The Wearable Payments Devices Market is expected to grow from USD 36.71 Billion in 2020 to USD 114.31 Billion by 2028, at a CAGR of 15.31% during the forecast period. Rise in demand of host card emulation (HCE), rising adoption of cashless transactions, growth of IoT globally, emerging demand of wearable devices and contactless payments and reducing costs of Near Field Communication (NFC) technology deployment, are some of the driving factors of the market.
Security concerns, high cost of the devices and limited battery life of the devices may restrain the growth of the Wearable Payments Devices market.
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Growing demand for co-friendly cosmetics to further bolster market growth
Food, toiletries, cosmetics, and beverages are the four categories that make up the consumer products industry. Most companies in this industry make products that fall into one of the four categories; however, some companies may have bands that span the categories' lines. In the consumer goods industry, success is determined by how well a single product is marketed, typically through boosting the brand name.
In the consumer products industry, companies compete for shelf space, therefore they strive for smart package design, marketing, and customer satisfaction. Addressing changing client wants, navigating a consolidating industry, and implementing profitable growth plans are just a few of the issues faced in the consumer products sector.
Rapid digitalization of supply chain and manufacturing process to drive market growth
Consumer goods and fast-moving consumer goods (FMCG) markets are constantly adapting to changing consumer demand and trends. In recent years, the consumer goods business has been influenced by digital innovation, the coronavirus pandemic, and a greater focus on sustainable and healthy behaviors, to name a few. Digitalization has put the customer in control, allowing them to compare and scrutinize things in real time. In this competitive industry, consumer products companies must maximize their marketing techniques and brand recognition to sustain client loyalty.
The pandemic changed how people purchase and wreaked havoc on the market; cleaning supplies, shelf-stable food and beverages, and toilet paper became scarce in some areas within days. Furthermore, the function of sustainability is becoming increasingly important in the consumer goods sector; there is a growing desire for more ecologically and ethically manufactured products across the board.
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Major Companies:
- Apple,
- Xiaomi,
- Disney,
- Intelligent Venue Solutions,
- MasterCard,
- Fitbits,
- Barclays,
- Intellitix,
- Jawbone,
- Nymi,
- Wirecard,
- Garmin,
- CaixaBank,
- PayPal,
- Gemalto,
- Westpac,
- Samsung
Key Questions Answered by the Report:
- What are the key applications of the Wearable Payments Devices market? Which application segment is expected to drive market revenue growth over the forecast period?
- Which product type is expected to register significant revenue growth going ahead?
- Which region is expected to account for largest revenue share over the forecast period 2021-2028?
- Which key companies operating in the global market?
- What are the key strategic initiatives undertaken by the companies to gain a robust footing in the market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis?
Market Segmentation:
Wearable Payments Devices Market by type (Revenue, USD Billion; 2018-2028)
- Smart Watches
- Fitness Trackers
- Payment Wristbands
Wearable Payments Devices Market by applications (Revenue, USD Billion; 2018-2028)
- Retail
- Festivals and Live Events
- Theme Parks
- Transportation
- Sports Stadiums
- Other
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