The smart home payments market was valued at US$ 32.9 Billion in 2021. The market is expected to reach US$ 49.2 Billion by 2022 and US$ 318.2 Billion by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report Digital Wallet segment will remain pivotal for the market as the bulk of revenue will be generated through this category. It is Expected to Progress at a CAGR of 20.5% from 2022 to 2032. The various lucrative offers such as profitable reward points, and loyalty vouchers are among the key attributes responsible for its attractiveness.
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The key recent developments of Smart Home Payments manufacturers are as follows:
- In July 2022, new integrations coupled with facets like a collection of SDKs (software development kits) and a collection of APIs were announced for Alexa by Amazon.com Inc. The rationale behind this is to increase the versatility of Alexa.
- In May 2022, Virtual Cards for Chrome Autofill Users, one of its kind digital wallet for Android users was announced by Google LLC. The aim behind its design and conceptualization is to better standardize the process of accessing and saving payment cards, vaccine passports, transit, and even tickets by its users.
- In September 2020, with the launch of the Apple Inc. iOS 15, HomePod 15, tvOS 15, and watch OS8, a wide range of state-of-the-art features were added to Apple HomeKit, its smart home system. These new attributes include the ability to connect multiple HomeKit cameras on Apple TV, coupled with the feature enabling users to ask Siri, for something to be done based on an event or later through voice commands.
Smart Home Payments Market: Competition Insights:
Currently, Smart Home Payments manufacturers are largely aiming at adopting strategies such as mergers, acquisitions, and partnerships. They are working towards finding a balance between expanding their product portfolio and capitalizing on the growing market demand.
Leading Key Players:
- Amazon.com Inc.
- Apple Inc.
- Google LLC
- LG (LG Electronics Inc.)
- Mastercard Inc.
- NMI
- Inside Secure
- EBizCharge
- Ingenico Group S.A.
- Heartland Payment Systems Inc.
- Baidu Inc.
- Xiaomi Corporation
- Samsung Group
- Lenovo Group Limited
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More Insights Available: Future Market Insights, in its new offering, presents an unbiased analysis of the Smart Home Payments Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Smart Home Payments Market in terms of Payment Type (Mobile Payment, Digital Wallet, and Online Banking), Application (Connected Appliance Payments, Connected TV Payments, and Smart Speaker Payments) across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Smart Home Payments Market Segmentation:
The Smart Home Payments Market is segmented based on payment type, application, and region.
By Payment Type:
- Mobile Payment
- Digital Wallet
- Online Banking
By Application:
- Connected Appliance Payments
- Connected TV Payments
- Smart Speaker Payments
By Region:
- North America
- The US
- Canada
- Asia Pacific
- China
- Japan
- South Korea
- India
- Europe
- Germany
- UK
- France
- Russia
- Italy
- The Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Nigeria
- Egypt
- Latin America
- Mexico
- Brazil
- Argentina
- Colombia
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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