In 2026, the smart home payments market is estimated to be worth approximately USD 83.59 billion. The smart home payments market is expected to reach a valuation of nearly USD 318.2 Billion by the end of 2032, with a projected CAGR of 20.5% over the next ten years, supported by:
The COVID-19 pandemic is causing mayhem in India's economy, with manufacturing, auto, retail, aviation, and hospitality bearing the brunt of the damage. Smart payments, which are usually correlated to the business sectors, have suffered as a result. Remittances from abroad have also struggled.
| Global Smart Home Payments Market Size (2021A) | USD 32.9 billion |
|---|---|
| Global Smart Home Payments Market Size (2022E) | USD 49.2 billion |
| Global Smart Home Payments Projected Market Value (2032F) | USD 318.2 billion |
| Global Smart Home Payments Market Growth Rate (2022 to 2032) | 20.5% CAGR |
| North America Smart Home Payments Market Share (2021) | Over 40% |
| Key Companies Profiled | 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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The smart home payments market expects Asia-Pacific to be profitable. By 2025, India and China will account for approximately 69% of global digital wallet transactions. By 2032, the Chinese market is expected to grow at a highly accelerated CAGR of around 19.9%, with an absolute dollar opportunity of USD 19.2 Billion.
Even Japan is expected to grow rapidly, with a CAGR of more than 18.9%, to reach a total market valuation of USD 18.7 billion by the end of 2032 in the smart home payments market. These factors are expected to benefit Asia-Pacific smart home payments market growth. The Asia Pacific is expected to be the fastest-growing region. The region's countries have taken significant steps to strengthen the payment industry.
The North American region is expected to maintain its market share of around 40.8% in the global smart home payments market during the forecast years. The demand for smart payments has skyrocketed in developed regions such as North America. With the COVID-19 epidemic requiring social withdrawal, consumers can maintain their distance by utilising contactless payment smart payment solutions.
It is expected that by 2025, 48.4% of US households will have at least one smart home device. As of 2022, approximately 43% of the Canadian population using at least one digital payment provider used Google Pay for E-commerce transactions, and this figure is expected to rise further in the coming years. In the coming years, all of these factors are expected to benefit the North American smart home payments market.
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In terms of market size, the European smart home payments market is the largest but highly fragmented due to the use of multiple currencies and languages. The region is home to a diverse range of countries, from economically and technologically advanced nations like the United Kingdom and Germany to heavily indebted nations like Venezuela. The leaders are the United Kingdom, Poland, Spain, and Germany.
Amazon.com Inc. announced a new collaboration for Alexa in July 2022, along with features such as a collection of SDKs (software development kits) and a collection of APIs. The reasoning behind this is to increase Alexa's versatility.
Google LLC announced Virtual Cards for Chrome Autofill Users, a first-of-its-kind digital wallet for Android users, in May 2022. Its design and conceptualization aim to improve the process of its users accessing and saving payment cards, vaccine passports, transit, and even tickets.
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The global market for Smart Home Payments expanded at a CAGR of 50.8% during 2015 to 2021. The market growth is projected to benefit from the expedited requirement of the digital wallets payment type as well as with the surge in the smart home appliances demand in the forthcoming years.
The global Smart Home Payment market is predicted to surge ahead at a CAGR of 20.5% and record sales worth USD 318.2 Billion by the end of 2032. US will continue to be the largest market throughout the analysis period accounting for over USD 94.3 Billion absolute dollar opportunity in the coming 10-year epoch.
During the upcoming 10-year forecast, Asia-Pacific is expected to be lucrative for the Global Smart Home Payments Market. By 2025, it is anticipated that together India and China will account for approximately 69% of the global digital wallet transactions taking place.
As of 2021 digital payments with 45.4% share have been the leading e-commerce transaction method in India. This share is further expected to rise to over 52.9% by 2025. Additionally, it is reported that as of 2021, around USD 300 Million digital payments is projected to witness an extensive surge to reach USD 1 Trillion by 2026.
Furthermore, relative to the 67% share of the total Television shipments by the end of 2020, smart televisions account for 84% of the total share as of 2021. The Smart Home Payments Market in China is set to witness a highly accelerated CAGR of around 19.9% coupled with an absolute dollar opportunity of USD 19.2 Billion by the end of 2032.
Even Japan is projected for a highly accelerated growth with a CAGR of over 18.9% to reach a total market valuation of USD 18.7 Billion in the Smart Home Payments Market by the end of 2032. These factors are anticipated to be beneficial for the growth of the Global Smart Home Payments Market in Asia-Pacific.
It is anticipated that during the forthcoming forecast years the North-American region is to keep its market share of around 40.8% intact in the Global Smart Home Payments Market. A recent report stated that approximately 82% of consumers use digital payments as of 2021.
As of the first quarter of 2022, the Bank of America has witnessed an extensive surge of 34% in the users and associated interactions of its virtual financial assistant, Erica, particularly with issues related to payment transactions.
By 2025, it is estimated that 48.4% of the households in the USA will be in possession of at least one smart home device. As of 2022, approximately 43% of the cohort of the population in Canada using the services of at least one digital payment provider use Google Pay for E-commerce transactions, which is to further increase in the forthcoming years.
As of 2022, approximately 500 Million connected television appliances are in USA households, witnessing a 300 Million surge compared to that of 2017. Moreover, of the total connected television users, 58.3% use Smart televisions. All of these facets are expected to be advantageous for the North American Smart Home Payments market in the forthcoming years.
The USA commands approximately around 36% market share in the Global Smart Home Payments Market and is expected to retain its dominance during the upcoming 10-year epoch. It is estimated that the market in the country is expected to witness a CAGR of 20.3% coupled with an absolute dollar opportunity of USD 94.3 Billion to reach a total market valuation of USD 11.9 Billion by the end of 2032.
According to recent statistics, approximately 48% of the populace using the internet in the USA owned at least a smart speaker in 2021, which has witnessed a 71% increase in only the past two years.
Smart speakers are among the crucial attributes of the Smart Home Payments market since they have the ability to provide consumers with voice payment features. Taking into account data published in a recent report, 4 in every 10 Americans are in the habit of using voice assistants for e-commerce-related transactions.
Another factor responsible for the growth of the Smart Home Payments Market in the USA is the intercontinental payment facility offered by digital payment providers. The recent update of Google Pay, allows its USA customers to send money over to India and Singapore.
A 2022 article published by Insider Intelligence states that by 2025 the cohort of digital banking users in the USA is to expand from over 208 Million as of 2022 to 216.8 Million by 2025, subsequently reaching a share of 80.4%., and effectively benefiting the online banking segment by payment type of the Smart Home Payment market.
These attributes are anticipated to be beneficial for the USA Smart Home Payments Market in the forthcoming years.
The Digital Wallet segment of the Smart Home Payments Market is expected to witness a highly accelerated CAGR of 20.6% during the forthcoming years. This growth stems from the additional uses a digital wallet service provider equips the customer with. Lucrative offers such as loyalty vouchers, profitable reward points, the ability to book flight tickets, and movie tickets are among the several features responsible for the attractiveness of this segment.
Findings of a recent survey state that by 2025, the total cohort of unique digital wallet users across the world will surge ahead from 2.6 Billion in 2020, to surpass approximately 4.4 Billion users. The report further revealed that by 2025, transactions associated with QR Codes will be accounting for around 40% of all global digital wallet payments and transactions.
This prominence stems from the ease of usage and acceptance associated with these payments. These attributes are responsible for propelling the Digital Wallet segment by Payment Type of the Smart Home Payments Market in the forthcoming years.
The Connected Appliance Payments application of the Smart Home Payments market is anticipating extensive growth with 19.7% CAGR in the upcoming 10-years period. Among the attributes responsible to drive the Connected Appliance Payments application, there is a surge in the usage of appliances such as Smart Thermostats and Touchless Tech, including touchless doorbells.
Recent news states that as of 2021, approximately 2 Billion connected appliances are being used in India, which is propelling the advancements in Connected Appliance Payments.
Among the various factors fueling the requirement for these Connected Appliances, the surge in automation and dependence on technology which is ever-increasing coupled with rising smartphone penetration takes precedence. The total cohort of households with smart home systems is anticipated to reach a total of 400 Million by 2025.
Findings of a recent report estimate that the total cohort of homes with smart systems across the world is projected to increase to reach an approximate value of over 400 Million by 2025. These attributes are projected to be advantageous for the growth of the Connected Appliance Payments application of the Smart Home Payments Market in the forthcoming years.
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, are among the key players worldwide driving the competitive landscape of the market.
To expand their product portfolio and simultaneously capitalize on the growing market demand, many of these companies are adopting strategies such as mergers, acquisitions, and partnerships.
The Smart Home Payments Market is segmented based on payment type, application, and region.
The Smart Home Payments market was valued at USD 32.9 Billion in 2021.
The Smart Home Payments industry is set to witness a growth rate of 20.5% over the forecast period and be valued at USD 318.2 Billion by 2032.
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, are among the key players in the Global Smart Home Payments Industry.
The preference for smart home appliances is consistently increasing and is anticipated to favorably impact the global demand for Smart Home Payments over the forecast period till 2032.
The market in the US is expected to reach a valuation of USD 111.9 Billion during the forecast period along at a CAGR of 20.3% during 2022 to 2032.
The Asia Pacific market is expected to grow significantly during the forecast period mainly due to increasing awareness of, digital payment systems such as digital wallets, especially in India and China.
1. Executive Summary 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background and Foundation Data Points 5. Key Success Factors 6. Global Smart Home Payments Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032 7. Global Smart Home Payments Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032 8. Global Smart Home Payments Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Payment Type 8.1. Mobile Payment 8.2. Digital Wallet 8.3. Online Banking 9. Global Smart Home Payments Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Application 9.1. Connected Appliance Payments 9.2. Connected TV Payments 9.3. Smart Speaker Payments 10. Global Smart Home Payments Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. Middle East and Africa (MEA) 11. North America Smart Home Payments Market Analysis 2015 to 2021 and Forecast 2022 to 2032 12. Latin America Smart Home Payments Market Analysis 2015 to 2021 and Forecast 2022 to 2032 13. Europe Smart Home Payments Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14. Asia Pacific Smart Home Payments Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Middle East and Africa Smart Home Payments Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16. Key Countries Smart Home Payments Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Market Structure Analysis 18. Competition Analysis 18.1. Amazon 18.2. Apple 18.3. Google 18.4. LG 18.5. Mastercard 18.6. Samsung 18.7. Visa 18.8. Alibaba 18.9. American Express 18.10. Aviva 19. Assumptions and Acronyms Used 20. Research Methodology
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