Buy Now Pay Later Market Size Worth USD 90.51 Billion by 2029 | Report by Fortune Business Insights
As per the report by Fortune Business Insights, the global Buy Now Pay Later Market size is projected to reach USD 90.51 Billion in 2029, at a CAGR of 21.7% during the forecast period, 2022-2029
Pune,India, Jan. 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.
Key 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.
Request a Sample Copy of the Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/buy-now-pay-later-market-106408
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; |
| Buy Now Pay Later Market Growth Drivers | Rising Number of E-commerce Platforms with Online Payments Methods is Accelerating Growth |
| Lack of Awareness of Service and High Availability of Multiple Payment Options is Likely to Impede Growth |
Key Takeaways
- The growing adoption of A.I. technology to improve the consumer experience seems to be the emerging trend.
- The output is expected to grow at a stable CAGR in 2021 during the forecast period, due to the increasing number of services from physical customers.
- Another key driving factors includes, the increasing acceptance of online payments in industries such as banking, health insurance, goods and services, etc.
- BFSI sector to show highest CAGR due to a surge in the adoption of services by the fintech and banking sectors.
- Buy Now Pay Later Market Size in North America was USD 10.02 Billion 2021
Browse Complete Report Details: https://www.fortunebusinessinsights.com/buy-now-pay-later-market-106408
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,
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.
Competitive Landscape (2023-2029)
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.
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/buy-now-pay-later-market-106408
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.
Leading 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.
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)
Access Full Report: https://www.fortunebusinessinsights.com/checkout-page/106408
Major Table of Contents:
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Buy Now Pay Later Key Players Market Share Insights and Analysis, 2021
- 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)
TOC Continued…!
Related Report:
Online Payment Market Size, Share, Industry Report, 2020-2027
Customer Data Platform Market Size By Component, By Type, 2029
Customer Relationship Management Market Growth, 2029
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
