With CAGR 24.9% Global Buy Now Pay Later Market to Reach US 1,8333.3 Million Market Research Report by 2028 | Industry Overview, Growth, Share, Size, Analysis, Competitive Landscape | Vantage market research
WASHINGTON, June 06, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Buy Now Pay Later Market finds that the increasing adoption of e-commerce online payment methods is expediting market growth. Primarily driven by growing payment service on the buy now pay later platform, the total Global Buy Now Pay Later Market is estimated to reach USD 1,8333.3 Million by the year 2028.
The Global Market revenue stood at a value USD 4,829.1 Million in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period.
Furthermore, the growing internet penetration is also anticipated to augment the growth of the Global Buy Now Pay Later Market, states Vantage Market Research, in a report, titled “Buy Now Pay Later Market Size, Share & Trends Analysis Report by Channel (Online Channel, POS Channel), by Application (Retail Goods, Media & Entertainment, Healthcare & Wellness, Automotive), by End User (Generation X, Generation Z/Millennials, Baby Boomers), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028).”
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Rising Adoption of Online Payment Methods to Drive the Market Growth
Increasing acceptance of online payment methods such as Google Pay, Phonepay, amazon pay and many other online payment apps around the world is driving the growth of the market currently. Increased awareness about digitalization among consumers is one of the major growth factors that enhance the adoption of this online payment technology. The high number of internet users is further expected to create immense opportunities for the growth of the market in the years to come. Also, the availability of high-speed internet connections also encourages the growth of the market. Many businesses including small and medium enterprises around the world are expected to focus on adopting fast online payment methods. Thus, the expansion of the global e-commerce industry is the main factor for the growth of the Global Buy Now Pay Later Market.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Buy Now Pay Later market is predicted to grow at a CAGR of roughly 24.9% during the forecast period.
- The Buy Now Pay Later market was estimated to be worth roughly USD 4,829.1 Million in 2021 and is expected to reach USD 1,8333.3 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Buy Now Pay Later market.
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Segmentation of the Global Buy Now Pay Later Market:
- Online Channel
- POS Channel
- Retail Goods
- Media & Entertainment
- Healthcare & Wellness
- Home Improvement
- End User
- Generation X
- Generation Z/Millennials
- Baby Boomers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Convenient Payment Service on the Buy Now Pay Later Platform to Stimulate Market Growth
The convenient payment service of the buy now and pay after platforms are one of the major drivers of the growth of the Global Buy Now Pay Later Market. Retailers now offer optional billing options, allowing customers to meet daily needs by choosing a sound financial plan and paying in instalments rather than paying all the costs in advance. Several business owners around the world have been using the now-paying shopping platform to finance large commodities, buy immature goods, and pay workers’ salaries, which encourages global purchases that now pay for market growth over time. By BNPL services consumers are able to purchase goods and services whatever they want and then pay later in instalments. The payment method now pays later offers people many benefits such as affordable and convenient payment services as well as a quick credit card transfer service at the point of sale and increases the security of personal information that drives the growth of the market. This is a very easy method so that every consumer can easily use it.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT services & applications industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Buy Now Pay Later Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
North America Dominated the Global Buy Now Pay Later Market
North America dominated the Global Buy Now Pay Later Market in 2021 and is likely to continue the same trend during the forecast period. This is due to the increase in the cost of several household items such as smart TVs, music programs, and washing machines. In addition, the growing demand among young people in developing countries to now purchase the latest payment platform for the purchase of more expensive electronic devices such as smartphones, mobile tabs and laptops encourages the growth of now-paying purchases in developing countries for years to come. The BNPL practice is gaining popularity throughout the region as it enables customers to access credit and postpones payments. The growing influx of mobile internet in the region is expected to create opportunities for regional market growth in the forecast period.
List of Prominent Players in Buy Now Pay Later Market:
- Affirm Holdings Inc.
- After pay
- Klarna Bank AB
- Lay buy Group Holdings Limited
- PayPal Holdings Inc.
- Payl8r (Social Money Ltd.)
- Per pay
- Quad pay
January 2022: Affirms Holdings Inc., a BNPL consumer services provider, launched two major product lines: a Chrome browser extension and Affirm Super App. Super App provides an enhanced BNPL payment, shopping, and financial services experience in one simple solution.
December 2021: After pay Limited has partnered with Rakuten to obtain rewards for purchases made through its BNPL service. This partnership allows retailers and merchants to enjoy a combined value-added shopping and payment experience. Through this partnership, consumers can receive cash back and promotions, which will help buyers to relieve economic stress.
November 2020: After pay Limited launched a subscription based BNPL service for US customers. US customers can pay in subscription-based instalments.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Buy Now Pay Later Market?
- How will the Buy Now Pay Later Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Buy Now Pay Later Market?
- What is the Buy Now Pay Later market drivers and restrictions?
- What will be the CAGR and size of the Buy Now Pay Later Market throughout the forecast period?
This market titled “Buy Now Pay Later Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Region & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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