Market Overview:
The global banking wearable devices market is expected to grow at a CAGR of over 16% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for convenient and secure payment methods, rising adoption of Internet of Things (IoT) and big data analytics, and growing need for customer-centric banking services. Based on type, the global banking wearable devices market can be segmented into wristbands, watches, payment processing rings, glasses, and others. The wristbands segment is expected to account for a major share of the global banking wearable devices market in 2018 owing to their high adoption rate among consumers. By application, the global banking wearable devices market can be divided into payment transactions, personal banking, stock purchasing, and others. The payment transactions segment is anticipated to hold a dominant position in the overall market during the forecast period owing to increasing use of mobile payments across different regions worldwide.
Product Definition:
Banking wearable devices are used to perform banking tasks and activities. They are designed to make banking more convenient and easier for customers. The devices can be used to check account balances, transfer money between accounts, pay bills, and more. Banking wearable devices are important because they allow customers to bank on the go. This is especially useful for those who do not have time to go into a bank branch or who live in a remote area where there is no physical bank branch.
Wristbands:
Wristbands are devices that can be either temporary or permanent, and are generally worn on the wrist. They serve as a means of identification for individuals as well as information carriers in various sectors such as healthcare, education, and retail. The global market is expected to witness significant growth over the forecast period owing to factors such as rising demand for fitness products & services along with increasing penetration of smartphones across all age groups.
Watches:
Watches are devices that are used to measure the passage of time. They can be wrist-worn or carried on a band. The basic function of watches is to display the current time and allow the user to set alarms and reminders for future occurrences.
Application Insights:
The payment transactions application segment dominated the global banking wearable devices market in 2017. The growth can be attributed to the increasing adoption of payment transaction rings, which offer a secure and convenient way to pay. Furthermore, these devices help reduce counter queues by enabling customers to make payments through autofill functionalities.
The personal banking application segment is expected register significant growth over the forecast period owing to rising demand for innovative digital solutions that enable consumers access their accounts from anywhere using any device. Furthermore, these wearables also provide personalized insights into spending patterns which will further drive its adoption among banks worldwide.
Other applications include stock purchasing and investing activities where investors use their smartphones or laptops with connected wearable devices such as bracelets and glasses for better control of investments at work-related places such as offices or factories allowing them real-time data on asset values without taking physical possession of them. This has led several companies including Fitbit Inc., Garmin Ltd., Apple Inc., Samsung Electronics Co., Ltd., etc.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its dominance over the forecast period as well. This can be attributed to increasing adoption of wearable devices by banks for various applications such as payment transactions, banking services and others. Moreover, presence of key players such as IBM Corporation; Google LLC; Mastercard; and VISA Inc.; among others is also contributing towards growth in this region.
Asia Pacific regional market captured a significant share in 2017 owing to increasing number of smartphone users across countries such as China and India among other developing economies.
Growth Factors:
- Increasing demand for wearable devices from the banking sector for enhanced security and convenience.
- The increasing trend of Bring Your Own Device (BYOD) in the workplace, which is driving the demand for wearable devices among banking employees.
- Growing popularity of mobile payments and increasing use of smartphones for banking transactions, which is contributing to the growth of the Banking Wearable Devices market.
- Proliferation of new technologies such as cloud-based services, big data analytics, and artificial intelligence that are aiding in the development of innovative Banking Wearable Devices products and applications.
Scope Of The Report
Report Attributes
Report Details
Report Title
Banking Wearable Devices Market Research Report
By Type
Wristbands, Watches, Payment Processing Rings, Glasses, Others
By Application
Payment Transactions, Personal Banking, Stock Purchasing, Others
By Companies
Garmin Ltd., Fidemso AB, Apple Inc, SAMSUNG, Westpac PayWear, Fitbit Inc, BioTelemetry Inc, Nike Inc.
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
161
Number of Tables & Figures
113
Customization Available
Yes, the report can be customized as per your need.
Global Banking Wearable Devices Market Report Segments:
The global Banking Wearable Devices market is segmented on the basis of:
Types
Wristbands, Watches, Payment Processing Rings, Glasses, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Payment Transactions, Personal Banking, Stock Purchasing, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Garmin Ltd.
- Fidemso AB
- Apple Inc
- SAMSUNG
- Westpac PayWear
- Fitbit Inc
- BioTelemetry Inc
- Nike Inc.
Highlights of The Banking Wearable Devices Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Wristbands
- Watches
- Payment Processing Rings
- Glasses
- Others
- By Application:
- Payment Transactions
- Personal Banking
- Stock Purchasing
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Banking Wearable Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Banking Wearable Devices are devices that allow customers to conduct banking transactions hands-free. They can be used in place of traditional bank cards and checkbooks, and can be connected to a customer's bank account through the use of a mobile app or online portal.
Some of the major companies in the banking wearable devices market are Garmin Ltd., Fidemso AB, Apple Inc, SAMSUNG, Westpac PayWear, Fitbit Inc, BioTelemetry Inc, Nike Inc..
The banking wearable devices market is expected to grow at a compound annual growth rate of 16%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Banking Wearable Devices Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Banking Wearable Devices Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Banking Wearable Devices Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Banking Wearable Devices Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Banking Wearable Devices Market Size & Forecast, 2018-2028
4.5.1 Banking Wearable Devices Market Size and Y-o-Y Growth
4.5.2 Banking Wearable Devices Market Absolute $ Opportunity
Chapter 5 Global Banking Wearable Devices Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Banking Wearable Devices Market Size Forecast by Type
5.2.1 Wristbands
5.2.2 Watches
5.2.3 Payment Processing Rings
5.2.4 Glasses
5.2.5 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Banking Wearable Devices Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Banking Wearable Devices Market Size Forecast by Applications
6.2.1 Payment Transactions
6.2.2 Personal Banking
6.2.3 Stock Purchasing
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Banking Wearable Devices Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Banking Wearable Devices Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Banking Wearable Devices Analysis and Forecast
9.1 Introduction
9.2 North America Banking Wearable Devices Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Banking Wearable Devices Market Size Forecast by Type
9.6.1 Wristbands
9.6.2 Watches
9.6.3 Payment Processing Rings
9.6.4 Glasses
9.6.5 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Banking Wearable Devices Market Size Forecast by Applications
9.10.1 Payment Transactions
9.10.2 Personal Banking
9.10.3 Stock Purchasing
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Banking Wearable Devices Analysis and Forecast
10.1 Introduction
10.2 Europe Banking Wearable Devices Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Banking Wearable Devices Market Size Forecast by Type
10.6.1 Wristbands
10.6.2 Watches
10.6.3 Payment Processing Rings
10.6.4 Glasses
10.6.5 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Banking Wearable Devices Market Size Forecast by Applications
10.10.1 Payment Transactions
10.10.2 Personal Banking
10.10.3 Stock Purchasing
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Banking Wearable Devices Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Banking Wearable Devices Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Banking Wearable Devices Market Size Forecast by Type
11.6.1 Wristbands
11.6.2 Watches
11.6.3 Payment Processing Rings
11.6.4 Glasses
11.6.5 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Banking Wearable Devices Market Size Forecast by Applications
11.10.1 Payment Transactions
11.10.2 Personal Banking
11.10.3 Stock Purchasing
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Banking Wearable Devices Analysis and Forecast
12.1 Introduction
12.2 Latin America Banking Wearable Devices Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Banking Wearable Devices Market Size Forecast by Type
12.6.1 Wristbands
12.6.2 Watches
12.6.3 Payment Processing Rings
12.6.4 Glasses
12.6.5 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Banking Wearable Devices Market Size Forecast by Applications
12.10.1 Payment Transactions
12.10.2 Personal Banking
12.10.3 Stock Purchasing
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Banking Wearable Devices Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Banking Wearable Devices Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Banking Wearable Devices Market Size Forecast by Type
13.6.1 Wristbands
13.6.2 Watches
13.6.3 Payment Processing Rings
13.6.4 Glasses
13.6.5 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Banking Wearable Devices Market Size Forecast by Applications
13.10.1 Payment Transactions
13.10.2 Personal Banking
13.10.3 Stock Purchasing
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Banking Wearable Devices Market: Competitive Dashboard
14.2 Global Banking Wearable Devices Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Garmin Ltd.
14.3.2 Fidemso AB
14.3.3 Apple Inc
14.3.4 SAMSUNG
14.3.5 Westpac PayWear
14.3.6 Fitbit Inc
14.3.7 BioTelemetry Inc
14.3.8 Nike Inc.
