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Banking Wearable Market to Reach $62.7 Billion, Globally, by 2032 at 16.8% CAGR: Allied Market Research
The global banking wearable market growth is driven by the growth in adoption of cashless transactions, the Increase in demand for host card emulation (HCE), and the rise in demand for wearable payment devices.
PORTLAND, Ore., July 31, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Banking Wearable Market Type (Fitness Tracker, Payment Wristbands, Smart Watches, and Others) Technology (Near Field Communication (NFC), Quick Response (QR) Codes, Radio Frequency Identification (RFID), and Others) and Application (Retail, Entertainment Centers, Restaurants and Bars, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global banking wearable industry generated $13.7 billion in 2022, and is anticipated to generate $62.7 billion by 2032, witnessing a CAGR of 16.8% from 2023 to 2032.
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Prime Determinants of Growth:
The global banking wearable market growth is driven by the growth in adoption of cashless transactions, the Increase in demand for host card emulation (HCE), and the rise in demand for wearable payment devices. However, the limited battery life of the devices, and security concerns are expected to hamper market growth. On the contrary, the growth in IoT globally acts as a major driver for invisible payments, which is expected to provide lucrative development opportunities for the banking wearable market in the forthcoming years.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$13.7 Billion |
|
Market Size in 2032 |
$62.7 Billion |
|
CAGR |
16.8 % |
|
No. of Pages in Report |
266 |
|
Segments covered |
Type, Technology, Application, and Region |
|
Drivers |
Growth in adoption of cashless transactions |
|
Increase in demand for host card emulation (HCE) |
|
|
Rise in demand for wearable payment devices |
|
|
Opportunities |
Increase in the use of NFC and RFID |
|
Integration of digital banking services |
|
|
Restraints |
High costs of banking wearable devices |
COVID-19 Scenario:
- The outbreak of COVID-19 had a positive impact on the global banking wearable market. as the pandemic had accelerated the transition to contactless payment methods to minimize physical contact with surfaces. Payment-enabled wearables, such as smartwatches or wristbands, provided convenient and secure contactless payment options. As a result, demand for payment-enabled wearables increased during the pandemic.
- Overall, the shift towards remote banking and digital experiences had created opportunities for banking wearable providers that offered seamless access to account information, transaction alerts, and authorization capabilities. In addition, the pandemic had highlighted the importance of digital innovation and technology adoption across various sectors. Therefore, the banking wearable market is growing rapidly.
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The smart watches segment to maintain its leadership status throughout 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 status throughout 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 various health 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 market 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.
Leading Market Players: –
- Google LLC
- Apple Inc.
- Fidesmo
- Xiaomi Corporation
- Visa Inc.
- 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.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies:
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Related Regional Reports:
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” 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.
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Fintech PR
Brewing Connections and Spotlighting Café Culture: MIFB 2025 Hosts MNCC in Collaboration with MSCA
KUALA LUMPUR, Malaysia, Jan. 6, 2025 /PRNewswire/ — The Malaysian International Food and Beverage Trade Fair (MIFB) proudly announces its partnership with the Malaysia Specialty Coffee Association (MSCA) to host the Malaysia National Coffee Championship (MNCC) from 2025 to 2027. This collaboration highlights MIFB’s commitment to fostering the country’s café culture while introducing the Malaysia Café Expo, a dedicated platform for coffee and tea innovations.
Aligned with the theme Future-Ready F&B: Serving the Evolution of Trends, MIFB 2025 focuses on specialty coffee, Ready-To-Eat (RTE) and Ready-To-Cook (RTC) products, and digital advancements in the F&B industry. Scheduled for 30 July–1 August 2025 at the Kuala Lumpur Convention Centre, the event will feature local and international exhibitors, alongside the semi-finals and finals of the MNCC. This prestigious competition celebrates Malaysia’s specialty coffee talent, bringing baristas, brewers, and coffee tasters to the forefront.
Kelvin Ngow, President of MSCA, remarked, “Our café culture has undergone a robust evolution, driven by a new generation of coffee enthusiasts. Through the MNCC and our partnership with MIFB, we aim to elevate local talent and showcase Malaysia as a global coffee player.“
The café sector’s growth reflects Malaysia’s ability to blend global trends with local flavours. Brands like Boncafe and Da Di Coffee exemplify this harmony, combining specialty coffee with the traditional kopi culture. The Malaysia Café Expo, co-located with MIFB 2025 and MyFoodTech 2025, aims to amplify these efforts, offering a platform for exhibitors in coffee, tea, and related industries.
Paul Lee, Chief Executive, Markets, Constellar, added, “Our partnership with MSCA strengthens MIFB’s role in connecting businesses, communities, and cultures. Hosting MNCC underscores our dedication to fostering innovation and resilience in the F&B sector while promoting Malaysia’s vibrant café scene.“
MIFB 2025 positions itself as a catalyst for collaboration, innovation, and growth across Malaysia’s F&B and café industries, reinforcing the nation’s leadership in the regional food and beverage landscape.
Read the full press release here. For more information on MIFB 2025 or to register as an exhibitor, please visit https://mifb.com.my.
About MIFB
Organised by Constellar, MIFB is Malaysia’s premier food and beverage trade event, connecting local and international players across the supply chain to explore solutions and drive industry growth.
About Constellar
Constellar, Asia’s premier MICE partner, curates events and connects global networks for sustainable growth, managing Singapore EXPO and fostering innovation across key industries.
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Fintech PR
URBAN REVIVO Celebrates 2024 Milestones and Unveils Ambitious Global Expansion Plans for 2025
GUANGZHOU, China, Jan. 6, 2025 /PRNewswire/ — At the dawn of a new year, the renowned fashion brand URBAN REVIVO (UR) proudly celebrates significant milestones in its international market expansion throughout 2024 and unveils ambitious plans for further global outreach in 2025. Building on a successful entry into Southeast Asian markets, URBAN REVIVO now sets its sights on major fashion capitals worldwide.
2024: A Year of Strategic Growth
In a pivotal year, URBAN REVIVO has successfully opened 9 new stores across key Southeast Asian markets including Singapore, Malaysia, Thailand, Vietnam, and the Philippines. This expansion brings the total number of the brand’s stores in the region to nearly 20. The strategic placement of these stores has not only strengthened URBAN REVIVO’s presence but also showcased its competitive edge. By tailoring each store to reflect the unique character of its city, URBAN REVIVO transforms them into urban art centers that focus on enhancing consumer experiences.
Richard Tang, CEO of URBAN REVIVO’s International Business, commented on the achievement: “As a brand committed to globalizing fashion retail, our breakthroughs in overseas markets during 2024 have been remarkable. The continuous opening of new stores reflects not just our expansion speed but also strong market confidence in URBAN REVIVO. Our performance in Southeast Asia exceeded expectations with several stores becoming profitable immediately upon opening.”
Looking Ahead: Ambitious Plans for 2025
Building on its success, URBAN REVIVO plans to expand into iconic global fashion cities such as London, New York City, Tokyo, and Hong Kong next year. This strategic move signifies URBAN REVIVO’s entry into the world’s top-tier fashion hubs. While accelerating its expansion into new markets, the brand will continue to strengthen its presence in Southeast Asia through franchising in addition to direct operations.
The brand is dedicated to refining a seamless omnichannel shopping experience that unites online platforms with physical stores. Through the strategic use of social media and live-commerce platforms, it seeks to cultivate stronger connections with consumers across the globe.
The Vision of Global Live Fashion
Established with the mission of enabling more customers access to premium, trendy, and fashion apparel, URBAN REVIVO has emerged as a prominent name in the global fast-fashion industry. Since its inception, the brand has maintained its dedication to motivating individuals who view every journey as a runway and propelling fashion into the future. This unwavering commitment has positioned URBAN REVIVO as a favored choice for trendsetters in search of innovative and distinctive wardrobe options each season.
By embracing “Global Live Fashion” as its new positioning statement, URBAN REVIVO strives to be recognized as the most engaging fast-fashion retailer globally. This goal will be achieved by providing an immersive art shopping experience that reflects the latest consumer trends, with each store offering weekly updates and displaying thousands of SKUs. Meanwhile, supported by design centers based in China and Europe, URBAN REVIVO works with over 600 designers who meticulously cater designs that meet diverse body types and aesthetic preferences across Asia and Europe, truly embodying the brand’s belief that “fashion never rests.”
About URBAN REVIVO
Founded in 2006, URBAN REVIVO (UR) is a global live fashion brand that strives to elevate affordable high fashion by offering creative, high-quality, sustainable designs. With over 400 stores in China, Singapore, Malaysia, Thailand, Vietnam and the Philippines, and an extensive online network in Europe, North America, and beyond, URBAN REVIVO ensures the highest standards through advanced supply chain management and technology. The brand’s mission is to make high-quality fashion accessible to everyone and to become the world’s most influential fashion brand.
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MIAMI, Jan. 5, 2025 /PRNewswire/ — The cloud-based payroll software market is set for continued growth, with projections showing a significant increase in market value over the next few years. This trend reflects a growing reliance on automated systems to manage payroll processes, boosting efficiency and reducing manual errors.
The payroll service industry is evolving rapidly, driven by advancements in technology and shifting workforce dynamics. As 2025 begins, businesses are turning to payroll processing service providers more than ever to streamline operations, reduce costs, and ensure compliance in an increasingly complex regulatory environment.
Technological Advancements in Payroll Solutions
Payroll solutions are entering a new era, driven by cutting-edge technologies like cloud computing, artificial intelligence (AI), and machine learning. These advancements are transforming payroll management, enabling real-time data access, automating complex tasks, and minimizing errors. From precise tax calculations to seamless benefits administration and accurate employee compensation, modern payroll systems are tackling challenges with unparalleled efficiency. As businesses increasingly embrace these innovations, the role of technology in redefining payroll services continues to make headlines, highlighting its impact on streamlining operations and ensuring compliance.
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“Our clients are benefiting from faster processing times, automated compliance updates, and an overall reduction in manual work,” said Ajay Mehta, CEO of IBN Technologies. “The role of technology in payroll management cannot be overstated, and it’s helping businesses focus on growth rather than administrative tasks.”
Adapting to a Changing Workforce
Most of the top companies embrace remote, hybrid, and gig economy workforces, manage payroll processing to accommodate diverse employment models. This includes handling multi-state and international payroll, managing freelancers, and ensuring compliance with varying tax laws.
“Businesses are increasingly hiring remote workers and freelancers, making it more critical than ever for payroll service providers to ensure that they are compliant with complex regulations,” said Ajay Mehta, CEO of IBN Technologies. “Our clients can rely on us to navigate these challenges and provide seamless payroll experiences.”
Why Automation is the Future of Payroll
As 2025 unfolds, payroll services are undergoing a transformative shift, driven by automation, cloud technology, and AI. Cloud-based platforms are offering businesses unparalleled flexibility, while automation streamlines processes, reduces errors, and enhances accuracy. Integration with HR and financial systems simplifies operations, and self-service portals empower employees with greater transparency and control. Meanwhile, advanced solutions are tackling the complexities of global compliance, ensuring businesses meet international regulations. Together, these innovations are revolutionizing payroll, creating a more efficient, secure, and employee-focused experience for the modern workforce.
Modern Payroll Management
Companies like IBN Technologies is at the forefront of driving innovation and efficiency in modern business operations. By leveraging advanced technologies like automation, AI, and seamless integrations, they empower enterprises to streamline processes, enhance accuracy, and meet the demands of a dynamic global market. Focused on delivering customized solutions, IBN is transforming traditional workflows into agile, efficient systems, setting new benchmarks in operational excellence.
About IBN Technologies
IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth.
Contact Details:
Pradip
[email protected]
+1 – 844 – 644 – 8440
USA: IBN Technologies LLC
66 West Flagler Street Suite 900 Miami, FL 33130
India: Global Delivery Centre
IBN Technologies Limited
Kohinoor House, 2nd floor,
691/A/1B, Plot no. 7,
Bibwewadi Road, Pune-411037
Description- Payroll services transform with AI, cloud tech, and automation, enhancing efficiency, accuracy, and compliance.
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