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Wearable Payment Device Market Share

Report ID: GMI11099
Published Date: Aug 2024
Report Format: PDF

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Wearable Payment Device Market Share

Apple Inc., Huawei Technologies Co., Ltd., and Google LLC held a significant market share of over 16% in 2023. Apple is enhancing its Apple Watch by seamlessly integrating Apple Pay to provide a secure and user-friendly payment experience. The company is expanding its ecosystem through global partnerships with financial institutions and retail networks to increase adoption. Concurrently, Apple is committed to continuously improving security features and user convenience.

Huawei is leveraging its proprietary HarmonyOS to integrate payment capabilities into its smartwatches and fitness bands. By prioritizing security with multi-layered encryption, Huawei is also forming partnerships with banks and service providers in emerging markets to drive the adoption of its payment-enabled wearables.

Google is integrating Google Wallet with its Wear OS devices to facilitate contactless payments. The company is enhancing user experience by improving device interoperability and expanding its network of supported payment methods. Additionally, Google is utilizing AI to offer personalized services and strengthen security measures across its payment-enabled wearables.

Wearable Payment Device Market Companies

Major players operating in the wearable payment device industry are:

Apple Inc.
Huawei Technologies Co., Ltd.
Google LLC
Samsung Electronics Co., Ltd.
Mastercard, Inc.
VISA Inc.
Thales SA
Xiaomi Corporation
Garmin Ltd.
PayPal Holding Inc.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Market size for wearable payment device was USD 56.8 billion in 2023 and is expected to register over 21% CAGR from 2024-2032 due to growing acceptance of digital wallets by merchants and consumers worldwide.

Wearable payment device industry from the smartwatches segment held over 52% share in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to its multifunctional capabilities and widespread consumer adoption.

North America industry held over 36% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the advanced financial infrastructure and high consumer adoption of digital payment technologies in the region.

Apple Inc., Huawei Technologies Co., Ltd., Google LLC, Samsung Electronics Co., Ltd., Mastercard, Inc., VISA Inc., Thales SA, Xiaomi Corporation, Garmin Ltd., and PayPal Holding Inc., are some of the major wearable payment device companies worldwide.