Buy Now Pay Later Market to grow exponentially; Factors
Pune, India, March 09, 2022 (GLOBE NEWSWIRE) — The Buy now Pay later the size was $15.91 billion in 2021. The market is expected to grow from $22.86 billion in 2022 at $90.51 billion in 2029 at a CAGR of 21.7% during the period 2022-2029. This vital information is presented by Fortune Business Insight™in its report, entitled, “Buy now Pay later Marlet2022-2029. Factors such as increasing number of e-commerce platforms and increasing adoption of services will increase the market footprint over the forecast period. Moreover, rising investments from the dominating players will drive the growth of the market.
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Impact of COVID-19
Increase in consumer volume and increase in online platforms to help the market thrive during the pandemic
The COVID-19 pandemic has turned the global outlook into a closed space, with the majority of the general population forced to work from home to curb the spread of the virus. The market has witnessed more than moderate growth during the pandemic era owing to the increased adoption of buy it now and pay later services by various industries. Shifting consumer preference towards online shopping and increasing investments from dominant players have further boosted the growth of the market.
Companies Featured in the Marketplace Buy Now, Pay Later
- Affirm Holdings Inc. (California, USA)
- Paypal (California, USA)
- Klarna Bank AB (publ) (Stockholm, Sweden)
- Laybuy Group Holdings Limited (Auckland, New Zealand)
- Perpay Inc., (Pennsylvania, Philadelphia)
- Quadpay (New York, USA)
- Sezzle (Minnesota, USA)
- Payl8r (Manchester, UK)
- Splitit (New York, USA)
- Billie (Berlin, Germany)
To learn more about the short-term and long-term impact of COVID-19 on this market,
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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 & apparel, healthcare, retail, media & entertainment, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The Buy Now Pay Later market report encompassed critical aspects such as current market trends and latest industry developments. Various technological advancements are analyzed using various methodologies to provide additional market insights. Additionally, the report also contains various factors that will positively/negatively impact the market.
Drivers and Constraints
Increase in number of e-commerce platforms to increase market growth
Factors such as increasing adoption of online payments in industries such as banking, health insurance, retail, and consumer goods and expanding e-commerce sales will drive the growth of the buy now market pay later in the forecast period. Additionally, the increase in digital payments and growing awareness of consumer electronics will increase the market footprint. Moreover, the integration of artificial intelligence will further fuel the growth of the market.
However, a lack of service awareness will limit the market growth over the forecast period. Additionally,
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North America will dominate due to increased investment in R&D activities
North America will witness the largest buy-now-pay-later market share during the forecast period owing to increased R&D investment activities and a favorable startup ecosystem. Additionally, the presence of key players in the region and rising consumer spending will increase the market footprint.
Asia-Pacific will experience the growth with the fastest CAGR in terms of global contribution due to increasing instances of digital payment platforms and increasing adoption of online e-commerce applications.
Europe will hold a considerable market share owing to the growing adoption of services among online shopping platforms and increased penetration of international players in the region.
Expand services and product development to push top players to higher growth
The buy now, pay later industry is highly fragmented with many players occupying the market and changing the dynamic from time to time. The dominant players are investing more in advanced technologies such as AI, cloud computing and machine learning to create an improved experience for their users. For example, in October 2021, Klarna Bank AB expanded its portfolio of buy-it-pay-later services in the UK region. This expansion aims to encompass consumer-driven changes to disrupt the payments industry. Others focus on increasing their market share by employing tactics such as mergers and acquisitions and collaborations.
- December 2021: Afterpay Limited has announced a partnership with Rakuten to earn shopping rewards after using its BNPL service. This partnership is expected to combine shopping experience and payment methods to bring together a larger consumer base. Cash back and incentives will be built into this partnership.
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Main table of contents:
- Definition, by segment
- Methodology/Research Approach
- Data sources
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition Landscape
- Business strategies adopted by key players
- Consolidated SWOT analysis of key players
- Global Buy Now Pay Later Key Players Market Insights and Analysis, 2021
- Global Buy Now Pay Later Market Size Estimates and Forecasts (Quantitative), by Segment, 2018 – 2029
- Main conclusions
- Per channel (USD)
- Point of sale (POS)
- In line
- By category (USD)
- Banking, Financial Services and Insurance (BFSI)
- Consumer electronics
- Fashion and Clothing
- Health care
- Media and Entertainment
- Others (travel and transport, education, logistics)
- By region (USD)
- North America
- South America
- Middle East and Africa
- Asia Pacific
- North America Buy Now Pay Later Market Size Estimates & Forecasts (Quantitative), by Segment, 2018-2029
- Main conclusions
- Per channel (USD)
- Point of sale (POS)
- In line
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