Wearable Payments Market to Garner $1,373.54 Billion, Globally, By 2027 at 21.7% CAGR, Says Allied Market Research

Rise in adoption of cashless payments across the globe, enhanced customer experience offered by wearable payment mediums, emerging demand for wearable devices have boosted the growth of the global wearable payments market

PORTLAND, Ore., Aug. 13, 2020 /PRNewswire/ -- Allied Market Research recently 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". According to the report, the global wearable payments industry garnered $285.47 billion in 2019, and is projected to reach $1.37 trillion by 2027, growing at a CAGR of 21.7% from 2020 to 2027.

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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COVID-19 Scenario:

• As coronavirus spreads through contact, consumers now demand contactless payments for grocery shopping or for any other hauls.
• However, disrupted supply chain has greatly affected the manufacturing of smartwatches and other wearable devices.

The Smartwatches Segment Held the Largest Share

By device type, the smartwatches segment dominated the market in 2019, accounting for more than two-fifths of the global wearable payments market, owing to increase in demand for wireless fitness and sports devices, surge in health awareness among users, and rise in technological advancements in smartwatch. However, the smart rings segment is expected to register the highest CAGR of 23.7% during the study period, due to growing adoption of cloud-enabled rings among the end users across.