Increase in e-commerce industry growth along with the convenience and economical affordability of buy now pay later payment services fuel the growth of the global buy now pay later market.
PORTLAND, Ore., Jan. 20, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Buy Now Pay Later Market By Channel (Online and POS), Application (Retail Goods, Media & Entertainment, Healthcare & Wellness, Automotive, Home Improvement and Others), and End User (Generation X, Generation Z/Millennials and Baby Boomers): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global buy now pay later industry was estimated at $90.69 billion in 2020, and is anticipated to hit $3.98 trillion by 2030, registering a CAGR of 45.7% from 2021 to 2030.
Drivers, Restraints and Opportunities
Growth of the e-commerce industry and convenience and economical affordability of buy now pay later payment services fuel the growth of the global buy now pay later market. On the other hand, excessive delayed and returned payment charges limit the market to some extent. Moreover, a surge in demand for delayed payments during online purchases, as well as rise in spending on luxury items is anticipated to pave the way for multiple opportunities in the industry.
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COVID-19 Scenario:
- During the initial phase of the Covid-19 outbreak, there was a significant increase in online shopping to limit the spread of the virus, which increased the demand for buy now pay later payment services.
- Market leaders such as Visa and MasterCard joined forces during the pandemic to provide affordable installment financing options.
- Increase in customer spending on medical services, rise in the cost of luxury electronic devices, and growing use of online payment systems have boosted the growth of buy now pay later market during the COVID-19 pandemic.
The PoS Segment to Manifest the Highest CAGR Through 2030
By channel, the PoS segment would show a highest CAGR of 49.0% during the forecast period. However, the online segment held the major market share in 2020, accounting for more than four-fifths of the global buy now pay later market, and is projected to ledthe market from 2021 to 2030.
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The Media & Entertainment Segment to Witness Highest CAGR During the Forecast Period
By application, the media & entertainment segment is expected to grow at a highest CAGR of 50.1% during the forecast period. However, the retail goods segment dominated market in 2020, contributing for more than two-fifths of the total market share. Moreover the retail goods segment expected to dominate the global buy now pay later market from 2021 to 2030.
Asia-Pacific Region to Maintain the Dominant Share
By region, the Asia-Pacific dominated the market share in terms of revenue in 2020, accounting for nearly half global buy now pay later market. Moreover, this region is expected to witness the fastest CAGR of 47.8% from 2021 to 2030 and to dominant the market share by 2030.
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Key Players in the Industry
- Afterpay
- Laybuy Group Holdings Limited
- Payl8r (Social Money Ltd.)
- Quadpay
- Splitit
- Affirm Holdings Inc.
- Klarna Bank AB
- PayPal Holdings Inc.
- Perpay
- Sezzle
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