Autonomous IoT Payments Market Size

Autonomous IoT Payments Market size is estimated at USD 54.3 billion in 2024 and is set to cross USD 3775 billion by the end of 2037, witnessing more than 42.4% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of autonomous IoT payments is evaluated at USD 77.3 billion.

The market growth is influenced by inflated demand for digitalized and instant payment methods. Consumers expect more convenience while making payments, regardless of the amount. Market leaders allegedly incorporate advanced features for seamless transactions in autonomous IoT payment methods.

From NEFT to QR Code transactions, autonomous IoT payments have brought unmatched favorable features into action. Key players are introducing advanced technologies for enhanced security in the payment process. In addition, the traditional banking system is transforming with digitalization, offering a cashless experience for consumers. According to a report published by the Bank for International Settlements, in January 2023, the total value of cashless payments grew by a record hike. The growth escalated by 14% in AEs (Advanced Economies), and 15% in EMDEs (Emerging Market and Developing Economies) in 2021. As technology advances, and reaches rural areas worldwide, the autonomous IoT payments market is projected to witness significant expansion over the years.