The Latin America, Middle East and Africa Wearable Payments Devices Market would witness market growth of 28.2% CAGR during the forecast period (2020-2026). RFID and NFC act as essential parts of various wearable payments and contactless payments. Various wearable device manufacturers like Samsung, Apple, and Huawei are combining NFC and RFID technologies into designing their contactless cards and wearable devices that are expected to provide several opportunities for the growth of the market.
The increasing changes in the lifestyle of people in developing and developed countries are driving the market growth. Additionally, the increasing adoption of wearable devices for several purposes that includes fitness, fashion, and contactless payments propels the growth of the market. Moreover, growing cyber-attacks on online and mobile payments systems in the world have changes the preference of many customers toward the acceptance of contactless payments systems.
The Covid-19 pandemic is expected to affect the growth of the market positively during the forecast period. Customers across the world are opting for contactless payments as their mode of payment during this pandemic that is estimated to boost the adoption of Wearable Payments Devices. Although, factors like the huge cost of the devices, limited battery life of the devices, and security concerns are estimated to restrict the market growth.
The high expense on devices affected the ability of manufacturers to introduce their products in the market, therefore it limits their production. These payment devices are expensive, which regulates many consumers from buying these devices. In addition, the growing competition in the market and less awareness about the product are further hampering the market growth.
Based on Type, the market is segmented into Fitness Tracker, Payment Wristbands and Smart Watches. Based on Technology, the market is segmented into Barcodes, Near Field Communication (NFC), Quick Response (QR) Codes, Contactless Point of Sale (POS) Terminals and Others. Based on Application, the market is segmented into Retail, Transportation, Festival & Life Events, Fitness, Healthcare and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: Wearable Payments Devices Market in LAMEA is expected to register a CAGR of 28.2% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Thales Group S.A. (Gemalto NV), Google, Inc., Mastercard, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Xiaomi Corporation, PayPal Holdings, Inc. (eBay), Visa, Inc., Nymi, Inc., and Barclays PLC.
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Companies Profiled
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