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Rising Acceptance of Contactless Payments Propels Wearable Payment Market to register nearly 60.0% CAGR 2016–2020

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Published on : Dec 09, 2016

ALBANY, NY, Dec 09, 2016: The global wearable payment market is slated to expand at an astounding CAGR of 59.44% from 2016 to 2020 The report offers details pertaining to the present scenario in the global as well as regional wearable payment market and also provides sharp insights into the future prospects of the industry. The report presents the current and future size of the wearable payment market in terms of revenue by taking into account the value-based contribution of this technology.

One of the most prominent and successful technologies involved in wearable payment is near-field communication. This short-range standard-based connectivity utilizes high-frequency wireless communication to enable transactions via wearable devices. This peer-to-peer communication enables end users to directly transfer data from wearable devices to point-of-sale devices. 

There are a host of factors boosting and restricting the adoption of wearable payment. The publication identifies the leading driving forces that govern the growth of this market and assesses their impact during the course of the forecast period. The rising popularity and adoption of contactless payments is the primary factor propelling the wearable payment market. In addition, Asia Pacific and Africa present immense opportunities for growth, as pointed out in the report. On the flip side, the lack of interoperability of near-field communication (NFC) technology acts as the major deterrent on the development of the wearable payment market. 

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The study scrutinizes the global market for wearable payments on the basis of device type and geography. Based on device, the market takes into account fitness bands and smartwatches. By geography, the wearable payment market comprises the Americas, Asia Pacific, and Europe, the Middle East, and Africa. The report also examines the performance of major countries in these regions. The revenue generated from each of these device and geographical segments has been discussed in detail for the period of 2016 to 2020. In addition, the impact of various demographic and economic indicators on these categories and the factors driving purchasing decisions in each of the segments have been studied. 

Jawbone, MasterCard, Visa, Google, Samsung Electronics, and Apple are the dominant players operating in the global market for wearable payment. These companies have been analyzed in the report at length, keeping in mind aspects such as product classification, product overview, revenue, and brand. The strengths and weaknesses of the leading players are also highlighted in order to give readers a better understanding of the competitive landscape and allow clients to make informed and strategic decisions to strengthen their role in the wearable payment market. 

Other key vendors competing in this space include Renesas Electronics, Inside Secure, Xiaomi, Qualcomm, Alibaba Group, MediaTek, PayPal, Infineon Technologies, Fitbit, Barclays, Microsoft, NXP Semiconductors, Sony, Broadcom, American Express, and Gemalto.

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