Banking Wearable Market to Reach $62.7 Billion, Globally, by 2032 at 16.8% CAGR: Allied Market Research
The global banking wearable market growth is driven by the growth in adoption of cashless transactions, the Increase in demand for host card emulation (HCE), and the rise in demand for wearable payment devices.
PORTLAND, Ore., July 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Banking Wearable Market Type (Fitness Tracker, Payment Wristbands, Smart Watches, and Others) Technology (Near Field Communication (NFC), Quick Response (QR) Codes, Radio Frequency Identification (RFID), and Others) and Application (Retail, Entertainment Centers, Restaurants and Bars, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global banking wearable industry generated $13.7 billion in 2022, and is anticipated to generate $62.7 billion by 2032, witnessing a CAGR of 16.8% from 2023 to 2032.
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Prime Determinants of Growth:
The global banking wearable market growth is driven by the growth in adoption of cashless transactions, the Increase in demand for host card emulation (HCE), and the rise in demand for wearable payment devices. However, the limited battery life of the devices, and security concerns are expected to hamper market growth. On the contrary, the growth in IoT globally acts as a major driver for invisible payments, which is expected to provide lucrative development opportunities for the banking wearable market in the forthcoming years.
Report Coverage & Details:
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The smart watches segment to maintain its leadership status throughout the forecast period-
Based on type, the fitness tracker segment held the highest market share in 2022, accounting for around two-fifths of the global banking wearable market revenue. Customers widely opt for fitness trackers owing to their increased safety features, which protect them from fraud and identity theft at the time of payment processing. On the other hand, the smart watches segment is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 20.4% from 2023 to 2032. Payment wristbands are increasingly integrated into loyalty and rewards programs. Users can collect points, discounts, and special offers by using payment bracelets for transactions. This integration increases customer loyalty and encourages the repeated use of payment wristbands. In addition, the increase in the adoption of AI-based smartwatches in the healthcare sector for monitoring patients' health and diagnosing various health issues is expected to provide a lucrative opportunity for the market.
The quick response (QR) codes segment to maintain its lead position during the forecast period-
Based on technology, the near field communication (NFC) segment held the highest market share in 2022, accounting for nearly half of the global banking wearable market revenue, as biometric authentication methods such as fingerprint recognition and facial recognition can be integrated into NFC-enabled wearables to provide an additional layer of security. Furthermore, the shift towards mobile banking and digital transformation initiatives by banks and financial institutions further fuels the growth of NFC-enabled banking wearables. The quick response (QR) codes segment, however, is expected to maintain its lead position during the forecast period. The same segment is projected to manifest the highest CAGR of 20.2% from 2023 to 2032. This is due to the integration between QR code technology and wearable devices, which is a critical growth indicator. As banking wearables, such as smartwatches and fitness trackers, incorporate built-in QR code scanners or seamless QR code scanning capabilities, it expands the use cases and convenience for users, further driving the adoption of QR codes in the banking wearable market.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2012, accounting for more than one-third of the global banking wearable market revenue, and is likely to maintain its dominance throughout the forecast period. The same region is expected to witness the fastest CAGR of 19.1% from 2023 to 2032. This is due to the existence of a large population, and the growing demand for digital devices in this region can be attributed to the growth of the market. Furthermore, market growth is expected to be driven by factors such as steady progress towards a cashless economy and changes in payment technology.
Leading Market Players: -
The report provides a detailed analysis of these key players in the global banking wearable market. These players have adopted different strategies, such as partnerships, product launches, and expansion, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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