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Buy Now Pay Later Market - Dissecting Growth Strategies | Affirm, Afterpay, Klarna, LatitutePay, Openpay, PayPal

07-25-2022 07:26 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Brainy Insights

The Brainy Insights

The Brainy Insights

As per the report published by The Brainy Insights, the global buy now pay later market is expected to grow from USD 5.94 billion in 2021 to USD 39.99 billion by 2030, at a CAGR of 23.6% during the forecast period 2022-2030. North America emerged as the largest market for the global buy now pay later market, with a 34% share of the market revenue in 2021. North America region currently dominates the buy now pay later market due to the extensive presence of major market players and developed digital economy with high-speed internet connectivity. The Asia Pacific region is expected to grow during the forecast period due to the rising inflation with an increasing credit-averse young population.

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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
Leading companies in the industry include Affirm, Afterpay, Klarna, LatitutePay, Openpay, PayPal, Prepay Inc., QuadPay Inc., Sizzle, and Splitit, among others are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The channel type segment is divided into point-of-sale (POS) & Online. The online segment dominated the market, with a market share of around 52% in 2021. 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%. The deployment of the buy now pay later model attracts more customers as it increases the affordability of high-end products and gives access to credit for the purchase. The application segment is divided into retail, consumer electronics, healthcare, leisure & entertainment, fashion & garment, and others. In 2021, the retail segment dominated the market, accounting for around 32% of global revenue. With increasing disposable income and rapid urbanization, the growing population will contribute significantly towards consumption demand. The increasing awareness about BNPL coupled with rising consumption can be attributed to the dominance of the retail segment in the BNPL market.

Read complete report @ https://www.thebrainyinsights.com/report/buy-now-pay-later-market-12702

The rising awareness about deferred payments has increased the adoption of the buy now pay later model for everyday purchases. The younger population is a major contributor to this market as they cannot avail the benefits of credit cards given their nascent credit history. The high hidden fees in credit cards also make it a less attractive option than BNPL. Around 48% of customers affirmed that using BNPL has allowed them to spend 10%-20% more than their credit cards. The growth of the online delivery platforms during the pandemic has also provided a necessary push to expand the BNPL market. The e-commerce boom has helped bring in more customers for the BNPL market. According to a survey conducted by Mercato, around 52% of the 3000 adults who were interviewed admitted to using the BNPL solutions in the past 12 months. The adults were from the age group of 18-24, reflecting the massive contribution the younger population plays in developing the BNPL market.

Enquire more about this report @ https://www.thebrainyinsights.com/enquiry/buying-inquiry/12702

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com

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