Newark, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global buy now pay later market is expected to grow from 7.34 billion in 2021 to USD 61.09 billion by 2032, at a CAGR of 23.6% during the forecast period 2023-2032. The growing digitization of the economy and increasing application of buy now pay later platforms across sectors will drive the growth of the buy now pay later market. The increasing awareness and demand for deferred payments, growing number of online shoppers, and convenient nature of BNPL are also expected to contribute to the market’s growth.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 7.34 Billion |
| Market Size in 2032 | USD 61.09 Billion |
| CAGR | 23.6% |
| No. of Pages in Report | 232 |
| Segments Covered | Product Type, Application, End-User and Distribution Channel |
| Drivers | Increasing preference for EMI payments on e-commerce platforms |
| Opportunities | Digital marketing and growing sales on e-commerce platforms |
| Restraints | Charging of late fees |
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Key Findings of Buy Now Pay Later Market
The online segment dominated the market, with a market share of around 54.11% in 2022.
The channel type segment is divided into point-of-sale (POS) & online. The online segment dominated the market, with a market share of around 54.11% in 2022.The e-commerce boom and rising trend of online shopping have contributed to the growth of the online BNPL channel segment.
The small & medium enterprise segment is expected to grow at the fastest CAGR of 26.11% over the forecast period.
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 26.11%. BNPL allows consumers to make out-of-budget purchases, facilitating market expansion and diversification for producers.
The retail segment dominated the market, accounting for around 33.21% of global revenue.
The application segment is divided into retail, consumer electronics, healthcare, leisure & entertainment, fashion & garment, and others. The retail segment dominated the market, accounting for around 33.21% of global revenue. The younger population of the millennials and gen-Z are often not eligible for credit cards. BNPL offers an ideal alternative to fulfill the growing consumption of this credit-averse population.
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Regional Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America emerged as the largest market for the global buy now pay later market, with a 35.21% share of the market revenue in 2022. The buy now pay later market in the Asia Pacific has been expanding rapidly. China dominates the buy now pay later market in the Asia Pacific. The region's young population drives the demand for BNPL services in the Asia Pacific; they are contributing significantly to the growing demand for deferred payments. The ever increasing demand has drawn significant players to the market, the increased presence of major market players is a positive development for the Asia Pacific BNPL market. Increased adoption of smart devices and higher penetration of internet connectivity has stipulated the growth of the market. According to a survey conducted by Cardify, 44% of the 6000 adults found BNPL a beneficial model to plan their purchases.
Competitive Analysis:
The market's major players include Affirm, Afterpay, Klarna, LatitutePay, Openpay, PayPal, Prepay Inc., QuadPay Inc., Sizzle, and Splitit, among others.
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About the report:
The market is analyzed based on value (USD Billion) and volume (k units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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