IOT Payments Market Overview
The Global IOT Payments Market size is expected to grow from USD 428.58 Billion in 2023 to USD 41020.85 billion by 2032, at a CAGR of 66% during the forecast period (2024-2032).
Consumers and retailers are rapidly adopting technology and using the IoT to further digitize their relationships. Internet of Things (IoT) is designed as the best form of integration between people and communication devices and devices. It is a network of devices, machines, vehicles, and buildings connected via communication networks such as the Internet, RFID, and NFC, with microprocessors, sensors, and corresponding software for data acquisition, processing, and real-time delivery. The purpose of establishing this network is to create automated living and working conditions that allow individuals to easily navigate and perform routine processes quickly through an intelligent environment. Payment is one of the key issues in IoT development as many of the relationships that emerge are business-related and require payment for services and products. Integration of AI and Machine Learning in IoT has pushed the new developments of secured payment getaways making safe transactions globally. The role and importance of electronic payments in the development of IoT concepts are constantly growing and further pushing the global IoT payments market.
Covid19 Impact on IoT Payments Market
Covid19 pandemic caused a major shift to cashless transactions as the world goes into lockdown and social distancing norms have become new normal which have created a major impact on physical transactions. IoT technology can monitor and manage these online transactions electronically, helping to streamline payments. Electronic payments are already benefiting from the long-standing trend that physical cash is rapidly becoming a thing of the past and the outbreak of COVID 19 is expected to accelerate the use of electronic payment methods. Moreover, the total number of transactions is declining, but most shops around the world only accept digital payments. Cash is rapidly becoming a thing of the past, but some traditional generations are still resisting the use of digital currencies.
Digital payments continue to evolve, adding solvent IoT devices that extend the browser and mobile payment experience. Consumers can pay on a variety of newly connected devices, including connected cars, appliances, and more recently wearables. At the same time, the IoT is also changing retail point-of-sale (PoS) with several new touchpoints such as parking meters, changing room mirrors, and vending machines. IoT devices range from small portable devices and shopping carts to home appliances and automobiles. The IoT device uses the connection channel to initiate a payment transaction. Thus, Covid19 has certainly caused a dimensional shift in terms of payment methods which is beneficial for the IoT payments market.
Market Dynamics and Factors:
Drivers
Contactless payments are being used widely in all parts of the world which helps reduce customer queues and hassles and provides transparent transactions which yield higher revenue for retailers. Contactless transactions are much faster than traditional cash and conventional card transactions. The reduced transactional time creates a great outcome in shorter queues, growth in revenue, and improved customer satisfaction. Due to increased output at each Point of Sale (PoS), a minimum workforce is required during peak hours. Visa claims that the acceptance of contactless smart cards has grown globally as the transaction process becomes easy and hassle-free. Europe and the Asia Pacific are the leading regions in terms of adopting contactless smart cards.
All major governments are introducing the new regulation on IoT-related potential verticals to streamline the process of IT and cyber security as the growing digitalization in every sector creates room for an improved regulatory framework. UK and Australia are among the leading countries to ensure the top cyber security laws and implementation. The United States also made notable additions in the regulation adding reasonable security features in IoT devices and special provisions made for IoT-based payment getaways. Acknowledgment from the government boosted the IoT payment market.
Restraints
IoT is a fairly new concept that has the fastest adoption rate among customers as well as service providers. IoT can be utilized in any part of the world with desired verticals which makes it globally accessible. One of the major restraining factors of IoT is the lack of cross-border payment infrastructure and convenient transactions for the common user. Limited payment getaways and higher processing charges make it slightly expensive for small transactions.
Opportunities
IoT Intelligent Applications have a tremendous opportunity in IoT-based payment getaways as the integration of AI and Machine learning technologies into the IoT Payment market. IoT Intelligent Applications are software-as-a-service (SaaS) applications that analyse, process, and present IoT sensor data to business users through dashboards. IoT applications run through machine learning algorithms to analyse huge amounts of linked sensor data in the cloud. Using IoT dashboards alerts provides visibility into KPIs, statistics for mean time between failures, transactional data, internal documentation, and other information. Machine learning-based algorithms identify abnormal anomalies and provide alerts to users and even proceed with automated fixes or suitable countermeasures. Application of AI and Machine Learning have potential growth opportunities in the IoT payment market in the coming years.
Challenges
Currently, sophisticated cyber-attacks are the main challenge to face by the IoT payment market as cross-border transactions are generally carried out online and the growing trend of IoT-based transactions in large volume has to be ultra secured due to threats of cyber-attacks on such occasions.Capacity and Scalability are considered to be the main challenges faced by the IoT payment platforms due to the large transaction volume and capacity of processing it from the payment companies. Such transaction often sees heavy traffic on the servers as well as a breakdown of the system which is the cause of concern. Protection of personal data which is required for IoT transactions is the key challenge for payment companies need to address to attract the general population which holds a large number of shares in the market.
Market Segmentation
Segmentation Analysis of IOT Payments Market:
By Component, Solution is the dominating component segment of the IoT payments market. Digital payment wallet is one of the fastest-growing platforms in contactless payment in the solution segment which allows keeping money in the secured virtual container which is generally used for payments, money transfers. Currently, digital payment wallets are being used at large in mobile with the constant mobile-friendly application is being introduced by blue ocean and red ocean companies which makes it a very competitive market. Payment getaway solutions and payment processing solutions are the traditional transaction methods that are generally used by the banking and finance sector for security purposes with large amounts of transactions. Nonetheless, these solutions are still the preferred choice in many organizations for large volume transactions.
By Deployment Type, Cloud is dominating in the deployment segment of the IoT payments market and is anticipated to grow during the forecasted period. Cloud bases Software as a service (SaaS) is growing at a swift pace in the BFSI and IT sector allowing businesses to streamline their payment structure to be a seamless experience for customers as well as vendors and stakeholders of the organization. Cloud-based IoT payment applications allow the data to be processed, manage and secure on massive cloud platforms using real-time IoT dashboards which provide visibility in transactions. Companies like Oracle and Google are the major cloud computing service provider to leading companies and governments globally.
By Organisation Size, Large enterprises are leading in the organization size segment of the IoT payments market. Enterprise with more than 1500 workforce considered as the large enterprise which adopts the digital payment solutions for flawless payment landscape, dynamic customer trends and streamlines business operations across the organization which creates market competitiveness. The Omnichannel approach used by large enterprises for delightful customer experience drives the organization for digital payment solutions, E-wallets and easy payment process create which drives the market growth of IoT payment market.
By Verticals, Retail and Ecommerce is the dominating in a vertical segment in IoT payment market. Retail and Ecommerce are anticipated to grow during the forecasted period as the integration of the online market, digital payment, and synchronization of electronic devices with the internet makes it the smoother option of payment for goods and services. Retails and Ecommerce also integrated digital wallet systems and loyalty points for digital payments to boost online transactions and utilize the massive opportunity with a larger customer base for IoT payment options. Retail and Ecommerce is the major contributor to the growth of the IoT payment market.
Players Covered in IOT Payments Market are :
- ACI Worldwide
- Adyen
- Aurus
- Aliant Payments
- Alipay
- Apple Pay
- Due
- Dwolla
- FattMerchant
- FIS
- Fiserv
- Global Payments
- Intuit
- JPMorgan Chase
- Mastercard
- PayPal
- Paysafe
- PayTrace
- PayU
- Spreedly
- Square
- Stripe
- Visa
- WEX
- Worldline
- 2Checkout and other major players.
Regional Analysis of IoT Payments Market
- North America holds the largest share in the IoT payment market. North America has a robust digital infrastructure that has vast connectivity throughout the region. Government policies on digital payments and constantly upgrading digital infrastructure creates an open space for companies to integrate digital transaction into a variety of business verticals which adds growth in Digital and IoT payment options. The New IoT regulatory framework allows for secured and hassle-free transactions makes the North America a dominating region in the IoT payment market.
- The European region is the second leading region in terms of IoT payments as countries like the UK, Germany, and France boost the investment into creating seamless digital infrastructure and cross-border payment getaways.
- Asia Pacific is the fastest-growing region and is expected to surpass the European region by 2027 as massive FDI in developing countries like India, Philippines, Malaysia, and other southeast Asian countries and growing IT infrastructure provides a huge opportunity in the growth of the IoT payment market.
Key Developments of IoT Payments Market
- July 2020, B2B API Tracker allows billing and processing of B2B payments can be simplified through open banking. Using the API, accounting platforms can accelerate payments by issuing invoices with built-in money orders and acceptance features. The open banking mechanism gives third-party providers secure and real-time access to customer financial information through application programming interfaces. This approach allows banks to offer bespoke financial products, especially payment solutions, to existing customers For B2B payments, you can also use an API that integrates payment data to minimize card processing charges, resulting in near-zero processing charges.
Global IoT Payments Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 428.58 Bn. |
Forecast Period 2024-32 CAGR: |
66% |
Market Size in 2032: |
USD 41020.85 Bn. |
Segments Covered: |
By Components |
|
|
By Deployment |
|
||
By Enterprise Size |
|
||
By Verticals |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
|
Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By Component
ā3.2 By Deployment
ā3.3 By Enterprise Size
ā3.4 By Verticals
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā3.5.1 Drivers
āā3.5.2 Restraints
āā3.5.3 Opportunities
āā3.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 4: IOT Payments Market by Component
ā4.1 IOT Payments Market Overview Snapshot and Growth Engine
ā4.2 IOT Payments Market Overview
ā4.3 Solutions
āā4.3.1 Introduction and Market Overview
āā4.3.2 Historic and Forecasted Market Size (2016-2028F)
āā4.3.3 Key Market Trends, Growth Factors and Opportunities
āā4.3.4 Solutions: Grographic Segmentation
ā4.4 Services
āā4.4.1 Introduction and Market Overview
āā4.4.2 Historic and Forecasted Market Size (2016-2028F)
āā4.4.3 Key Market Trends, Growth Factors and Opportunities
āā4.4.4 Services: Grographic Segmentation
Chapter 5: IOT Payments Market by Deployment
ā5.1 IOT Payments Market Overview Snapshot and Growth Engine
ā5.2 IOT Payments Market Overview
ā5.3 Cloud-Based
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2016-2028F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Cloud-Based: Grographic Segmentation
ā5.4 On-Premise
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2016-2028F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 On-Premise: Grographic Segmentation
Chapter 6: IOT Payments Market by Enterprise Size
ā6.1 IOT Payments Market Overview Snapshot and Growth Engine
ā6.2 IOT Payments Market Overview
ā6.3 Large Enterprises
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size (2016-2028F)
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 Large Enterprises: Grographic Segmentation
ā6.4 SMEs
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size (2016-2028F)
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 SMEs: Grographic Segmentation
Chapter 7: IOT Payments Market by Verticals
ā7.1 IOT Payments Market Overview Snapshot and Growth Engine
ā7.2 IOT Payments Market Overview
ā7.3 BFSI
āā7.3.1 Introduction and Market Overview
āā7.3.2 Historic and Forecasted Market Size (2016-2028F)
āā7.3.3 Key Market Trends, Growth Factors and Opportunities
āā7.3.4 BFSI: Grographic Segmentation
ā7.4 Retail and Ecommerce
āā7.4.1 Introduction and Market Overview
āā7.4.2 Historic and Forecasted Market Size (2016-2028F)
āā7.4.3 Key Market Trends, Growth Factors and Opportunities
āā7.4.4 Retail and Ecommerce: Grographic Segmentation
ā7.5 Healthcare
āā7.5.1 Introduction and Market Overview
āā7.5.2 Historic and Forecasted Market Size (2016-2028F)
āā7.5.3 Key Market Trends, Growth Factors and Opportunities
āā7.5.4 Healthcare: Grographic Segmentation
ā7.6 Travel and Hospitality
āā7.6.1 Introduction and Market Overview
āā7.6.2 Historic and Forecasted Market Size (2016-2028F)
āā7.6.3 Key Market Trends, Growth Factors and Opportunities
āā7.6.4 Travel and Hospitality: Grographic Segmentation
ā7.7 Transportation and logistics
āā7.7.1 Introduction and Market Overview
āā7.7.2 Historic and Forecasted Market Size (2016-2028F)
āā7.7.3 Key Market Trends, Growth Factors and Opportunities
āā7.7.4 Transportation and logistics: Grographic Segmentation
ā7.8 Others
āā7.8.1 Introduction and Market Overview
āā7.8.2 Historic and Forecasted Market Size (2016-2028F)
āā7.8.3 Key Market Trends, Growth Factors and Opportunities
āā7.8.4 Others: Grographic Segmentation
Chapter 8: Company Profiles and Competitive Analysis
ā8.1 Competitive Landscape
āā8.1.1 Competitive Positioning
āā8.1.2 IOT Payments Sales and Market Share By Players
āā8.1.3 Industry BCG Matrix
āā8.1.4 Ansoff Matrix
āā8.1.5 IOT Payments Industry Concentration Ratio (CR5 and HHI)
āā8.1.6 Top 5 IOT Payments Players Market Share
āā8.1.7 Mergers and Acquisitions
āā8.1.8 Business Strategies By Top Players
ā8.2 ACI WORLDWIDE
āā8.2.1 Company Overview
āā8.2.2 Key Executives
āā8.2.3 Company Snapshot
āā8.2.4 Operating Business Segments
āā8.2.5 Product Portfolio
āā8.2.6 Business Performance
āā8.2.7 Key Strategic Moves and Recent Developments
āā8.2.8 SWOT Analysis
ā8.3 ADYEN
ā8.4 AURUS
ā8.5 ALIANT PAYMENTS
ā8.6 ALIPAY
ā8.7 APPLE PAY
ā8.8 DUE
ā8.9 DWOLLA
ā8.10 FATTMERCHANT
ā8.11 FIS
ā8.12 FISERV
ā8.13 GLOBAL PAYMENTS
ā8.14 INTUIT
ā8.15 JPMORGAN CHASE
ā8.16 MASTERCARD
ā8.17 PAYPAL
ā8.18 PAYSAFE
ā8.19 PAYTRACE
ā8.20 PAYU
ā8.21 SPREEDLY
ā8.22 SQUARE
ā8.23 STRIPE
ā8.24 VISA
ā8.25 WEX
ā8.26 WORLDLINE
ā8.27 2CHECKOUT
Chapter 9: Global IOT Payments Market Analysis, Insights and Forecast, 2016-2028
ā9.1 Market Overview
ā9.2 Historic and Forecasted Market Size By Component
āā9.2.1 Solutions
āā9.2.2 Services
ā9.3 Historic and Forecasted Market Size By Deployment
āā9.3.1 Cloud-Based
āā9.3.2 On-Premise
ā9.4 Historic and Forecasted Market Size By Enterprise Size
āā9.4.1 Large Enterprises
āā9.4.2 SMEs
ā9.5 Historic and Forecasted Market Size By Verticals
āā9.5.1 BFSI
āā9.5.2 Retail and Ecommerce
āā9.5.3 Healthcare
āā9.5.4 Travel and Hospitality
āā9.5.5 Transportation and logistics
āā9.5.6 Others
Chapter 10: North America IOT Payments Market Analysis, Insights and Forecast, 2016-2028
ā10.1 Key Market Trends, Growth Factors and Opportunities
ā10.2 Impact of Covid-19
ā10.3 Key Players
ā10.4 Key Market Trends, Growth Factors and Opportunities
ā10.4 Historic and Forecasted Market Size By Component
āā10.4.1 Solutions
āā10.4.2 Services
ā10.5 Historic and Forecasted Market Size By Deployment
āā10.5.1 Cloud-Based
āā10.5.2 On-Premise
ā10.6 Historic and Forecasted Market Size By Enterprise Size
āā10.6.1 Large Enterprises
āā10.6.2 SMEs
ā10.7 Historic and Forecasted Market Size By Verticals
āā10.7.1 BFSI
āā10.7.2 Retail and Ecommerce
āā10.7.3 Healthcare
āā10.7.4 Travel and Hospitality
āā10.7.5 Transportation and logistics
āā10.7.6 Others
ā10.8 Historic and Forecast Market Size by Country
āā10.8.1 U.S.
āā10.8.2 Canada
āā10.8.3 Mexico
Chapter 11: Europe IOT Payments Market Analysis, Insights and Forecast, 2016-2028
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By Component
āā11.4.1 Solutions
āā11.4.2 Services
ā11.5 Historic and Forecasted Market Size By Deployment
āā11.5.1 Cloud-Based
āā11.5.2 On-Premise
ā11.6 Historic and Forecasted Market Size By Enterprise Size
āā11.6.1 Large Enterprises
āā11.6.2 SMEs
ā11.7 Historic and Forecasted Market Size By Verticals
āā11.7.1 BFSI
āā11.7.2 Retail and Ecommerce
āā11.7.3 Healthcare
āā11.7.4 Travel and Hospitality
āā11.7.5 Transportation and logistics
āā11.7.6 Others
ā11.8 Historic and Forecast Market Size by Country
āā11.8.1 Germany
āā11.8.2 U.K.
āā11.8.3 France
āā11.8.4 Italy
āā11.8.5 Russia
āā11.8.6 Spain
Chapter 12: Asia-Pacific IOT Payments Market Analysis, Insights and Forecast, 2016-2028
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By Component
āā12.4.1 Solutions
āā12.4.2 Services
ā12.5 Historic and Forecasted Market Size By Deployment
āā12.5.1 Cloud-Based
āā12.5.2 On-Premise
ā12.6 Historic and Forecasted Market Size By Enterprise Size
āā12.6.1 Large Enterprises
āā12.6.2 SMEs
ā12.7 Historic and Forecasted Market Size By Verticals
āā12.7.1 BFSI
āā12.7.2 Retail and Ecommerce
āā12.7.3 Healthcare
āā12.7.4 Travel and Hospitality
āā12.7.5 Transportation and logistics
āā12.7.6 Others
ā12.8 Historic and Forecast Market Size by Country
āā12.8.1 China
āā12.8.2 India
āā12.8.3 Japan
āā12.8.4 Southeast Asia
Chapter 13: South America IOT Payments Market Analysis, Insights and Forecast, 2016-2028
ā13.1 Key Market Trends, Growth Factors and Opportunities
ā13.2 Impact of Covid-19
ā13.3 Key Players
ā13.4 Key Market Trends, Growth Factors and Opportunities
ā13.4 Historic and Forecasted Market Size By Component
āā13.4.1 Solutions
āā13.4.2 Services
ā13.5 Historic and Forecasted Market Size By Deployment
āā13.5.1 Cloud-Based
āā13.5.2 On-Premise
ā13.6 Historic and Forecasted Market Size By Enterprise Size
āā13.6.1 Large Enterprises
āā13.6.2 SMEs
ā13.7 Historic and Forecasted Market Size By Verticals
āā13.7.1 BFSI
āā13.7.2 Retail and Ecommerce
āā13.7.3 Healthcare
āā13.7.4 Travel and Hospitality
āā13.7.5 Transportation and logistics
āā13.7.6 Others
ā13.8 Historic and Forecast Market Size by Country
āā13.8.1 Brazil
āā13.8.2 Argentina
Chapter 14: Middle East & Africa IOT Payments Market Analysis, Insights and Forecast, 2016-2028
ā14.1 Key Market Trends, Growth Factors and Opportunities
ā14.2 Impact of Covid-19
ā14.3 Key Players
ā14.4 Key Market Trends, Growth Factors and Opportunities
ā14.4 Historic and Forecasted Market Size By Component
āā14.4.1 Solutions
āā14.4.2 Services
ā14.5 Historic and Forecasted Market Size By Deployment
āā14.5.1 Cloud-Based
āā14.5.2 On-Premise
ā14.6 Historic and Forecasted Market Size By Enterprise Size
āā14.6.1 Large Enterprises
āā14.6.2 SMEs
ā14.7 Historic and Forecasted Market Size By Verticals
āā14.7.1 BFSI
āā14.7.2 Retail and Ecommerce
āā14.7.3 Healthcare
āā14.7.4 Travel and Hospitality
āā14.7.5 Transportation and logistics
āā14.7.6 Others
ā14.8 Historic and Forecast Market Size by Country
āā14.8.1 Saudi Arabia
āā14.8.2 South Africa
Chapter 15 Investment Analysis
Chapter 16 Analyst Viewpoint and Conclusion
Global IoT Payments Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 428.58 Bn. |
Forecast Period 2024-32 CAGR: |
66% |
Market Size in 2032: |
USD 41020.85 Bn. |
Segments Covered: |
By Components |
|
|
By Deployment |
|
||
By Enterprise Size |
|
||
By Verticals |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
|
Frequently Asked Questions :
The forecast period in the IoT Payments Market research report is 2023-2030.
ACI Worldwide, Adyen, Aurus, Aliant Payments, Alipay, Apple Pay, Due, Dwolla, FattMerchant, FIS, Fiserv, Global Payments, Intuit, JPMorgan Chase, Mastercard, PayPal, Paysafe, PayTrace, PayU, Spreedly, Square, Stripe, Visa, WEX, Worldline, 2Checkout and other major players.
The IoT Payments Market is segmented into Components, Deployment, Organisation Size, Verticals and region. By Components, the market is categorized into Solution, Service. By Deployment, the market is categorized into Cloud, On-Premises. By Organisation Size, the market is categorized into SMEs, Large Enterprise. By Verticals, the market is categorized into BFSI, Retail, Ecommerce, Healthcare, Travel, Hospitality, Transportation, Logistics, Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Consumers and retailers are rapidly adopting technology and using the IoT to further digitize their relationships. Internet of Things (IoT) is designed as the best form of integration between people and communication devices and devices.
The Global IOT Payments Market size is expected to grow from USD 428.58 Billion in 2023 to USD 41020.85 billion by 2032, at a CAGR of 66% during the forecast period (2024-2032).