Shopping with voice assistants has potential
A new report from Juniper Research has found that the IoT payments market will grow at an average of 75 percent per annum over the next 5 years; reaching 410 billion dollars by 2023. This is up from an estimated 24.5 billion dollars in 2018; the biggest growth will come from in-vehicle payments.
The new research, IoT in Finance: Payments, Insurance & Banking Opportunities, Transaction Forecasts 2018-2023, has found that the automotive sector will become the most lucrative IoT platform by 2021; accounting for 63 billion dollars in transactions that year, 55 percent of the overall market, compared to just over 50 billion dollars for connected home devices, including smart speakers and TVs. However, car‑based spend will mostly be payments for fuel and tolls, but with little increase in spend overall.
Paying while talking to your TV
Meanwhile, smart speaker voice-enabled commerce transactions are forecast to reach 51 billion dollars annually by 2023. Goods purchased through these devices will account for just under 12 percent of connected home transactions by volume over the next 5 years. The majority of purchases will be for digital content, typically made through connected TVs.
“Full financial service products will be slow to come to voice commerce, as the automated processes need to satisfy compliance requirements”, remarked research author James Moar. “However, with voice assistants already supplying advisory and finance updates, there will be much data to draw on once the regulatory requirements are met.”
Source: Juniper Research