Buy Now Pay Later Services Market Growth Accelerates: Strategic Forecast Predicts $30.69 Billion by 2029

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What Will the Buy Now Pay Later Services Industry Market Size Be by 2025?
The market size for the buy now pay later services has seen a rapid expansion in recent times. Forecasts project that it will expand from $8.42 billion in 2024 to an impressive $10.93 billion the following year with a compound annual growth rate (CAGR) of 29.8%. The remarkable growth witnessed during the historic period is credited to factors such as the surge in the use of smartphones, growing consumer faith in digital payments, heightened consumer financial literacy, a rise in the consumer demand for various payment flexibilities, and an increased reliance of consumers on digital transactions.

What's the Long-Term Growth Forecast for the Buy Now Pay Later Services Market Size Through 2029?
The market for buy now pay later services is forecasted to exceptionally increase in size in the coming years. It's estimated to reach $30.69 billion by 2029, with a compound annual growth rate (CAGR) of 29.5%. This significant rise is credited to factors such as an increase in internet users, a higher preference amongst consumers for flexible payment options, a rise in merchants accepting installment payment solutions, a boom in e-commerce platforms, and a high adoption rate of online payments. Technological enhancements, digitalization, increased implementation of BNPL services, the omnichannel approach, and the use of mobile apps are prevailing trends during this projection period.

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What Are the Key Growth Drivers Fueling the Buy Now Pay Later Services Market Expansion?
The proliferation of online commerce is predicted to fuel the rise of the buy now pay later (BNPL) market in the future. E-commerce, also known as electronic commerce, pertains to internet sales and purchases of goods and services. It includes transactions made via websites, mobile applications, and other forms of digital mediums. The growth of e-commerce is linked with technological progress, consumer choices, market fluctuations, and worldwide interconnectedness. BNPL services play an integral part in augmenting e-commerce by enhancing the user's shopping experience, elevating conversion rates, expanding average order values, drawing in new consumers, and minimizing shopping cart desertion. These services offer clients financial versatility and give merchants strategic benefits in the fiercely competitive online marketplace. For instance, in May 2024, as reported by the US Department of Commerce - a government department of the United States, the first quarter retail e-commerce sales for the year reached $289.2 billion, marking a 2.1% increase from the fourth quarter of 2023. Hence, the escalating prominence of e-commerce is steering the growth of the buy now, pay later market.

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What Are the Key Trends Driving Buy Now Pay Later Services Market Growth?
Leading firms in the buy now pay later services sector are prioritizing the development of innovative technologies like AI-powered BNPL banking facilities to solidify their market standing. AI-powered BNPL banking services are essentially financial offerings optimized by artificial intelligence (AI) technology to improve the buy now, pay later experience for users and financial organizations. In January 2022, for instance, Temenos AG, a software provider for banks and financial services headquartered in Switzerland, introduced an AI-powered Buy-Now-Pay-Later banking facility. This cutting-edge technology employs advanced AI to perform real-time credit scoring and risk analysis, ensuring accurate assessment of a customer's credit eligibility. It proposes tailored installment plans derived from AI-driven analysis of consumer expenditure patterns, thereby augmenting client satisfaction and mitigating risk of default.

How Is the Buy Now Pay Later Services Market Segmented?
The buy now pay later services market covered in this report is segmented -

1) By Type: Online Platforms, Point Of Sale Financing
2) By Product Category: Kitchen Appliances, Other Electronic Appliances, Fashion And Personal Care, Healthcare, Other Product Categories
3) By End-Use: Retail, Automotive, Other End-Uses

Subsegments:
1) By Online Platforms: E-commerce Websites, Mobile Applications, Online Marketplaces, Digital Wallets Integration
2) By Point Of Sale Financing: In-Store Financing Solutions, Retailer-Partnered Bnpl Services, Contactless Payment Solutions At Pos, Instant Financing At Checkout

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Which Companies Are Leading the Charge in Buy Now Pay Later Services Market Innovation?
Major companies operating in the buy now pay later services market are 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

Which Regions Are Leading the Global Buy Now Pay Later Services Market in Revenue?
North America was the largest region in the buy now pay later services market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the buy now pay later services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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