Banking Wearable Market

PORTLAND, OREGAON, UNITED STATES, September 15, 2023/EINPresswire/ -- According to a new report published by Allied Market Research, titled,“Banking Wearable Market Size ," The banking wearable market was valued at $13.7 billion in 2022, and is estimated to reach $62.7 billion by 2032, growing at a CAGR of 16.8% from 2023 to 2032.

The banking wearable market has been growing steadily over the years due to the increasing demand host card emulation (HCE) and the growing adoption of cashless transactions. Moreover, numere-banking platforms are adopting wearable payment devices. These platforms are focusing on integrating the near field communication (NFC) technology into their transaction operations, which facilitates seamless payments. In addition, the decreasing costs for deploying NFC technology are encouraging the rise in demand for the technology. Businesses widely use this technology to transfer data from their devices to varicontactless payment terminals, such as NFC tags and smartphones. Moreover, many retail and transportation companies are implementing banking wearable technology to give customers a simpler, more practical experience, accelerating the market's expansion. Furthermore, the increasing demand for wearable payment devices owing to their fast payment capability will foster the banking wearable market growth during the forecast period.

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The smart watches segment to maintain its leadership stathroughout 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 stathroughout 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 varihealth 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 Industry 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.

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Leading Market Players: -

Google LLC
Apple Inc.
Fidesmo
Xiaomi Corporation
VInc.
Wirecard
Thales
Nymi Inc.
Gemalto NV
Samsung Electronics

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.

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the banking wearable market forecast from 2022 to 2032 to identify the prevailing market opportunities.

Market research is offered along with information related to key drivers, restraints, and opportunities of banking wearable market outlook.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.

In-depth analysis of the banking wearable market segmentation assists in determining the prevailing banking wearable market opportunity.

Major countries in each region are mapped according to their revenue contribution to the global market.

Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

The report includes an analysis of the regional as well as global banking wearable market trends, key players, market segments, application areas, and market growth strategies.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with varicompanies and this helpsin digging out market data that helpsgenerate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published byis extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Analytics LLP
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