Buy Now Pay Later Market (BNPL) Size/Trends Projected to Exceed USD 80.52 Billion By 2032, With 29.2% CAGR: Polaris Market Research Report
As per the recent analysis by Polaris Market Research, the global buy now pay later market size was valued at USD 6.24 billion in 2022 and is predicted to reach USD 80.52 billion by 2032. Also, the study states that the market reveals a robust 29.2% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032. SME segment will grow rapidly, as they using BNPL to maximize profits and to reduce tax burden, and enables flexible re-payment options & and the transparent fees.
New York, NY, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled *"Buy Now Pay Later (BNPL) Market Share, Size, Trends, Industry Analysis Report, By Channel (Online, POS), By End-use (Retail, Automotive), By Enterprise Size, By Region, And Segment Forecasts, 2023 - 2032"* in its research database.
As per the recent analysis by *Polaris Market Research*, the global buy now pay later (BNPL) market size and trends was valued at USD 6.24 billion in 2022 and is *predicted to reach USD 80.52 billion by 2032*. Also, the study states that the market reveals a *robust 29.2% Compound Annual Growth Rate (CAGR)* over the predicted timeframe, 2023-2032.
*How Does Buy Now, Pay Later Work? What is the Expected Share for the Buy Now Pay Later Market?*
· *Overview*
Buy now, pay later, or BNPL is an installment loan. Your purchase is split up into several equivalent installments, the first of which is due at the time of checkout. Until the full amount of your transaction is paid, the remaining payments are charged to your bank account, debit card, or credit card. These plans may have fees and interest, though depending on the supplier, some may not. As a result of the growth of digital wallets and online marketplaces, BNPL solutions have become a popular option that meets the needs of both customers and merchants.
Moreover, the benefit of BNPL services is deferred payment, which gives clients more financial freedom and releases them from the immediate weight of upfront costs. The buy now pay later market size has been propelled in large part by the growth of online shopping. Customers are looking for convenient and efficient payment options as online shopping becomes more and more popular. The seamless integration of BNPL services into online checkout processes guarantees a simple and convenient payment process.
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*(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)*
*What are the Key Findings of the Report?*
· The buy now pay later payment industry is expanding at an accelerated rate due to the increase in the use of online payment methods.
· The buy now pay later market segmentation is primarily based on enterprise size, channel, region, and end-use.
· North America dominated the market with the largest share in 2022.
*Who are the Biggest Players in BNPL?*
· Affirm, Inc.
· Klarna Inc.
· Splitit Payments, Ltd.
· Sezzle
· Perpay Inc.
· Zip Co, Ltd
· PayPal Holdings, Inc.
· AfterPay Limited
· Openpay
· LatitudePay Financial Services
· HSBC Group
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*Market Dynamics*
· *Which Factors are Driving the Market Growth?*
BNPL suppliers offer merchants enticing partnerships and incentives. Retailers may increase conversion rates, attract new customers, and strengthen customer loyalty by partnering with BNPL platforms. By providing an additional payment method that encourages customers to complete their purchases, these services also help retailers reduce the number of abandoned shopping cart incidents.
Additionally, the buy now pay later market has benefited from the favorable regulatory climate and the continuous development of payment laws. The legitimacy of BNPL services as a legitimate payment mechanism has been recognized by governments and financial monitoring organizations across several nations, hence enhancing its reputation and cultivating consumer trust. This regulatory approval has given BNPL providers the confidence to expand into new markets and offer a wider range of services, which has helped the business grow.
· *What are the Latest Market Trends and Opportunities?*
Buy now, pay later services successfully address the affordability problem that clients have. Through the provision of interest-free installments, BNPL providers enable customers to make greater purchases without having to worry about money. Because it's easier for customers to make large purchases, retailers see an increase in average order values and recurring business, which is boosting the buy now pay later market demand.
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*Overview of the Top Segments*
· *Online Sector Accounts for the Largest Share*
Companies all across the world are aggressively forming alliances to highlight the incorporation of several online payment channels, such as BNPL, as a crucial component of their post-pandemic recovery plans.
Moreover, the POS sector will expand steadily. Using BNPL services at the point of sale is more appealing since more and more customers are indicating that they prefer in-person and virtual shopping experiences.
· *Retail Sector Holds the Largest Share*
There has been a noticeable increase in the adoption of BNPL solutions in the retail sector. These products are becoming more and more popular because they allow clients to easily stretch the cost of their purchases over a specified period with interest-free installments.
Moreover, the healthcare sector will grow at the fastest rate. As they offer a low-resistance substitute for credit cards, BNPL payment mechanisms are becoming increasingly popular in this industry. Customers also show a preference for BNPL payment options over credit cards, mostly to avoid accruing expensive compound interest and hidden fees.
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*Buy Now Pay Later Market (BNPL): Report Scope*
*Report Attribute* *Details*
*Revenue Forecast in 2032* USD 80.52 Billion
*Market size value in 2023* USD 8.05 Billion
*Expected CAGR Growth* 29.2% from 2023 – 2032
*Forecast Year* 2023 – 2032
*Segments Covered* By Channel, By Enterprise Size, By End Use, By Region
*Customization Options* *Customized purchase options are available to meet any research needs. *Explore customized purchase options
*Regional Landscape*
*North America: *One factor contributing to the growth of the buy now pay later market in North America is the significant number of well-known market participants that are present there. Additionally, the region is seeing a noteworthy trend wherein several fintech companies are partnering with entertainment organizations to offer BNPL services customized for hotel reservations, hence enhancing market flexibility.
*Asia Pacific: *Over the projection period, Asia Pacific will grow steadily. The region's rapidly expanding population, which is marked by an increasing number of tech-savvy customers who enthusiastically embrace online marketplaces and digital payment options, is responsible for this growth trajectory. The nations of Southeast Asia are characterized by widespread smartphone use and strong internet access, which have greatly aided in the growing uptake of BNPL services.
Browse the Detail Report *“Buy Now Pay Later Market Share, Size, Trends, Industry Analysis Report, By Channel (Online, POS), By End-use (Retail, Automotive), By Enterprise Size, By Region, And Segment Forecasts, 2023 - 2032”* with in-depth TOC at: *https://www.polarismarketresearch.com/industry-analysis/buy-now-pay-later-market*
*For Additional Information OR Media Enquiry, Please Mail At: sales@polarismarketresearch.com *
*Current Progresses*
· Apple Pay Later is a new feature that the company introduced in March 2023. It allows customers to pay for online purchases in installments, enhancing the capabilities of Apple's digital wallet.
· Payflex announced in March 2021 the launch of a buy now pay later (BNPL) feature designed specifically for South African consumers. Through this program, local customers will have more options to choose from 500 well-known establishments while making purchases.
*Report Answers to the Following Questions*
· What is the study period of the market?
· What is the projected CAGR for the industry?
· What are the major factors propelling the Buy Now Pay Later market growth?
· Who are the key players in the market?
· What are the top segments holding the largest Buy Now Pay Later market share?
· What are the potential opportunities and challenges for industry players?
*Polaris Market Research has segmented the buy now pay later market report based on, channel type, enterprise size, end use, and region:*
*By Channel Outlook*
· Online
· POS
*By Enterprise Size Outlook*
· Large Enterprises
· Small & Medium Enterprises
*By End Use Outlook*
· Retail
· Consumer Electronics
· Fashion & Garment
· Others
· Healthcare
· Leisure & Entertainment
· Automotive
· Others
*By Region Outlook*
· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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