Wearable Payments: Sizing the Opportunity

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Dallas, United States - April 25, 2017 /MarketersMedia/ —

The Wearable Payments Market is still very much in its infancy, with most companies in this space still experimenting with form factors and functionality. Apple has emerged as a frontrunner with its payments-capable Apple Watch, but it is far from the only high-profile company in this space. With the market in its current state it is far too early to call Apple’s first-mover advantage decisive, and while this space is likely to see a lot of attention and investment in the coming years it is impossible to predict which companies will dominate.

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Key Findings
25% of consumers globally possess a wearable device of any type (regardless of whether that device is capable of making payments).

Features and pricing are the two most important factors driving purchases of wearable devices.

China is the most immediately attractive market due to its sizable population and high proportion of potential early adopters.

Synopsis
“Wearable Payments: Sizing the Opportunity” examines the emerging wearable payments market, evaluating the strengths and weaknesses of the current products available to consumers in this space as well as using our proprietary data on consumer attitudes towards wearable technology and potential early adopters of wearable payments globally.

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Specifically the report:
Analyzes the major payments-capable wearables on the market in terms of function and attractiveness to consumers.

Identifies the key drivers of wearable payments adoption among consumers globally and by market.

Analyzes the demographic and geographic distribution of potential wearable payments early adopters and the best strategies to engage with them.

Explores the potentially winning strategies that can be adopted by players currently in the wearables market and players looking to enter it.

Reasons To Buy
Understand the players in the wearables market – what products have they launched, and how likely are these to succeed?

Find out how consumers view wearable payments as a concept, and how this varies between markets.

Find out where the wearable payments early adopters are, as well as what demographics they belong to in order to effectively market products.

Discover the three key factors to a successful wearable payments product – what do consumers want, and how is this best delivered to them?

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Some Points from Table of Content:

EXECUTIVE SUMMARY
The wearable payments market is currently undergoing the proof-of-concept stage, with Apple leading the way

Key findings
Critical success factors
DEFINING THE POTENTIAL
Wearable payments are mainly taking place within the physical proximity of a merchant's POS terminal
Eat24's smartwatch app looks to streamline repeat order purchases
Wearable payments are in the formative stages, with wrist-based devices the most widely deployed form factor so far
Disney's Magic Band provides proof of concept for wearable payments
Wearable payment developments intensified in 2015, with the supply side of the market driving much of the activity
Apple Watch is the first big effort at enabling payments with the wrist
Barclays' bPay range is one of the few examples of payment-only wearables
Most payments players are entering the wearables market through partnerships
Consumer appetite for wearable technology is positive, but a sizable number are unconvinced of its benefits

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Release ID: 190113