Buy Now Pay Later Services Market Growth Analysis, Outlook Report 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Buy Now Pay Later Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The buy now pay later services market size has grown exponentially in recent years. It will grow from $6.51 billion in 2023 to $8.42 billion in 2024 at a compound annual growth rate (CAGR) of 29.3%. The growth in the historic period can be attributed to increased penetration of smartphones, increased consumer trust in digital payments, increased consumer awareness of financial management, increased consumer demand for flexible payment options, and increased consumer trust in digital payments.

The buy now pay later services market size is expected to see exponential growth in the next few years. It will grow to $23.73 billion in 2028 at a compound annual growth rate (CAGR) of 29.6%. The growth in the forecast period can be attributed to the increasing number of internet users, increasing consumer preference for flexible payment options, rising adoption of installment payment solutions by merchants, surge in e-commerce platforms, and increasing adoption of online payments. Major trends in the forecast period include technological innovations, digitalization, integration of BNPL services, omnichannel, and mobile apps.

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Market Drivers and Trends:

The expansion of e-commerce is expected to propel the growth of the buy now pay later (BNPL) services market going forward. E-commerce, short for electronic commerce, refers to the buying and selling of goods and services over the Internet, encompassing online transactions through websites, mobile apps, and other digital platforms. The expansion of e-commerce is due to technological advancements, consumer preferences, market dynamics, and global connectivity. The buy now pay later services are crucial in enhancing e-commerce by improving the shopping experience, increasing conversion rates, boosting average order values, attracting new customers, and reducing cart abandonment. They provide financial flexibility to consumers while offering strategic advantages to merchants in a competitive online marketplace. For instance, in May 2024, according to the United States Department of Commerce, a US-based government department, retail e-commerce sales in the first quarter of 2024 amounted to $289.2 billion, up 2.1% from the fourth quarter of 2023. Therefore, the expansion of e-commerce is driving the buy now, pay later services market.

Major companies operating in the buy now pay later services market are focused on developing innovative technologies, such as AI-driven BNPL banking services, to strengthen their position in the market. AI-driven BNPL (Buy Now Pay Later) banking services refer to financial products and services that leverage artificial intelligence (AI) technology to enhance the BNPL experience for consumers and financial institutions. For instance, in January 2022, Temenos AG, a Switzerland-based company that provides software for banks and financial services, announced the launch of the Buy-Now-Pay-Later banking service. This innovation leverages advanced artificial intelligence for real-time credit scoring and risk assessment, ensuring a precise evaluation of consumer creditworthiness. It offers personalized installment plans based on AI-driven insights into consumer spending behaviors, enhancing customer satisfaction and reducing default risks.

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Major Key Players of the Market:

PayPal Holdings Inc., HSBC Holdings plc, Klarna Bank AB, Affirm Holdings Inc., Afterpay Limited, Zip Co Limited, Openpay Pty Ltd, Freecharge Payment Technologies Private Limited, Sezzle Inc., PayClip Inc., Zest Money, One Mobikwik Systems Private Limited, Zilch Technology Limited, Atome Financial, Scalapay S.r.l., Laybuy Holdings Limited, Billie GmbH, ViaBill Inc., Splitit Payments Ltd, Social Money Ltd, Payright Ltd, FuturePay Holdings Inc., OlaMoney Postpaid, LazyPay

Buy Now Pay Later Services Market 2024 Key Insights:

• The buy now pay later services market size is expected to see exponential growth in the next few years. It will grow to $23.73 billion in 2028 at a compound annual growth rate (CAGR) of 29.6%.
• E-Commerce Growth Propels Buy Now Pay Later Services Market
• Innovative AI-Driven BNPL Banking Services In The Market
• North America was the largest region in the buy now pay later services market in 2023

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