Smart home payments transaction value to exceed USD 164 bln by 2025

The total transaction value of payments that occur via smart home devices are forecast to grow 630 percent from 2020 to USD 164 billion in 2025, driven by an increasing use of voice assistants via smart speakers for e-commerce, according to a study from Juniper Research. The researchers predict that the use of smart displays will be transformative for voice payments in the home, by allowing users to see products and confirm purchases. 

Digital wallet ecosystems – critical to growth 

The researchers found that using existing digital wallets is crucial to the success of smart home payments. They recommend that smart home device manufacturers combine the massive installed base of payment-enabled smart home devices, which will be over 2.7 billion by 2025, with popular digital wallets, such as Google Pay or PayPal, to best access existing digital payments users. 

Connected TV payments positive, but connected appliances lack traction 

The

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Smart Home Payments Transaction Value to Exceed $164 Billion Globally by 2025; Driven by Voice Assistants

A new Juniper Research study has found that the total transaction value of smart home payments, payments that occur via smart home devices, will exceed $164 billion in 2025, from $22 billion in 2020. Increasing use of voice assistants via smart speakers for eCommerce, propelled by rising user and merchant acceptance, will drive dramatic growth of over 630% in total value over the next five years.

The report predicts that smart displays will be transformative for voice payments in the home, by allowing users to see products and confirm purchases. To facilitate this, voice assistant vendors must ensure that the checkout process handoff between smart speakers and smart displays is seamless; unlocking more complex and higher-cost purchases.

For more insights, download the free whitepaper: Assessing the Smart Home Payments Opportunity.

Digital Wallet Ecosystems – Critical to Growth

The new research, Smart Home Payments: Segment Analysis, Use Cases & Market Forecasts

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