Smart Home Payments Market Soars: Projected to Reach US$ 318.2 Billion by 2032

Global Smart Home Payments Market was valued at US$ 32.9 Bn in 2021 and is expected to reach US$ 318.2 Bn 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 projected that the Digital Wallet segment will account for a CAGR of 20.6% during 2022 – 2032. The various lucrative offers such as profitable reward points, and loyalty vouchers are among the key attributes responsible for its attractiveness.

The US to Command the Larger Proportion of Smart Home Payments Market throughout the Analysis Period

The U.S. commands 36.1% of the market share and is expected to keep its dominance intact with an absolute dollar opportunity growth of US$ 94.3 Bn to reach a valuation of US$ 111.9 Bn by 2032. By 2025, the cohort of people using online banking in the U.S. is projected to reach 216.8 Mn. This is expected to expand the demand for smart home payments market.

“The Connected Appliance segment by application has significant potential to emerge as a key market driver during the forecast period for the Smart Home Payments market.” comments an analyst at Future Market Insights.

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. The key companies operating in the Smart Home Payments market include Amazon.com Inc., Apple Inc., Google LLC, LG Electronics Inc., Mastercard Inc., NMI, Inside Secure, EBizCharge, Ingenico Group S.A., Heartland Payment Systems Inc., Baidu Inc., Xiaomi Corporation, Samsung Group, and Lenovo Group Limited.

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.

Key Segments Covered In Market Survey

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