Dublin, Sept. 25, 2024 (GLOBE NEWSWIRE) -- The "Buy Now Pay Later Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
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 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%.
During the historic period, growth can be attributed to several factors, increased penetration of smartphones, growing consumer trust in digital payments, rising consumer awareness of financial management, heightened consumer demand for flexible payment options, and increasing consumer trust in digital payment methods.
In the forecast period, growth can be attributed to several factors, the increasing number of internet users, growing consumer preference for flexible payment options, the rising adoption of installment payment solutions by merchants, a surge in e-commerce platforms, and the increasing adoption of online payments. Major trends during this period include technological innovations, digitalization, the integration of BNPL services, omnichannel strategies, and the development of mobile apps.
The buy now pay later (BNPL) services market is expected to experience significant growth due to the expansion of e-commerce. E-commerce, or electronic commerce, involves buying and selling goods and services over the Internet, including online transactions through websites and mobile apps. This expansion is driven by technological advancements, evolving consumer preferences, market dynamics, and increased global connectivity.
BNPL services play a crucial role in enhancing the e-commerce experience by improving shopping convenience, increasing conversion rates, raising average order values, attracting new customers, and reducing cart abandonment. They offer financial flexibility to consumers and strategic advantages to merchants in a competitive online market. For instance, in the first quarter of 2024, retail e-commerce sales reached $289.2 billion, marking a 2.1% increase from the previous quarter, according to the United States Department of Commerce.
Leading companies in the BNPL services market are focusing on developing innovative technologies, such as AI-driven BNPL banking services, to strengthen their market presence. AI-driven BNPL banking services utilize artificial intelligence technology to enhance the BNPL experience for both consumers and financial institutions.
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.
The countries covered in the buy now pay later services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Companies Featured
- 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
Key Topics Covered:
1. Executive Summary
2. Buy Now Pay Later Services Market Characteristics
3. Buy Now Pay Later Services Market Trends And Strategies
4. Buy Now Pay Later Services Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Buy Now Pay Later Services Market Size and Growth
5.1. Global Buy Now Pay Later Services Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Buy Now Pay Later Services Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Buy Now Pay Later Services Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Buy Now Pay Later Services Market Segmentation
6.1. Global Buy Now Pay Later Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Online Platforms
- Point of Sale Financing
6.2. Global Buy Now Pay Later Services Market, Segmentation By Product Category, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Kitchen Appliances
- Other Electronic Appliances
- Fashion And Personal Care
- Healthcare
- Other Product Categories
6.3. Global Buy Now Pay Later Services Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Retail
- Automotive
- Other End-Uses
7. Buy Now Pay Later Services Market Regional And Country Analysis
7.1. Global Buy Now Pay Later Services Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Buy Now Pay Later Services Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/whf6lk
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