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
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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