Autonomous IoT Payments Market Share

North America Market Analysis

North America dominates the autonomous IoT payments market with a 40.5% share in 2024, due to technological advancements and large business accomplishments. The region is expected to capture 44.4% of the total sector by the end of the forecast period. Heavy investments in 5G networks have boosted the complete cashless payments throughout the region. Advanced technological infrastructure is helping market leaders to invest in IoT innovations. Situating some of the world’s biggest businesses has increased the demand for large-scale transaction management systems. The key players are investing overseas to expand their IoT product portfolio worldwide. In April 2024, Microsoft announced an investment of USD 2.9 billion to reconstruct the AI and cloud infrastructure in Japan.  They are also planning to provide AI skills to more than 3 million people to expand their digital skilling programs.

The U.S market for autonomous IoT payments is witnessing record-high growth. Innovation in AI, machine learning, and blockchain has secured the market-leading position of this country. The rapid increment in the adoption of smart devices also inflates the demand for enhanced payment automation systems. Investment in fintech startups is also fostering its potential for development. The key players are now collaborating with banks to outstretch their services to a larger number of consumers. According to a report published by Mastercard, in December 2023, they built a powerful set of Open Banking assets acquired through Finicity and Aiia. In addition, with its connectivity to over 95% of deposit accounts in the US and 3,000 banks across Europe, they are expanding its portfolio to outer regions.

Canada is also predicted to witness a remarkable development in the autonomous IoT payments market. The increasing deployment of advanced IoT devices is connecting consumers with a sustainable payment integration facility. A huge number of connected devices have been implemented across sectors such as retail and transportation, stimulating the market to grow bigger. Faster data transmission due to the 5G rollout boosted the e-commerce shopping sector, which cordially piqued the demand for efficient automated payment systems.

APAC Market Statistics

The widespread mobile payment usage and rapid digitalization have stimulated the Asia Pacific autonomous IoT payments market to grow bigger in the upcoming years. The government and private sectors are conjugately contributing to developing the digital infrastructure of this region. Further encouraging companies to invest in bringing instant digital transaction solutions. The region’s varied payment landscape also captivates the focus for future innovations. The region’s growing international trade and travel are also contributing to the autonomous IoT payments industry.

India is one of the fastest-growing countries in this sector. Government campaigns such as Atmanirbhar Bharat Abhiyan, and Digital India are attracting bigger investments in the development of digital payment. According to a report published by RTI, in August 2024, the volume of digital payment transactions increased from USD 0.3 billion in FY 2017-18 to USD 2.2 billion in FY 2023-24 at a CAGR of 44%. This massive growth concludes in the enlargement of the overall autonomous IoT payments market.

With one of the largest populations and recent developments, China is also augmenting to achieve noticeable growth in the IoT payment industry. With a wider network of 5th-generation operating systems, China is expected to shape the IoT at home and abroad. According to a report published by Merics, in 2021, China accounted for three-quarters of cellular IoT connections worldwide at the end of 2020. Electronic companies such as Xiaomi are generating larger market revenue from IoT platform connections. Further increasing the demand for autonomous IoT payment systems.