Buy Now Pay Later Market 2022 – Size, CAGR, Trends, Forecast to 2030

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According to Vision Research Reports, the buy now pay later market size is expected to hit around US$ 25.40 billion by 2030, growing at a CAGR of 24.6% during forecast period 2021 to 2030.

The global buy now pay later market size was valued at US$ 6.7 billion in 2020. The market growth can be attributed to the large number of benefits offered by Buy Now Pay Later (BNPL) platforms, such as convenient and interest-free payments.

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Growth Factors

The growing inclination towards a lavish lifestyle has propelled people to invest heavily in construction and building activities, interior decoration, and other activities. This growing demand is sometimes obstructed by the limited income of people. Innovative sales schemes that motivate people to purchase items or for activities that require a large amount of monetary support are projected to boost the growth rate of the global buy now pay later market. Buy Now Pay Later (BNPL) is a payment option that allows customers to make purchases online and at stores without having to pay the complete amount upfront.

The worldwide buy now pays later market report offers experiences into the market that will assist with cutting the future CAGR. This is comprehensive of drivers, limitations, challenges, and forthcoming development openings. Furthermore, the report additionally features the division table and notices the main section’s names with factors ascribing to it. The report puts equivalent consideration regarding the effect of the original COVID19 pandemic and presents different tips and deceives that can be carried out for producing incomes during this period. Besides, the report records the names of players working in this market and the significant commitments as new item dispatches, advancements, or exploration examines. For more data on the report, sign on to the organization site.

Trends and Innovations

The expanding mindfulness about portion-based payment techniques is relied upon to move market development. Also, the shortfall of premium expenses charged by BNPL stages is additionally expected to set out development open doors for the market. For the most part, BNPL requires lesser extensive credit checks contrasted with different kinds of retail financing. Accordingly, clients with restricted or low credit who are ineligible for conventional loaning alternatives discover BNPL seriously engaging. Nowadays, the utilization of buy now pay later answers for shopping has especially expanded among twenty to thirty-year-olds and Gen Z clients. Since these clients search for advantageous planning apparatuses, BNPL arrangements assist them with effectively meeting their spending needs.

BNPL is turning into an inexorably mainstream technique for clients to make buys in-stores and on the web. A high number of retailers are emphasizing tolerating these retail locations and online portion credits as a payment technique, in this way setting out development open doors for the BNPL arrangement suppliers. The developing internet business industry is additionally expected to drive market development over the estimated time frame.

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Report Highlights

The online segment dominated the market in 2020 and accounted for over 66.0% share of the global revenue. Numerous businesses across the globe are expected to focus on adopting the fastest-growing online payment methods, such as buy now pay later, as part of their post-pandemic resurgence plans.

The POS segment is anticipated to witness significant growth over the forecast period. Numerous businesses across the globe are focusing on providing Point-of-Sale (POS) BNPL financing options to enhance customer experience and strengthen their relationship with customers.

The large enterprises segment dominated the market in 2020 and accounted for over 63.0% of the global revenue. Large enterprises are widely adopting the buy now pay later payment solution as it offers customers a flexible and affordable payment method for purchasing high-value products.

The small and medium enterprises segment is expected to register the fastest growth over the forecast period. Small and medium enterprises across the globe are focusing on adopting BNPL solutions to increase sales conversion rates.

The fashion and garment segment dominated the market in 2020 and accounted for over 45.0% of the global revenue. The industry is witnessing increased adoption of buy now pay later solutions as they allow customers to easily distribute the cost of the purchase over a time of pre-determined and interest-free payments.

North America dominated the BNPL market in 2020 and accounted for over 32.0% of the global revenue. The regional market growth can be attributed to the presence of a large number of prominent players in the region.

Asia Pacific is anticipated to record the highest CAGR over the forecast period. BNPL trend is becoming popular across the region as it enables customers to access credit and defer payments.

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Key Players

  • Afterpay
  • PayPal Holdings, Inc.
  • Affirm, Inc.
  • Klarna Inc.
  • Splitit
  • Sezzle
  • Perpay Inc.
  • Openpay
  • Quadpay, Inc.
  • LatitudePay

Market Segmentation

  • Channel
    • Online
    • POS
  • Enterprise Size
    • Large Enterprises
    • Small & Medium Enterprises
  • End-use
    • Consumer Electronics
    • Fashion & Garment
    • Healthcare
    • Leisure & Entertainment
    • Retail
    • Others
  • Regional
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • Sweden
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
    • Latin America
      • Brazil
    • Middle East & Africa

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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