbit devices. Similarly, Samsung has partnered with several financial institutions to expand the reach of its Samsung Pay service.
To summarize, the wearable payments devices market is fiercely competitive, with established players like Apple and Samsung dominating the market and emerging players like Xiaomi and Huawei gaining momentum with their affordable solutions. Collaborations and partnerships between technology companies and financial institutions are further contributing to the market’s growth by expanding their product offerings and customer base.
Developments in the Market:
- 2022: BillBox, a solution provider in the payments and merchant ecosystem in India, has unveiled TapTap, a wearable device facilitating contactless payments, in association with NSDL Payments Bank and Visa.
List of the prominent players in the global Wearable Payment Devices Market:
- Apple Inc.
- Barclays PLC
- Gemalto NV
- Google LLC
- Mastercard
- Nymi
- PayPal Holdings Inc.
- Samsung Electronics
- Visa Inc.
- Wirecard
- Others
The global Wearable Payment Devices Market is segmented as follows:
By Device Type
- Smartwatches
- Fitness Trackers
- Wristbands
- Smart Rings
By Payment Mode
- Credit Cards
- Debit Cards
- Mobile Payments
- Cryptocurrency
By End Users
- Individuals
- Financial Institutions
- Retail Businesses
By Sales Channel
- Online Stores
- Retail Stores
- Direct Sales
By Region
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Wearable Payment Devices Market, (2022 – 2030) (USD Billion)
- 2.2 Global Wearable Payment Devices Market : snapshot
- Chapter 3. Global Wearable Payment Devices Market – Industry Analysis
- 3.1 Wearable Payment Devices Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Growing trend toward mobile payments and contactless transactions
- 3.2.2 The integration of wearable payment devices with other technologies
- 3.2.3 Collaborations and partnerships between technology companies, financial institutions and retailers.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Device Type
- 3.7.2 Market attractiveness analysis By Payment Mode
- 3.7.3 Market attractiveness analysis By End Users
- 3.7.4 Market attractiveness analysis By Sales Channel
- Chapter 4. Global Wearable Payment Devices Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Wearable Payment Devices Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Wearable Payment Devices Market – Device Type Analysis
- 5.1 Global Wearable Payment Devices Market overview: By Device Type
- 5.1.1 Global Wearable Payment Devices Market share, By Device Type, 2021 and 2030
- 5.2 Smartwatches
- 5.2.1 Global Wearable Payment Devices Market by Smartwatches, 2022 – 2030 (USD Billion)
- 5.3 Fitness Trackers
- 5.3.1 Global Wearable Payment Devices Market by Fitness Trackers, 2022 – 2030 (USD Billion)
- 5.4 Wristbands
- 5.4.1 Global Wearable Payment Devices Market by Wristbands, 2022 – 2030 (USD Billion)
- 5.5 Smart Rings
- 5.5.1 Global Wearable Payment Devices Market by Smart Rings, 2022 – 2030 (USD Billion)
- 5.1 Global Wearable Payment Devices Market overview: By Device Type
- Chapter 6. Global Wearable Payment Devices Market – Payment Mode Analysis
- 6.1 Global Wearable Payment Devices Market overview: By Payment Mode
- 6.1.1 Global Wearable Payment Devices Market share, By Payment Mode, 2021 and 2030
- 6.2 Credit Cards
- 6.2.1 Global Wearable Payment Devices Market by Credit Cards, 2022 – 2030 (USD Billion)
- 6.3 Debit Cards
- 6.3.1 Global Wearable Payment Devices Market by Debit Cards, 2022 – 2030 (USD Billion)
- 6.4 Mobile Payments
- 6.4.1 Global Wearable Payment Devices Market by Mobile Payments, 2022 – 2030 (USD Billion)
- 6.5 Cryptocurrency
- 6.5.1 Global Wearable Payment Devices Market by Cryptocurrency, 2022 – 2030 (USD Billion)
- 6.1 Global Wearable Payment Devices Market overview: By Payment Mode
- Chapter 7. Global Wearable Payment Devices Market – End Users Analysis
- 7.1 Global Wearable Payment Devices Market overview: By End Users
- 7.1.1 Global Wearable Payment Devices Market share, By End Users, 2021 and 2030
- 7.2 Individuals
- 7.2.1 Global Wearable Payment Devices Market by Individuals, 2022 – 2030 (USD Billion)
- 7.3 Financial Institutions
- 7.3.1 Global Wearable Payment Devices Market by Financial Institutions, 2022 – 2030 (USD Billion)
- 7.4 Retail Businesses
- 7.4.1 Global Wearable Payment Devices Market by Retail Businesses, 2022 – 2030 (USD Billion)
- 7.1 Global Wearable Payment Devices Market overview: By End Users
- Chapter 8. Global Wearable Payment Devices Market – Sales Channel Analysis
- 8.1 Global Wearable Payment Devices Market overview: By Sales Channel
- 8.1.1 Global Wearable Payment Devices Market share, By Sales Channel, 2021 and 2030
- 8.2 Online Stores
- 8.2.1 Global Wearable Payment Devices Market by Online Stores, 2022 – 2030 (USD Billion)
- 8.3 Retail Stores
- 8.3.1 Global Wearable Payment Devices Market by Retail Stores, 2022 – 2030 (USD Billion)
- 8.4 Direct Sales
- 8.4.1 Global Wearable Payment Devices Market by Direct Sales, 2022 – 2030 (USD Billion)
- 8.1 Global Wearable Payment Devices Market overview: By Sales Channel
- Chapter 9. Wearable Payment Device Market – Regional Analysis
- 9.1 Global Wearable Payment Device Market Regional Overview
- 9.2 Global Wearable Payment Device Market Share, by Region, 2021 & 2030 (USD Billion)
- 9.3. North America
- 9.3.1 North America Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.3.1.1 North America Wearable Payment Device Market, by Country, 2022 – 2030 (USD Billion)
- 9.3.1 North America Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.4 North America Wearable Payment Device Market, by Device Type, 2022 – 2030
- 9.4.1 North America Wearable Payment Device Market, by Device Type, 2022 – 2030 (USD Billion)
- 9.5 North America Wearable Payment Device Market, by Payment Mode, 2022 – 2030
- 9.5.1 North America Wearable Payment Device Market, by Payment Mode, 2022 – 2030 (USD Billion)
- 9.6 North America Wearable Payment Device Market, by End Users, 2022 – 2030
- 9.6.1 North America Wearable Payment Device Market, by End Users, 2022 – 2030 (USD Billion)
- 9.7 North America Wearable Payment Device Market, by Sales Channel, 2022 – 2030
- 9.7.1 North America Wearable Payment Device Market, by Sales Channel, 2022 – 2030 (USD Billion)
- 9.8. Europe
- 9.8.1 Europe Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.8.1.1 Europe Wearable Payment Device Market, by Country, 2022 – 2030 (USD Billion)
- 9.8.1 Europe Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.9 Europe Wearable Payment Device Market, by Device Type, 2022 – 2030
- 9.9.1 Europe Wearable Payment Device Market, by Device Type, 2022 – 2030 (USD Billion)
- 9.10 Europe Wearable Payment Device Market, by Payment Mode, 2022 – 2030
- 9.10.1 Europe Wearable Payment Device Market, by Payment Mode, 2022 – 2030 (USD Billion)
- 9.11 Europe Wearable Payment Device Market, by End Users, 2022 – 2030
- 9.11.1 Europe Wearable Payment Device Market, by End Users, 2022 – 2030 (USD Billion)
- 9.12 Europe Wearable Payment Device Market, by Sales Channel, 2022 – 2030
- 9.12.1 Europe Wearable Payment Device Market, by Sales Channel, 2022 – 2030 (USD Billion)
- 9.13. Asia Pacific
- 9.13.1 Asia Pacific Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.13.1.1 Asia Pacific Wearable Payment Device Market, by Country, 2022 – 2030 (USD Billion)
- 9.13.1 Asia Pacific Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.14 Asia Pacific Wearable Payment Device Market, by Device Type, 2022 – 2030
- 9.14.1 Asia Pacific Wearable Payment Device Market, by Device Type, 2022 – 2030 (USD Billion)
- 9.15 Asia Pacific Wearable Payment Device Market, by Payment Mode, 2022 – 2030
- 9.15.1 Asia Pacific Wearable Payment Device Market, by Payment Mode, 2022 – 2030 (USD Billion)
- 9.16 Asia Pacific Wearable Payment Device Market, by End Users, 2022 – 2030
- 9.16.1 Asia Pacific Wearable Payment Device Market, by End Users, 2022 – 2030 (USD Billion)
- 9.17 Asia Pacific Wearable Payment Device Market, by Sales Channel, 2022 – 2030
- 9.17.1 Asia Pacific Wearable Payment Device Market, by Sales Channel, 2022 – 2030 (USD Billion)
- 9.18. Latin America
- 9.18.1 Latin America Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.18.1.1 Latin America Wearable Payment Device Market, by Country, 2022 – 2030 (USD Billion)
- 9.18.1 Latin America Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.19 Latin America Wearable Payment Device Market, by Device Type, 2022 – 2030
- 9.19.1 Latin America Wearable Payment Device Market, by Device Type, 2022 – 2030 (USD Billion)
- 9.20 Latin America Wearable Payment Device Market, by Payment Mode, 2022 – 2030
- 9.20.1 Latin America Wearable Payment Device Market, by Payment Mode, 2022 – 2030 (USD Billion)
- 9.21 Latin America Wearable Payment Device Market, by End Users, 2022 – 2030
- 9.21.1 Latin America Wearable Payment Device Market, by End Users, 2022 – 2030 (USD Billion)
- 9.22 Latin America Wearable Payment Device Market, by Sales Channel, 2022 – 2030
- 9.22.1 Latin America Wearable Payment Device Market, by Sales Channel, 2022 – 2030 (USD Billion)
- 9.23. The Middle-East and Africa
- 9.23.1 The Middle-East and Africa Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.23.1.1 The Middle-East and Africa Wearable Payment Device Market, by Country, 2022 – 2030 (USD Billion)
- 9.23.1 The Middle-East and Africa Wearable Payment Device Market, 2022 – 2030 (USD Billion)
- 9.24 The Middle-East and Africa Wearable Payment Device Market, by Device Type, 2022 – 2030
- 9.24.1 The Middle-East and Africa Wearable Payment Device Market, by Device Type, 2022 – 2030 (USD Billion)
- 9.25 The Middle-East and Africa Wearable Payment Device Market, by Payment Mode, 2022 – 2030
- 9.25.1 The Middle-East and Africa Wearable Payment Device Market, by Payment Mode, 2022 – 2030 (USD Billion)
- 9.26 The Middle-East and Africa Wearable Payment Device Market, by End Users, 2022 – 2030
- 9.26.1 The Middle-East and Africa Wearable Payment Device Market, by End Users, 2022 – 2030 (USD Billion)
- 9.27 The Middle-East and Africa Wearable Payment Device Market, by Sales Channel, 2022 – 2030
- 9.27.1 The Middle-East and Africa Wearable Payment Device Market, by Sales Channel, 2022 – 2030 (USD Billion)
- Chapter 10. Company Profiles
- 10.1 Apple Inc.
- 10.1.1 Overview
- 10.1.2 Financials
- 10.1.3 Product Portfolio
- 10.1.4 Business Strategy
- 10.1.5 Recent Developments
- 10.2 Barclays PLC
- 10.2.1 Overview
- 10.2.2 Financials
- 10.2.3 Product Portfolio
- 10.2.4 Business Strategy
- 10.2.5 Recent Developments
- 10.3 Gemalto NV
- 10.3.1 Overview
- 10.3.2 Financials
- 10.3.3 Product Portfolio
- 10.3.4 Business Strategy
- 10.3.5 Recent Developments
- 10.4 Google LLC
- 10.4.1 Overview
- 10.4.2 Financials
- 10.4.3 Product Portfolio
- 10.4.4 Business Strategy
- 10.4.5 Recent Developments
- 10.5 Mastercard
- 10.5.1 Overview
- 10.5.2 Financials
- 10.5.3 Product Portfolio
- 10.5.4 Business Strategy
- 10.5.5 Recent Developments
- 10.6 Nymi
- 10.6.1 Overview
- 10.6.2 Financials
- 10.6.3 Product Portfolio
- 10.6.4 Business Strategy
- 10.6.5 Recent Developments
- 10.7 PayPal Holdings Inc.
- 10.7.1 Overview
- 10.7.2 Financials
- 10.7.3 Product Portfolio
- 10.7.4 Business Strategy
- 10.7.5 Recent Developments
- 10.8 Samsung Electronics
- 10.8.1 Overview
- 10.8.2 Financials
- 10.8.3 Product Portfolio
- 10.8.4 Business Strategy
- 10.8.5 Recent Developments
- 10.9 Visa Inc.
- 10.9.1 Overview
- 10.9.2 Financials
- 10.9.3 Product Portfolio
- 10.9.4 Business Strategy
- 10.9.5 Recent Developments
- 10.10 Wirecard.
- 10.10.1 Overview
- 10.10.2 Financials
- 10.10.3 Product Portfolio
- 10.10.4 Business Strategy
- 10.10.5 Recent Developments
- 10.1 Apple Inc.
List Of Figures
Figures no 1 to 32
List Of Tables
Tables No 1 to 102
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
“North America” region will lead the global Wearable Payment Devices market during the forecast period 2022 to 2030.
The key factors driving the market are growing trend toward mobile payments and contactless transactions, the integration of wearable payment devices with other technologies and collaborations and partnerships between technology companies, financial institutions, and retailers.
The key players operating in the Wearable Payment Devices market are Apple Inc., Barclays PLC, Gemalto NV, Google LLC, Mastercard, Nymi, PayPal Holdings Inc., Samsung Electronics, Visa Inc., Wirecard.
The global Wearable Payment Devices market is expanding growth with a CAGR of approximately 30% during the forecast period (2022 to 2030).
The global Wearable Payment Devices market size was valued at USD 13.5 Billion in 2021 and it is projected to reach around USD 165 Billion by 2030.