Buy Now Pay Later Global Market Report 2023: Sector to Reach $725.36 Billion by 2030 at a 22.2% CAGR

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May 17, 2023, 06:00 ET

DUBLIN, May 17, 2023 /PRNewswire/ -- The "Buy Now Pay Later Market by Channel, by Application, by End User - Global Opportunity Analysis and Industry Forecast, 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The Buy Now Pay Later (BNPL) Market size was valued at USD 112.17 billion in 2022, and is predicted to reach USD 725.36 billion by 2030, with a CAGR of 22.2% during the forecast period, 2023-2030.

Growing consumer preference towards online payments and easy & quick availability of pay later services from providers foster the growth of the buy now pay later market.

However, problems related to late fees and the impact on credit scores are expected to restrain the growth of the market during the forecast period. On the contrary, the rising adoption of the buy now pay later option in online platforms is expected to create ample growth opportunities for the market in the coming years.

Segment Overview

The global buy now pay later industry is segmented on the basis of channel, application, end user, and region.
By channel, the market is classified into online and point of sale (PoS).
By application, the market is categorized into retail goods, media & entertainment, healthcare & wellness, automotive, home improvement, and others.
By end user, the market is bifurcated into generation x, generation z/millennials, and baby boomers.
By region, the market is segmented into North America, Europe, Asia-Pacific, and RoW.

Regional Analysis

North America holds the dominant market share

Owing to the widespread use of credit cards in the region, the U.S., in particular, will encourage the spread of BNPL services. The BNPL market is anticipated to experience strong demand as customers seek more flexible and easy payment options. The distinction between buy now pay later and credit card services is anticipated to become competitive with the entry of corporations such as Mastercard, VISA, and PayPal. Moreover, the research identifies some major market trends, including the emergence of new competitors, the intensifying emphasis on the customer experience, and data-driven insights.

Key Market Players

The key players in the global buy now pay later market research include companies such as:

Affirm Holdings, Inc.
Atome
Block, Inc. (Square)
Klarna Bank AB (PULP)
Latitude
Openpay
PayPal Holdings, Inc.
Sezzle
Scalapay
Zip Co. Ltd. (Zip)

Recent Developments

November 2022

Zip Co. Ltd. acquired QuadPay, an American BNPL firm, to expand its reach to more than 3.5 million customers and 26,000 merchant partners worldwide. Through this acquisition, Zip aimed to create a more than USD 1 billion global payments company.

November 2022

Sezzle partnered with Sensepass, an all-in-one solution used by retailers to offer all digital payments to wallets by tap or scan without purchasing hardware. Through the partnership, shoppers can make payments via the Sensepass hub and platforms such as Venmo and Coinbase.

June 2022

PayPal Holdings, Inc. launched a monthly BNPL service in the U.S. to expand the checkout options for consumers. This allows consumers to purchase between USD 199 and 10,000 and split the cost into payments over a six-month to two-year period with PayPal Pay Monthly.

February 2022

OpenPay partnered with BigCommerce, Prestashop, and Paycove.io to expand and diversify its services. Moreover, this partnership enables longer, larger, and more customized plans, driving seamless integration with new merchants and customers at scale.

January 2022

Latitude announced the acquisition of Humm, a buy now pay later provider, for USD 241 million. Through this acquisition, the company wants to expand its BNPL services to a much higher number of people.

KEY BENEFITS

The buy now pay later market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities.
The study comprises a comprehensive analysis of the buy now pay later market trends, including current and future trends for depicting prevalent investment pockets in the market.
The information related to key drivers, restraints, and opportunities and their impact on the buy now pay later market is provided in the report.
The competitive analysis of the market players along with their market share in the buy now pay later market is provided in the report.
The SWOT analysis and Porter's Five Forces model are elaborated in the study.
The value chain analysis in the market study provides a clear picture of the role of stakeholders.

Key Topics Covered:

1. Introduction

2. Buy Now Pay Later Market - Executive Summary

3. Market Overview
3.1. Market Definition and Scope
3.2. Market Dynamics
3.2.1 Drivers
3.2.1.1. Rising Trend of Online Shopping Among Consumers
3.2.1.2. Easy and Affordable Payment Service of BNPL Platforms
3.2.1.3. Increase in E-Commerce Platforms With Online Payment Methods
3.2.2 Restraints
3.2.2.1. Issue Related to High Late Fee Charges
3.2.2.2. Lack of Awareness and Availability of Multiple Bnpl Payment Options
3.2.3 Opportunities
3.2.3.1. Integration of Artificial Intelligence (A.I.) Technology in Bnpl Platforms
3.2.3.2. Rising Consumer Preference for Online Payment Creates An Opportunity

4. Market Share Analysis
4.1. Market Share Analysis of Top Bnpl Providers, 2022

5. Global Buy Now Pay Later Market, by Channel
5.1. Overview
5.2. Online
5.2.1 Online Market, by Region
5.3. Point of Sale (Pos)
5.3.1 Point of Sale (Pos) Market, by Region

6. Global Buy Now Pay Later Market, by Application
6.1. Overview
6.2. Consumer Electronics
6.2.1 Consumer Electronics Market, by Region
6.3. Fashion & Garment
6.3.1 Fashion & Garment Market, by Region
6.4. Media & Entertainment
6.4.1 Media & Entertainment Market, by Region
6.5. Healthcare & Wellness
6.5.1 Healthcare & Wellness Market, by Region
6.6. Automotive
6.6.1 Automotive Market, by Region
6.7. Furnishing
6.7.1 Furnishing Market, by Region
6.8. Others
6.8.1 Others Market, by Region

7. Global Buy Now Pay Later Market, by End-user
7.1. Overview
7.2. Generation X
7.2.1 Generation X Market, by Region
7.3. Generation Z
7.3.1 Generation Z Market, by Region
7.4. Millennials
7.4.1 Millennials Market, by Region
7.5. Baby Boomers
7.5.1 Baby Boomers Market, by Region

8. Global Buy Now Pay Later Market, by Region

9. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/2o1q9k

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