Pune,India, April 11, 2023 (GLOBE NEWSWIRE) -- The Buy Now Pay Later Market size was USD 15.91 billion in 2021. The market is projected to grow from USD 22.86 billion in 2022 to USD 90.51 billion in 2029 at a CAGR of 21.7% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Buy Now Pay Later Market Forecast, 2023-2029.” Factors such as the rising number of e-commerce platforms and increasing adoption of services will increase the footprint of the market during the forecast period. Additionally, rising investments from dominant players will boost the growth of the market.
Industry Development-
Afterpay Limited announced a partnership with Rakuten to accumulate shopping rewards after using its BNPL service. This partnership is expected to combine shopping experience and payment methods for gathering a larger consumer base. Cashback and incentives will be integrated into this partnership.
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Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 21.7% |
| 2029 Value Projection | USD 90.51 Billion |
| Base Year | 2021 |
| Buy Now Pay Later Market Size in 2021 | USD 15.91 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Channel, Category, Region |
Key Takeaways-
- Buy Now Pay Later Market is expected to flourish & reach USD 90.51 Billion in 2029
- The worldwide market trend will be fueled by the growing use of A.I. technology to enhance the real-time consumer base.
- Because of an increase in demand for consumer electronics products and health insurance services, the value of BNPL services transactions is rising quickly.
- Due to a boom in service uptake by the fintech and banking industries, BFSI is predicted to develop at the highest CAGR.
- Buy Now Pay Later Market Size in North America was USD 10.02 Billion 2021
Drivers & Restraints-
- Increased Number of E-commerce Platforms to Augment Market Growth
- Factors such as the rising adoption of online payments across sectors such as banking, health insurance, retail & consumer goods and expanding e-commerce sales will boost the buy now pay later market growth during the forecast period.
- Additionally, rising digital payments and increasing awareness regarding consumer electronics will increase the footprint of the market.
- Also, the integration of artificial intelligence will further fuel the growth of the market.
- However, a lack of awareness of services will limit the growth of the market during the forecast period. Additionally,
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Regional Insights-
North America to Reign Dominance due to Rising Investment in R&D Activities
North America will witness the largest buy now pay later market share during the forecast period due to increasing investment activities in R&D and a supportive start-up ecosystem. Additionally, the presence of key players in the region and rising consumer spending will increase the footprint of the market.
The Asia Pacific will grow with the fastest CAGR in terms of global contribution due to rising instances of digital payment platforms and increasing adoption of e-commerce online applications.
Europe will hold a considerable market share due to the rising adoption of services among online shopping platforms and increased penetration of international players towards the region.
Segments-
Based on channel, the market can be divided into point of sale (POS) and online.
By category, the market can be broken down into BFSI, consumer electronics, fashion & garment, healthcare, retail, media and entertainment, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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Competitive Landscape-
Expanding Services & Product Development to Push Prominent Players Towards Higher Growth
The sector of buy now pay later is highly fragmented with many players occupying the market and changing the dynamics from time to time. Dominant players are increased investments in advanced technologies such as AI, cloud computing, and machine learning to create an enhanced experience for their users. For example, in October 2021, Klarna Bank AB expanded its portfolio of buy now pay later services in the region of the U.K. This expansion is aimed at encompassing the consumer-focused changes in order to disrupt the payments industry. Others are focused on increasing their market share by employing tactics such as mergers & acquisitions and collaborations.
Report Coverage-
The market report for buy now pay later encompassed critical aspects such as the ongoing market trends and the latest industry developments. Various technological advancements are analyzed by employing various methodologies in order to provide further insights into the market. Additionally, the report also contains various factors that will impact the market in a positive/negative manner.
List of Key Players Mentioned in the Report-
- Affirm Holdings Inc. (California, U.S.)
- Paypal (California, U.S.)
- Klarna Bank AB (publ) (Stockholm, Sweden)
- Laybuy Group Holdings Limited (Auckland, New Zealand)
- Perpay Inc., (Pennsylvania, Philadelphia)
- Quadpay (New York, U.S.)
- Sezzle (Minnesota, U.S.)
- Payl8r (Manchester, U.K.)
- Splitit (New York, U.S.)
- Billie (Berlin, Germany)
Major Table of Contents-
- Global Buy Now Pay Later Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Channel (USD)
- Point of Sale (POS)
- Online
- By Category (USD)
- Banking, financial services and insurance (BFSI)
- Consumer Electronics
- Fashion & Garment
- Healthcare
- Retail
- Media and Entertainment
- Others (Travel And Transportation, Education, Logistics)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Buy Now Pay Later Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Channel (USD)
- Point of Sale (POS)
- Online
- By Category (USD)
- Banking, financial services and insurance (BFSI)
- Consumer Electronics
- Fashion & Garment
- Healthcare
- Retail
- Media and Entertainment
- Others (Travel And Transportation, Education, Logistics)
- By Country (USD)
- United States (By Category)
- Canada (By Category)
- Mexico (By Category)
- South America Buy Now Pay Later Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Channel (USD)
- Point of Sale (POS)
- Online
- By Category (USD)
- Banking, financial services and insurance (BFSI)
- Consumer Electronics
- Fashion & Garment
- Healthcare
- Retail
- Media and Entertainment
- Others (Travel And Transportation, Education, Logistics)
- By Country (USD)
- Brazil (By Category)
- Argentina (By Category)
- Rest of South America
TOC Continued…!
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FAQ:
How big is the Buy Now Pay Later Market?
The global buy now pay later market size was valued at USD 15.91 billion in 2021 and is projected to grow from USD 22.86 billion in 2022 to USD 90.51 billion by 2029, exhibiting a CAGR of 21.7% during the forecast period.
How big is Buy Now Pay Later Market in North America?
The market in North America stood at USD 10.02 Billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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