WESTFORD, Mass., July 18, 2024 /PRNewswire/ -- According
to SkyQuest, the global Buy Now Pay Later Market size was
valued at USD 27,845.10 Million in
2022 and is poised to grow from USD
32,035.79 Million in 2023 to USD
1,22,778.17 Million by 2031, growing at a CAGR of 18.6% in
the forecast period (2024-2031).
The growing number of e-commerce channels, increasing service
adoption among millennials in developed economies and global
purchasing now pay back market growth. BNPL offers ample
opportunity for a growth period as it helps banks to protect their
customers' financial and credit card businesses from emerging
competitors. Data from the US Federal Reserve shows that credit
card usage is now around 21%. If the U.S. banks consolidate BNPLs
on their credit cards, they could increase their customer credit
limits from $856 billion (about
$2,600 per person in the US) to
$1.27 trillion by 2025.
Moreover, several e-commerce companies in the retail, banking
and healthcare insurance sectors are adopting this service to
facilitate their customers around the world.
Download a detailed overview:
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Buy Now Pay Later Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 32,035.79
Million
|
Estimated Value by
2031
|
USD 1,22,778.17
Million
|
Growth Rate
|
Poised to grow at a
CAGR of 18.6%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Landing Type,
Enterprise Size, Industry and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Rising Services
Adoption Across Millennials in Developed Countries
|
Key Market
Drivers
|
Increasing Number of
E-commerce Platforms
|
Segments covered in Buy Now Pay Later Market are as
follows:
- Landing Type
- Point of Sale, Personal Loans, Private-level Credit Cards,
General-purpose Credit Cards
- Enterprise Size
- Large Enterprises, and Small & Medium Enterprises
- Industry
- E-commerce & Retail (Consumer Electronics, Fashion &
Garment and Others), Healthcare, Leisure & Entertainment,
Automotive and Others
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https://skyquestt.com/speak-with-analyst/buy-now-pay-later-market
Online Segment: "Seamless Spending: BNPL Reigns
Online"
By 2022, the online segment dominated the market with a revenue
share of more than 65.0%. Many businesses around the world are
partnering to focus on multiple online payment methods and BNPL as
part of their plans for post-pandemic recovery.
The POS phase is predicted to comply with the very best CAGR
during the forecast duration. POS empowers customers to make
immediately shopping selections without the need for previous
approval or credit score assessments, ensuing in much less
friction. The POS phase is growing exponentially with the
combination of convenience with the shopping experience.
Large Enterprises Segment: "Corporate Comfort: BNPL for Big
Business"
By 2022, the large enterprises segment dominated the market. The
growth of the corporate segment can be attributed to these factors,
including the widespread adoption of BNPL's payment solutions to
provide its customers with affordable and convenient payment
options for priced purchases is strong. Thus, BNPL helps large
corporations significantly improve customer experience.
Small and medium-sized enterprises (SMEs) around the world are
focusing on adopting BNPL solutions to help merchants increase
sales conversion rates. For example, Dukan, a start-up company that
helps the SMEs set up online stores, announced a partnership with
BNPL solutions for Simple to provide BNPL services to shop owners
SMEs to increase their customer base.
View report summary and Table of Contents (TOC):
https://skyquestt.com/report/buy-now-pay-later-market
Retail Segment: "Shopping Simplified: BNPL in Retail
Delights"
By 2022, the retail segment dominated the market with more than
73.0% of their revenue share. Companies see rising adoption of BNPL
solutions as these customers can easily allocate the cost of
procurement over a period. For example, in October 2021, Affirm, Inc. will have 100,000
shares. reported a decrease of $1.5
Billion. BNPL Solutions announced that Identity has
announced a partnership with Brand Principle to offer consumers
long-term interest financing on accessories and sportswear.
The healthcare segment is expected to register a promising CAGR.
The industry is witnessing increasing adoption of BNPL payment
methods as they offer a less complex alternative to credit cards.
Moreover, to avoid expensive and cumulative interest rates and
deposits, customers prefer the BNPL payment method as compared to
credit cards. Moreover, increasing costs associated with treatment
of many diseases such as cancer and chronic heart disease are
expected to drive the demand for BNPL services during the forecast
period.
Transforming Payment Options for Today's Consumers
The Buy Now Pay Later market has grown rapidly, reinventing
consumer finance by providing convenient and convenient payment
solutions. This alternative allows consumers to purchase and pay
for goods over a long period of time, often without paying
interest, providing financial flexibility without the traditional
obligation of a credit card.
As the market innovates and changes, it can redefine how consumers
fulfill their future purchasing and financial obligations. Driven
by digitization and changing consumer preferences BNPL platforms
have gained wide acceptance in retail sectors including e-commerce
and brick and mortar stores.
Related Reports:
Real-Time Payments Market
Mobile Payment Market
Digital Payment Market
Payment Gateway Market
Payment as A Service Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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