NEWS PROVIDED BYSkyQuest Technology
Jul 18, 2024, 10:45 ET
WESTFORD, Mass., July 18, 2024 /PRNewswire/ — According to SkyQuest, the global Buy Now Pay Later Market size was valued at USD 27,845.10 Million in 2022 and is poised to grow from USD 32,035.79 Million in 2023 to USD 1,22,778.17 Million by 2031, growing at a CAGR of 18.6% in the forecast period (2024-2031).
The growing number of e-commerce channels, increasing service adoption among millennials in developed economies and global purchasing now pay back market growth. BNPL offers ample opportunity for a growth period as it helps banks to protect their customers’ financial and credit card businesses from emerging competitors. Data from the US Federal Reserve shows that credit card usage is now around 21%. If the U.S. banks consolidate BNPLs on their credit cards, they could increase their customer credit limits from $856 billion (about $2,600 per person in the US) to $1.27 trillion by 2025.
Moreover, several e-commerce companies in the retail, banking and healthcare insurance sectors are adopting this service to facilitate their customers around the world.
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Buy Now Pay Later Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 32,035.79 Million |
| Estimated Value by 2031 | USD 1,22,778.17 Million |
| Growth Rate | Poised to grow at a CAGR of 18.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Landing Type, Enterprise Size, Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Services Adoption Across Millennials in Developed Countries |
| Key Market Drivers | Increasing Number of E-commerce Platforms |
Segments covered in Buy Now Pay Later Market are as follows:
- Landing Type
- Point of Sale, Personal Loans, Private-level Credit Cards, General-purpose Credit Cards
- Enterprise Size
- Large Enterprises, and Small & Medium Enterprises
- Industry
- E-commerce & Retail (Consumer Electronics, Fashion & Garment and Others), Healthcare, Leisure & Entertainment, Automotive and Others
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Online Segment: “Seamless Spending: BNPL Reigns Online”
By 2022, the online segment dominated the market with a revenue share of more than 65.0%. Many businesses around the world are partnering to focus on multiple online payment methods and BNPL as part of their plans for post-pandemic recovery.
The POS phase is predicted to comply with the very best CAGR during the forecast duration. POS empowers customers to make immediately shopping selections without the need for previous approval or credit score assessments, ensuing in much less friction. The POS phase is growing exponentially with the combination of convenience with the shopping experience.
Large Enterprises Segment: “Corporate Comfort: BNPL for Big Business”
By 2022, the large enterprises segment dominated the market. The growth of the corporate segment can be attributed to these factors, including the widespread adoption of BNPL’s payment solutions to provide its customers with affordable and convenient payment options for priced purchases is strong. Thus, BNPL helps large corporations significantly improve customer experience.
Small and medium-sized enterprises (SMEs) around the world are focusing on adopting BNPL solutions to help merchants increase sales conversion rates. For example, Dukan, a start-up company that helps the SMEs set up online stores, announced a partnership with BNPL solutions for Simple to provide BNPL services to shop owners SMEs to increase their customer base.
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Retail Segment: “Shopping Simplified: BNPL in Retail Delights”
By 2022, the retail segment dominated the market with more than 73.0% of their revenue share. Companies see rising adoption of BNPL solutions as these customers can easily allocate the cost of procurement over a period. For example, in October 2021, Affirm, Inc. will have 100,000 shares. reported a decrease of $1.5 Billion. BNPL Solutions announced that Identity has announced a partnership with Brand Principle to offer consumers long-term interest financing on accessories and sportswear.
The healthcare segment is expected to register a promising CAGR. The industry is witnessing increasing adoption of BNPL payment methods as they offer a less complex alternative to credit cards. Moreover, to avoid expensive and cumulative interest rates and deposits, customers prefer the BNPL payment method as compared to credit cards. Moreover, increasing costs associated with treatment of many diseases such as cancer and chronic heart disease are expected to drive the demand for BNPL services during the forecast period.
Transforming Payment Options for Today’s Consumers
The Buy Now Pay Later market has grown rapidly, reinventing consumer finance by providing convenient and convenient payment solutions. This alternative allows consumers to purchase and pay for goods over a long period of time, often without paying interest, providing financial flexibility without the traditional obligation of a credit card.
As the market innovates and changes, it can redefine how consumers fulfill their future purchasing and financial obligations. Driven by digitization and changing consumer preferences BNPL platforms have gained wide acceptance in retail sectors including e-commerce and brick and mortar stores.
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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.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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SOURCE SkyQuest Technology