Portland, ore.And January 20 2022 /PRNewswire/ – Allied Market Research has published a report titled, “Buy now and pay later in the market By Channel (Online and Point of Sale), Application (Retail Goods, Media & Entertainment, Healthcare & Wellness, Automotive, Home Improvement, etc.), End User (Generation X, Generation Z/Millennials, and Boomers): Analysis Global Opportunities and Industry Outlook, 2021-2030″. According to the reportAnd Globalism Buy Now Pay Later Industry rated at $90.69 billion In 2020, it is expected to happen $3.98 trillion By 2030, record a Compound annual growth rate of 45.7% From 2021 to 2030.
Drivers, limitations and opportunities
The growth of the e-commerce industry and the convenience and economic affordability of Buy Now Pay Later Payment services that support the growth of the global Buy Now Pay Later market. On the other hand, late fees and excessive returns limit the market to some extent. Moreover, higher demand for late payments during online purchases, as well as increased spending on luxury goods, is expected to pave the way for multiple opportunities in the industry.
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- During the initial phase of the Covid-19 virus outbreak, there was a significant increase in online shopping to curb the spread of the virus, which increased the demand for buy now and pay later for payment services.
- Market leaders such as Visa and MasterCard are joining forces during the pandemic to provide financing options at affordable installments.
- Increased customer spending on medical services, rising cost of luxury electronic devices, and increasing use of online payment systems has fueled the growth of the Buy Now, Pay Later market during the COVID-19 pandemic.
POS segment shows highest compound annual growth rate until 2030
As per the channel, the PoS segment will show the highest compound annual growth rate of 49.0% during the forecast period. However, the Internet segment retained the main market share in 2020, accounting for more than four-fifths of global buy now pay later to the market, and is expected to lead the market from 2021 to 2030.
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The media and entertainment sector will witness the highest compound annual growth rate during the forecast period
As per application, the media and entertainment segment is expected to grow at the highest compound annual growth rate of 50.1% during the forecast period. However, the retail merchandise segment dominated the market in 2020, contributing more than two-fifths of the total market share. Moreover, the retail sector is expected to dominate the global buying market now and pay later from 2021 to 2030.
Asia Pacific region to maintain the dominant share
By region, the Asia Pacific Dominate the market share in terms of revenue in 2020, accounting for nearly half of the global buying market now paying later. Moreover, this region is expected to experience the fastest compound annual growth rate of 47.8% from 2021 to 2030 and to dominate the market share by 2030.
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The main players in the industry
- Laybuy Group Holdings Limited
- Payl8r (Social Money Ltd.)
- Affirm Holdings Inc.
- Klarna Bank AB
- PayPal Holdings Inc.
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