Wearables to reach $20.3 bn by 2020

Global wearables market will grow at the compound rate of 38% over the next five years to hit $20.3 bn in 2020.’  Bloomberg report estimates that Apple could see revenues of up to $3.6 bn with a successful smart watch.

Smartwatch industry will grow in 2014 to $2.5 bn globally. In the years to follow, the smartwatch industry will keep growing at a 3-digit rate.   

Across Europe, more than 100 million Visa cards are contactless as are 1.8 million Visa terminals. Annual transaction volumes exceeded 460 million which is 263% higher than the previous year and the value of those transactions is 283% higher than the previous year.

The payments market is evolving, enabling consumers to undertaken payments with devices that are no longer owned by the financial institution providing the payment account. Consumers, media and the industry is demanding more and more attention for a wearable and mobile solutions. 

 

Sources:

http://www.ecommercereport.com.au/rba-survey-shows-two-thirds-of-australians-now-have-contactless-cards/;
http://www.computerworld.com.au/article/536949/mobile_payments_australia_state_banks/;
http://www.forbes.com/sites/arieladams/2014/03/07/the-size-of-the-smartwatch-market-its-key-players/;
http://fortune.com/2013/03/04/how-big-might-the-market-be-for-an-apple-smart-watch/ ;
http://venturebeat.com/2015/02/15/how-businesses-are-putting-wearables-to-work/