Wearable Payment Market to Grow Nearly 60% CAGR to 2020 

The global wearable payment market analyst says one of latest trends in the market is decline in cost of wearable devices. Smartwatch, which is one of the latest technologically advanced fashionable accessories, has high growth prospects but is expensive for budget-conscious people. The ASP of smartwatches declined from $299-$350 in 2014 to $150-$199 in 2015. Most of the wearable device manufacturers reduced the ASP of devices to make products more affordable for users and to increase sales volumes. The price was also reduced to attract a larger target consumer segment and to sustain in the competitive market. The competition in the market is increasing with the entry of several start-ups and technology companies in wearable payment market.

Complete report on wearable payment market spread across 57 pages, analyzing 6 major companies and providing 26 data exhibits are now available at http://www.reportsnreports.com/reports/759356-global-wearable-payment-market-2016-2020.html

The following companies are the key players in the global wearable payment market: Apple, Jawbone, Google, MasterCard, Samsung Electronics, and Visa. Other prominent vendors in the market are: Alibaba Group, American Express, Barclays, Broadcom, Fitbit, Gemalto, Infineon Technologies, Inside Secure, MediaTek, Microsoft, NXP Semiconductors, Qualcomm, PayPal, Renesas Electronics, Sony, and Xiaomi.

According to the report, one of the primary drivers in the market is declining cost of NFC technology. The global wearable payment market is driven by the declining cost of NFC technology. The technology has become more affordable for device manufacturers that integrate the technology into wearable devices. In addition, as the number of vendors offering wearable devices is increasing, it is likely to support the growth of the wearable payment in the coming years. The declining price of NFC technology and the growth of the NFC ecosystem that supports various NFC applications have encouraged vendors to integrate NFC technology into wearable devices. Jawbone launched the fitness device UP4, which is integrated with payment technology. Order a copy of Global Wearable Payment Market 2016-2020 report @ http://www.reportsnreports.com/purchase.aspx?name=759356

The entry of several start-ups and technology companies in wearable payment market space is intensifying the competition in the global market for wearable payments. Every half year, companies are launching newer versions of the existing products. Manufacturers are also reducing the costs of the existing versions to increase their sales and allow the entry of newer versions of products. This trend is expected to cause a drop in the prices of smartwatches, resulting in their increased adoption

Global Wearable Payment Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the present scenario and the growth prospects of the global wearable payment market for 2016-2020. To calculate the market size, the report provides a detailed forecast of the market transaction revenue and shipment of wearable payment devices.

Further, the wearable payment market report states that one major challenge in the market is high price of smartwatches. The high price of wearable devices, especially smartwatches, is a factor hindering their adoption. High-end smartwatches such as Apple Watch accounted for more than 85% of the global smartwatch market in 2015. Though the demand for wearable devices is expected to increase during the forecast period, the willingness of customers to invest in smartwatches is comparatively low.

Source: TriStateUpdate

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