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Decreasing Implementation Costs Of Near Field Communication (NFC) Technology To Drive Wearable Payment Market

Press Release   •   Feb 14, 2017 14:34 IST

The new report, titled “Global Wearable Payment Market 2016-2020” provides a 360-degree view of the global wearable payment market. It serves as a reliable business tool for both existing and new players in the market.

The wearable payment technology is gaining significant traction in both developed and developing regions due to the convenience offered by wearable devices in making contactless payments. As per the findings of the report, the global wearable payment market is expected to progress at a tremendous CAGR of more than 59% from 2016 to 2020. The proliferation of these devices is also encouraging several vendors to install near field communication (NFC) point-of-sale (POS) terminals in their stores so that customers can make countless payments. Furthermore, the declining implementation costs of the NFC technology along with advancements in the technology are providing a fillip to the market.

On the basis of device, the global wearable payment market is segmented into smartwatches and fitness bands. The market was led by smartwatches in 2015 in terms of revenue. The segment is likely to witness a spike in the adoption rate with the advent of low-priced smartwatches. The rising penetration of smartphones that are compatible with smartwatches is influencing the growth of the segment positively. Prominent players such as Samsung Electronics and Apple are including features such as Bluetooth, RF, and NFC in phones such that users can use their smartwatches more efficiently.

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The key regional markets analyzed in the report are Europe, Middle East, and Africa (EMEA), Asia Pacific (APAC), and Americas. The APAC region will progress at a CAGR higher than any other region during the same period. The rapidly growing adoption of smartwatches along with the increasing focus of key companies towards the development of affordable smartwatches is providing a significant boost to the growth of the market in this region. Additionally, the robust growth of the wearable devices market in India and China is augmenting the growth of the region. The rising purchasing power of consumers in countries such as India, Japan, and Singapore is also contributing to the growth of the region.

The global wearable payment market is a highly competitive arena. Several players are contending fiercely in terms of product differentiation, portfolio, digital content, availability of apps, and pricing. The leading players in the market are Google, Jawbone, Apple, Visa, Samsung Electronics, and MasterCard. Constant innovations and increasing investments in order to diversify offerings will further intensify the level of competition in the market in the forthcoming years.

Mergers and acquisitions are go-to strategies by the majority of key players to strengthen their market shares. Some other key players in the market are American Express, Alibaba Group, Broadcom, Barclays, Gemalto, Fitbit, Inside Secure, Sony, Infineon Technologies, Microsoft, MediaTek, Qualcomm, NXP Semiconductors, Renesas Electronics, PayPal, and Xiaomi.

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