Westford, USA, June 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Buy Now Pay Later Market will attain a value of USD 49.41 Billion by 2031, with a CAGR of 26.1% over the forecast period (2024-2031). General inclination of clients towards flexible and suitable modes of payment is a key impeller. This translates into a situation whereby customers have the freedom to make purchases without making payments instantly, hence granting them more financial freedom while reducing the cost of upfront fees through BNPL. The rise of the BNPL market has also been significantly fuelled by the expansion of e-commerce. Customers are looking for quick and easy ways to make payments as more and more people shop online.
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Browse in-depth TOC on the " Buy Now Pay Later Market "
- Pages - 165
- Tables - 91
- Figures – 76
Buy Now Pay Later Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $6.13 billion |
| Estimated Value by 2031 | $49.41 billion |
| Growth Rate | Poised to grow at a CAGR of 26.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Channel, and Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Integration of BNPL services |
| Key Market Opportunities | Rise of e-commerce platforms |
| Key Market Drivers | Increase in adoption of online payment methods among people |
Large Enterprise Size to Hold Highest Market Share Owing to its Seamless User Experiences
The dominance big companies enjoy in the global buy now pay later (BNPL) sector is mainly attributed to their huge financial muscles, vast customer pools as well as advanced technological platforms that enable them offer competitive credit facilities and seamless customer interactions. Such essential assets tend to boost both their market dominance alongside improving client faith and market reach.
Increase in Sales and Customer Loyalty by Offering Flexible Payment Options
The global buy now pay later (BNPL) business is dominated by the fashion and apparel industry due to strong customer demand for quick and reasonably priced luxury. The industry's strong position in the BNPL market is furthered by merchants' adoption of BNPL services, which boost sales and consumer loyalty by providing flexible payment choices.
Considerable Presence of Significant BNPL Technology Providers Results in North America Holding Dominance
The Buy Now Pay Later (BNPL) market share held by the North American regional sector remained the highest. The feasibility of the technology in the field, government assistance, and rising investor investments are other factors driving market expansion. The U.S. market is impacted by the imposition of strict regulations, the increasing trend of using online payment methods, and the sizeable presence of important technology suppliers and production firms.
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Buy Now Pay Later Market Insight
Drivers:
- Increase in Adoption of Online Payment Methods among people
- Affordable and Convenient Service Payment
- Strategic Alliances Between BNPL Companies
Restraints:
- Lack of Awareness of Service and High Availability of Multiple Payment Options
- Higher Interest Rates & Availability of Substitutes
- Regulatory scrutiny and Operational Challenges
Prominent Players in Buy Now Pay Later Market
The following are the Top Buy Now Pay Later Companies
- Laybuy Group Holdings Limited (New Zealand)
- Sezzle (US)
- Affirm Holdings Inc. (US)
- Billie (Germany)
- Perpay Inc., (Philadelphia)
- Payl8r (UK)
- Paypal (US)
- Quadpay (US)
- Klarna Bank AB (publ) (Sweden)
- Splitit (US)
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Key Questions Answered in Global Buy Now Pay Later Market Report
- What is SkyQuest's estimated market value for the global buy now pay later (BNPL) market by 2031?
- What is the main factor propelling the BNPL market's expansion?
- Which sector of the economy commands the largest share of the BNPL market due to the robust demand from consumers for quick and affordable luxuries?
This report provides the following insights:
- Analysis of key drivers (Worldwide use of digital payments to conduct online shopping, having many advantages over traditional payment methods, more efficient fund transfers with higher payment security and high-speed internet accessibility), restraints (Lack of acceptance among the adults in developing & underdeveloped nations, high amounts of interest levied on delayed payments and potential restrictions & compliance requirements on providers), opportunities (Being affordable & practical payment services, monitory transfers at the point-of-sale platform and scannable code to complete transactions via BNPL), and challenges (Lack of awareness among the consumers & merchants and availability of multiple payment options hinders overall growth) influencing the growth of buy now pay later market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the buy now pay later market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the buy now pay later market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Middle East & Africa, Latin America
