Market Overview:
The Global IOT Payments Market size is expected to grow from USD 258.18 billion in 2022 to USD 14886.31 billion by 2030, at a CAGR of 66% during the forecast period (2023-2030).
The adoption of technology and the Internet of Things (IoT) by consumers and retailers is rapidly advancing, leading to a digitized relationship between people and devices. The IoT serves as a network that connects devices, machines, vehicles, and buildings through communication networks such as the Internet, RFID, and NFC. These connected devices are equipped with microprocessors, sensors, and software for data acquisition, processing, and real-time delivery. The primary objective of this network is to create automated living and working conditions that enable individuals to navigate easily and perform routine tasks efficiently in an intelligent environment. Payment is a crucial aspect of IoT development, as many emerging relationships in this ecosystem involve business transactions that require secure and seamless payment processes.
Top Key Players in IOT Payments Market:
- ACI Worldwide (US)
- Adyen (Netherlands)
- Aurus (US)
- Aliant Payments (US)
- Alipay (China)
- Apple Pay (US)
- Due (US)
- Dwolla (US)
- FattMerchant (US)
- FIS (US)
- Fiserv (US)
- Global Payments (US)
- Intuit (US)
- JPMorgan Chase (US)
- Mastercard (US)
- PayPal (US)
- Paysafe (UK)
- PayTrace (US)
- PayU (Netherlands)
- Spreedly (US)
- Square (US)
- Stripe (US)
- Visa (US)
- WEX (US)
- Worldline (France)
- 2Checkout (US), and Other Major Players
Market Dynamics and Factors:
Contactless payments have emerged as a significant driver in the global payments landscape, with widespread adoption and usage across various regions. This surge in popularity can be attributed to several factors that have contributed to the growth and acceptance of contactless payment methods. Contactless payments offer convenience and speed. With the ability to make transactions by simply tapping or waving a contactless-enabled device or card, users can complete payments swiftly, eliminating the need for physical contact or the insertion of cards into payment terminals. This frictionless experience appeals to consumers who value efficiency and a seamless checkout process.
The emergence of IoT (Internet of Things) intelligent applications has created significant opportunities across various industries. IoT intelligent applications leverage the power of connected devices, sensors, and data analytics to enhance efficiency, automate processes, and improve decision-making. IoT intelligent applications enable businesses to gather and analyze vast amounts of data from interconnected devices and sensors. This data can provide valuable insights into operational performance, customer behavior, and product usage patterns. By harnessing this data, organizations can optimize processes, identify trends, and make informed decisions that drive operational efficiency and improve overall productivity. IoT intelligent applications enable businesses to automate tasks and processes, reducing manual efforts and human errors.
Key Industry Development:
- In Jan 2023, ACI Worldwide, a global leader in mission-critical, real-time payments software, announced the launch of ACI Instant Pay, a new real-time payments solution that enables merchants in the U.S. to accept online, mobile and in-store payments instantly. The expansion of ACI's real-time payments software solutions to merchants reinforces ACI’s global leadership in powering domestic and pan-regional real-time schemes reaching billions worldwide.
- In Aug 2022, Adyen, the global financial technology platform of choice for leading businesses, announced the launch of its first in-house designed terminals. Innovated to facilitate diverse payment use cases, the terminal range marks the latest step forward in Adyen’s growing unified commerce offering.
IoT Payments Market Report Highlight:
- By Components, the Solution segment is dominant in the IOT Payments market, due to the comprehensive nature of IoT payment solutions, which encompass a wide range of components such as hardware, software, connectivity, and security features.
- By Deployment, the Cloud segment is estimated to develop the fastest, due to the numerous advantages offered by cloud-based deployments, including scalability, flexibility, cost-effectiveness, and easy integration with existing systems,
- By Organization Size, Large enterprises are estimated to develop the fastest, due to several factors that favor larger businesses. Large enterprises typically have more resources, including capital and technical expertise, to invest in and implement IoT payment solutions.
- By Verticals, Retail, and E-commerce is estimated to develop the fastest, due to the increasing adoption of IoT technologies in the retail industry to enhance customer experiences, streamline operations, and facilitate seamless payments.
- The North America region is expected to have the highest share of the IOT Payments market over the projected period due to the strong presence of major technology and payment companies, as well as a highly developed infrastructure for digital payments.
Central to our report are the company profiles and competitive analysis, providing insights into market players' overview, market roles, and operating business segments. We evaluate their financial performance, production volume, sales volume, and sales margin while highlighting recent market developments. Our market research offers invaluable intelligence and strategic insights to drive informed decision-making. By capitalizing on emerging opportunities and understanding the competitive landscape, our report empowers businesses to thrive in the Global IOT Payments Market.
IoT Payments Market Segmentation:
By Components
- Solution
- Service
By Deployment
- Cloud
- On-Premises
By Organisation Size
- SMEs
- Large Enterprise
By Verticals
- BFSI
- Retail
- E-commerce
- Healthcare
- Travel
- Hospitality
- Transportation
- Logistics
- Others
For this report, Introspective Market Research has segmented the IOT Payments Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- North America
- US
- Canada
- Mexico
- Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
- Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
