Buy Now Pay Later Market to Expand Exponentially; Factors

2022-07-23 08:53:14 By : Ms. Doris Li

March 09, 2022 01:59 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, March 09, 2022 (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, 2022-2029.” 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. 

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Increased Consumer Volume & Rising Online Platforms to Aid Market Flourish During Pandemic

The COVID-19 pandemic turned the global prospect into an enclosed space with a majority of the general population being forced to work from home to curb the spread of the virus. The market witnessed more than moderate growth during the pandemic era due to increased adoption of the buy now pay later services by a variety of sectors. Shifting consumers’ preference towards online shopping and rising investments from dominant players further pushed the growth of the 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 & 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.

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.

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,

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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.

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.

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