North America Wearable Payments Devices Market By Type (Fitness Tracker, Payment Wristbands and Smart Watches), By Technology (Barcodes, Near Field Communication (NFC), Quick Response (QR) Codes, Contactless Point of Sale (POS) Terminals and Others), By Application (Retail, Transportation, Festival & Life Events, Fitness, Healthcare and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
The North America Wearable Payments Devices Market would witness market growth of 26.6% CAGR during the forecast period (2020-2026).
Wearables are gadgets or mobile phones, which are worn by customers to directly or indirectly connect with the device. Most of the used devices are smartwatches, wristbands, and fitness or health trackers. Based on functionality, there are several wearables, which are utilized in the commercial market, and the fewer entry barriers have allowed the high proliferation of payment devices.
The rising adoption of cashless payments in the world and the increasing demand for wearable devices coupled with the contactless payment for safe & secure payment transactions are the main driving factors for the growth of the global wearable payments market. Additionally, this technology is broadly used by businesses to transmit data from their devices to different contactless payment terminals like NFC tags and smartphones.
The market is notably driven by the rising digitalization, along with the increasing adoption of cashless economy witnessed in many countries. The utilization of smart technologies, along with the increasing internet penetration has resulted in the rising adoption of connected devices. Moreover, the market growth is determined by the existence of VR and AI technologies, which is directed by the developments in mobile applications. Digitization in banks is estimated to boost the traction as banks are aiming to connect card management systems with several token service providers.
Based on Type, the market is segmented into Fitness Tracker, Payment Wristbands and Smart Watches. Based on Technology, the market is segmented into Barcodes, Near Field Communication (NFC), Quick Response (QR) Codes, Contactless Point of Sale (POS) Terminals and Others. Based on Application, the market is segmented into Retail, Transportation, Festival & Life Events, Fitness, Healthcare and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Thales Group S.A. (Gemalto NV), Google, Inc., Mastercard, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Xiaomi Corporation, PayPal Holdings, Inc. (eBay), Visa, Inc., Nymi, Inc., and Barclays PLC.
Scope of the Study
Market Segments covered in the Report:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook