IoT Transactions See Continued Growth in U.S. Households
The sustained growth of smart home devices in the U.S. has created a market for machine triggered, IoT purchases of household goods. New research by Mercator Advisory Group explores the implication of this development for the payments industry, focusing on the revenue growth potential caused by shifting consumer choices.
BOSTON, Sept. 22, 2021 /PRNewswire-PRWeb/ -- Mercator Advisory Group released a report covering IoT transactions and payments titled Internet of Things Technology and Consumer Devices: Machine Triggered Payments Continue Growth in U.S. Households.The research explains the current market, discusses the driving factors that influence rate of adoptions, and describes how different stakeholders can gain a foothold in this rapidly growing ecosystem.
The research covers how consumers currently pay for subscription models, leveraging that data to infer how IoT payments have a market-entry template for U.S. households. Mercator also provides an analysis of the industry-level developments in the smart/IoT consumer device sector, including strategies to influence card-on-file choices for smart replenishments. Research also includes data on VC investments in the IoT technology landscape.
"IoT transactions are not a new development, they have already become an integral part of the commercial payments space. However, the explosion of IoT devices and associated auto-replenishment purchases in the consumer marketplace is an emerging phenomenon that necessitates analysis," comments Amy Dunckelmann, Vice President Research Operations, at Mercator Advisory Group. Dunckelmann continues: "Financial institutions and other stakeholders in card-on-file products need to leverage the growth of IoT transactions to create new channels for revenue and data. Consumers are indicating an increasing preference towards auto-replenishment for individual smart devices over traditional shopping patterns. This segmentation of one-time purchases is an expansion opportunity for all financial entities and payments specialists."
Highlights of the research note include:
- Overview of consumer products and the IoT marketplace
- Exploration and analysis of factors influencing IoT adoption by consumers and manufacturers
- Analysis of VC investments and growth of IoT ecosystem in the U.S.
- Estimates on segmentation of household purchases as a direct result of IoT transactions
- Discussion on current IoT transactions and successful strategies
This document contains 23 pages and 7 exhibits.
Companies mentioned in this research note include: Amazon, HP, GE, Discover and Canon.
Members of Mercator Advisory Group's Credit Advisory Service have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.
Media Contact
Karen Yetter, Mercator Advisory Group, 781-419-1700, [email protected]
SOURCE Mercator Advisory Group
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