The Brainy Insights launched a study titled Buy Now Pay Later Market Size by Channel Type (Point-of-Sale (POS), & Online), Enterprise Type (Large Enterprise, & Small and Medium Enterprises), Application, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
The global buy now pay later market is expected to grow from 5.94 billion in 2021 to USD 39.99 billion by 2030, at a CAGR of 23.6% during the forecast period 2022-2030. The growing digitization of the economy and increasing application of buy now pay later platforms across sectors will drive the growth of the buy now pay later market. The increasing awareness and demand for deferred payments, growing number of online shoppers, and convenient nature of BNPL are also expected to contribute to the market’s growth.
The online segment dominated the market, with a market value of around 3.08 billion in 2021.
The channel type segment is divided into point-of-sale (POS) & online. The online segment dominated the market, with a market value of around 3.08 billion in 2021. The e-commerce boom and rising trend of online shopping have contributed to the growth of the online BNPL channel segment.
The small & medium enterprise segment is expected to grow at the fastest CAGR of 25.7% over the forecast period.
The enterprise type segment is divided into large enterprise and small & medium enterprise. Over the forecast period, the small & medium enterprise segment is expected to grow at the fastest CAGR of 25.7%. BNPL allows consumers to make out-of-budget purchases, facilitating market expansion and diversification for producers.
The retail segment dominated the market, accounting for around 1.90 billion in global revenue.
The application segment is divided into retail, consumer electronics, healthcare, leisure & entertainment, fashion & garment, and others. The retail segment dominated the market, accounting for around 1.90 billion in global revenue. The younger population of the millennials and gen-Z are often not eligible for credit cards. BNPL offers an ideal alternative to fulfill the growing consumption of this credit-averse population.
Regional Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific is expected to be the largest market during the forecast period. The buy now pay later market in the Asia Pacific has been expanding rapidly. China dominates the buy now pay later market in the Asia Pacific. The region’s young population drives the demand for BNPL services in the Asia Pacific; they are contributing significantly to the growing demand for deferred payments. The ever increasing demand has drawn significant players to the market, the increased presence of major market players is a positive development for the Asia Pacific BNPL market. Increased adoption of smart devices and higher penetration of internet connectivity has stipulated the growth of the market. According to a survey conducted by Cardify, 44% of the 6000 adults found BNPL a beneficial model to plan their purchases.
The market’s major players include Affirm, Afterpay, Klarna, LatitutePay, Openpay, PayPal, Prepay Inc., QuadPay Inc., Sizzle, and Splitit, among others.
Get additional insights from Press Release @ Buy Now Pay Later Market To Reach USD 39.99 Billion By 2030; Rising Demand for Installment-Based Payments & Alternative Financing Options To Bolster Growth, Says The Brainy Insights