The Global Buy Now Pay Later Market is projected to grow at a CAGR of 23.58% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the rising demand for consumer discretionary products like electronics, furniture products, etc., among millennials & people with low disposable income, propelling the need for solutions like buy now pay later services.
Besides, the easy availability of credit, in contrast to the credit lines with low or minimum interest & easy repayment options, is stimulating the utilization of these services & widening the consumer base across locations. Moreover, with the growing awareness across businesses about the benefits of these solutions, the integration of the buy now pay later option on diverse portals is increasing rapidly to capitalize on the ability to generate a high volume of sales leads through increased traffic on the e-commerce platform.
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Such parameters are boosting the deployment of buy now pay later as an alternative, driving the overall industry through 2027, further states the research report, “Global Buy Now Pay Later Market Analysis, 2022.”
The key trend emerging in the market is the active participation of various businesses across diverse industries integrating buy now pay later solutions on their websites to capitalize on benefits like generating high sales leads volume through higher traffic on the e-commerce platform, among others. The same aspect is also demonstrating a higher integration of buy now pays later as an effective alternative to buying goods.
It, in turn, is also generating lucrative opportunities for the players to widen their offerings and expand the consumer base across locations. With facilities like flexible payment options & attracting payback discounts & other offerings, including loyalty programs, etc., to customers, the overall industry is set to register significant momentum through the forecast years.
On the geographical front, North America projected a noticeable growth in the Global Buy Now Pay Later Market during the historic years and shall prevail in the same trend during the forecast period. This growth is driven by the presence of various Fintech service providers with competitive portfolio offerings across different countries in the region, presenting several buy now pay later solutions to the consumers. The same aspect is making a substantial contribution to the overall market growth across North America.
Besides, increasing partnerships between buying now pay later & entertainment service providers across the region to provide attractive discounts, rewards, & loyalties to the customers are also fueling the integration of buy now pays later services across North America. Hence, the market is set to witness an upward growth trajectory in the coming years.
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The leading players in the Global Buy Now Pay Later Market are Klarna, Afterpay, Affirm Inc., Laybuy Group Holdings Limited, PayPal Holding Inc., Kredivo, Zip Co. Ltd., Splitit, Sezzel, Amazon, Flipkart, Scalapay S.R.L., Perpay Inc., Paytm, and PayI8r, among others.
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