Pune India, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Buy Now Pay Later Market By Enterprise Type (Small & Medium Enterprises and Large Enterprises), By Application (Healthcare, Retail, Fashion & Garments, Consumer Electronics and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the buy now pay later market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the buy now pay later market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as enterprise type, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global Buy Now Pay Later Market are Rely, Visa, Revoult, Clearpay, Hoola, Afterpay, Pace, Mastercard, Monzo, PayPal Holdings Inc., Openpay, LatitudePay, Atom, Affirm Holdings Inc., Perpay, Sezzle, Quadpay among others. To achieve a substantial market share in the worldwide buy now pay later market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Buy now pay later payment methods to provide several advantages, including fast credit card transfers at the point of sale, and affordable and practical payment services. In addition, the buy now pay later platform allows customers to make secure payments without using a debit card, promoting global expansion. The pandemic led to a change in consumer purchasing habits; consumers preferred to use credit cards or pay in small instalments. These features allowed the consumers to spread out their expenses, thereby ensuring financial security for them. Due to interest-free repayment options, the rising demand for high-end products by millennial consumers, and an increasing number of retailers adopting the BNPL model, deferred payments are expected to continue to grow in popularity. In order to purchase high-end equipment and machinery without straining the company's cash flow, businesses can use buy now, pay later arrangements with creditors, suppliers, or vendors. It allows retailers to establish a long-term relationship with consumers, establishing a steady cash flow even when sales are down, which is good for their business. Retailers who utilize this credit model will be able to improve sales and consumer base. There are some factors which are hampering the market growth such as expensive buy now pay later integration and delayed payment leading to a high late fee. Moreover, the market is growing rapidly with rising urbanization.
Scope of Buy Now Pay Later Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Enterprise Type, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Rely, Visa, Revoult, Clearpay, Hoola, Afterpay, Pace, Mastercard, Monzo, PayPal Holdings Inc., Openpay, LatitudePay, Atom, Affirm Holdings Inc., Perpay, Sezzle, Quadpay among others |
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Segmentation Analysis
Small & medium enterprises are expected to be the fastest-growing segment in 2022.
The enterprise type segment includes small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to witness the highest growth rate during the forecasted period. Customers are attracted to buy now, pay later models because they make high-end products more affordable and allow them to use credit to pay for them. A larger customer base results in a higher sales conversion rate, which is the primary source of revenue for small and medium businesses. Increasing the adoption of BNPL by small and medium businesses will contribute to the growth of this segment, providing them with a competitive edge.
Retail is expected to be the fastest-growing segment in 2022.
The application segment includes healthcare, retail, fashion & garments, consumer electronics and others. The retail segment is expected to witness the highest growth rate during the forecasted period. As a result of growing disposable income and rapid urbanization, the growing population will greatly contribute to consumer demand. Retailers dominated the buy now pay later market, accounting for around 32% of global revenue, and consumer awareness and consumption are both increasing as a consequence.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the buy now pay later market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. People in developing countries are increasingly accepting online payment methods, fueling the growth of the buy now pay later market. The leading digital payment technologies include mobile payments, debit cards, and credit cards, which reduce transaction costs and streamline fund transfers for consumers. In addition, many North Americans utilize smartphone apps and the internet, which is causing the buy now pay later market in the region to grow rapidly.
Country Analysis
- Germany
Germany's buy now pay later market size was valued at USD 13.8 billion in 2022 and is expected to reach USD 272.6 billion by 2030, at a CAGR of 45.2% from 2023 to 2030.
Over the forecast period, the growth story of the BNPL industry in Germany remains strong in the medium to long term, with BNPL payment adoption expected to grow steadily. Due to German consumers' continued shift toward better payment options, such as BNPL, e-commerce marketplaces are forging strategic alliances with BNPL providers.
- China
China’s buy now pay later market size was valued at USD 14.9 billion in 2022 and is expected to reach USD 299.28 billion by 2030, at a CAGR of 45.5% from 2023 to 2030.
It is estimated that the Chinese BNPL market is dominated by big technology companies such as Ant Group, but over the next four to eight quarters, new and modern firms will emerge in the sector, as the Chinese Government continues to crack down on these big firms. According to the publisher, the BNPL industry is expected to grow rapidly in the short to medium term as a result of strong consumer demand for the product in the Chinese market.
- India
India's buy now pay later market size was valued at USD 11.49 billion in 2022 and is expected to reach USD 229.5 billion by 2030, at a CAGR of 45.4% from 2023 to 2030.
There is a rapid growth in the buy now pay later (BNPL) market in India, where consumers are moving towards online payments. BNPL usage has increased significantly over the past two years as consumers shift more to online payments. As reported by Experian, BNPL transactions in India grew by 21% in H1 2022, an increase of 3% over global growth.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising awareness about the benefits of using BNPL and the growing e-commerce sector.
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