Wearable Payment Device Market to Surge with 14.8 % CAGR, Projected to Hit $133.09 Billion by 2034

Use of Biometric Technologies Improving Security of Transactions Conducted Through Wearable Devices: Fact.MR Report

Fact.MR, a market research and competitive intelligence provider, through its recently updated market analysis, reveals that revenue from the global wearable payment devicemarket is projected to reach US$ 33.47 billion in 2024 and subsequently expand at a 14.8% CAGR through 2034.

Wearable payment devices offer a distinctive method of conducting transactions without the need for physical wallets or cards. They are linked to a single bank or account. They also provide a convenient and secure combination.

There are several types of wearables besides smartwatches and fitness trackers. The introduction of payment rings is one creative way to complete transactions. These devices—the Quontic Bank payment ring, for instance—offer convenience and a unique value proposition by eliminating the need to carry physical wallets or even use digital wallets saved on smartphones. These innovations are a part of banks' bigger strategies to set themselves apart in the competitive world of online banking. Security concerns are being addressed by the application of biometric technologies to enhance the security of transactions made through wearable devices. Thereby, biometric payment systems—which recognize voice, facial patterns, and fingerprints—are becoming popular as they provide secure and user-friendly experiences.

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Key Takeaways from the Market Study:

• The global market for wearable payment devices is analyzed to reach a value of US$ 133.09 billionby 2034.
• The United States is evaluated to reach a market valuation of US$ 4.91 billion in 2024.
• China is projected to contribute a market share of 48.9% in East Asia in 2024.
• Revenue generated from the demand for wearable payment devices in Japan is estimated to reach US$ 2.27 billion in 2024.
• The market in North America is projected to advance at 14.3% CAGR through 2034.
• The global demand for payment wristbands is approximated to increase at a CAGR of 14.1% through 2034.

“The retail industry is adopting wearable payment technologies at a notable rate due to the need for cashless transactions in physical retail locations and online platforms,”says a Fact.MR analyst.

Leading Players Driving Innovation in the Wearable Payment Device Market

Fitbit Inc.; Apple, Inc.; Tappy Technologies Ltd.; Barclays PLC; Xiaomi Corporation; Gemalto NV; Wirecard; Google LLC; Visa Inc.; Garmin AB; Samsung Electronics; Mastercard; PayPal Holdings Inc.; Nymi.

Tackling Security Concerns in Fitness Trackers Increasing Sales of wearable payment Devices

Makers of fitness trackers are increasing the utility of their devices by providing payment security against fraud and theft. Fitness trackers generally help users keep an eye on their fitness metrics and record, analyze, and evaluate their heart rate, activities, and caloric expenditure. Thereby, the combination of all these factors contributes to the rising demand for fitness trackers used for payment purposes as well.

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Wearable Payment Device Industry News:

1. To expand the range and popularity of its product portfolio Garmin International, Inc., a subsidiary of Garmin Ltd., launched new band styles for the vívofit jr. 3 children's fitness tracker series in May 2022.
2. Xiaomi launched the wearable S1, a smartwatch, in December 2021. Xiaomi's aim was to offer fairly affordable wearable payment solutions.
3. BillBox, along with Visa and NSDL Payments Bank, launched TapTap, a wearable device that facilitates contactless payments. The innovation is proof of the growing trend of contactless payments in India.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the wearable payment device marketfor 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges the wearable payment device marketbased on device type (fitness trackers, payment wristbands, smart watches), technology (barcodes, contactless point of sale terminals, near field communication [NFC wearable payment devices], quick response [QR] codes, radio frequency identification), application (festivals & life events, fitness, healthcare, retail, transportation), and end-use industry (construction, residential, non-residential, infrastructural, offshore, oil & gas, wind), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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