Buy Now Pay Later Market Drivers Shaping Future Growth, Revenue USD 3.98 trillion by 2030 | CAGR 45.7%
Buy Now Pay Later Market
NEW CASTLE, DELAWARE, UNITED STATES, November 21, 2023 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global buy now pay later market generated $90.69 billion in 2020 and is projected to reach $3.98 trillion by 2030, witnessing a CAGR of 45.7% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Affordable and convenient payment services of buy now pay later platforms and growth of the e-commerce industry across the globe drive the growth of the global buy now pay later market. However, high late and returned payment fees restrain the market to some extent. On the other hand, increase in demand for delayed payments for online purchases and an upsurge in spending on luxury products among the adult population present new opportunities in the upcoming years.
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COVID-19 Scenario:
The buy now pay later payment platform has significantly increased during the COVID-19 pandemic due to the rise in purchasing the consumer goods through online channels to prevent spread of Covid-19.
Major payment solution providers such as Visa and MasterCard have announced their partnership to offer affordable installment financing services, which accelerate the growth of the market during the pandemic outbreak.
Increase in customer spending on health treatment, rise in cost of luxury electronic products, and increase in use of online payments services are some of the important factors that boost the growth of the buy now pay later market during the COVID-19 outbreak.
The report offers detailed segmentation of the global buy now pay later market based on channel, end user, application, and region. Based on channel, the online segment held the highest market share in 2020, holding more than four-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the PoS segment is estimated to register the highest CAGR of 49.0 % from 2021 to 2030.
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Based on application, the retail goods segment held the largest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the media & entertainment segment is projected to register the highest CAGR of 50.1% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 47.8% during the forecast period.
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Leading players of the global buy now pay later market analyzed in the research include Affirm Holdings Inc., Afterpay, Klarna Bank AB, Laybuy Group Holdings Limited, PayPal Holdings Inc., Payl8r (Social Money Ltd.), Perpay, Quadpay, Sezzle, and Splitit.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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