Global Buy Now Pay Later Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Buy Now Pay Later market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The global Buy Now Pay Later market size was US$ 56.1 billion in 2021. The global Buy Now Pay Later market is forecast to grow to US$ 410 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.9% during the forecast period from 2022 to 2030.
With short-term financing, consumers can purchase items today and pay for them afterward. Additionally, unlike lines of credit or conventional credit cards, Buy Now Pay Later programs don’t charge interest on purchases.
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Factors Influencing the Market
The rising trend of online payment will boost the growth of the Buy Now Pay Later market during the forecast period. In addition, the global Buy Now Pay Later market is forecast to witness ample growth opportunities due to various benefits of these options, such as affordable and convenient payment. In addition, late payments for online purchases are expected to gain significant traction with the growing inclination towards online shopping. Thus, all of these aforementioned factors will boost the growth of the Buy Now Pay Later market during the forecast period.
A notable increase in the use of smartphones and rising initiatives aimed at enabling faster connectivity will also benefit the buy now pay later market during the study period. In addition to that, the benefits of digital payment transactions, such as discounts and other offers, will open doors of opportunities for the Buy Now Pay Later market. On the flip side, late fees charges associated with Buy Now Pay Later may limit the growth of the market.
COVID-19 Impact Analysis
The COVID-19 pandemic positively affected the buy now pay later market. The growth of this market is attributed to the pandemic effect on the purchasing power of the people. A huge proportion of the working population either lost their jobs or worked on low wages. As a result of the income crisis, the demand for Buy Now Pay Later platforms increased significantly. In addition to that, banks are often not allowed to offer credit in such challenging economic environments. As a result, BNPL solutions emerged as a beneficial option.
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Regional Analysis
North America is forecast to hold the highest share in the global Buy Now Pay Later market. The growth of the Buy Now Pay Later market is attributed to the rising proliferation of the internet in the region. In addition, the notable increase in the use of online payment options will bring lucrative growth opportunities for the buy now pay later platforms. The market may also witness substantial growth due to the growing trend of online shopping in the region.
Competitors in the Market
? Afterpay
? PayPal Holdings, Inc.
? Affirm, Inc.
? Klarna Inc.
? Splitit
? Sezzle
? Perpay Inc.
? Openpay
? Quadpay, Inc.
? LatitudePay
? Other Prominent Players
Market Segmentation
The global Buy Now Pay Later market segmentation focuses on Application, End-Use, and Region.
By Application
? Retail Goods
? Media & Entertainment
? Healthcare & Wellness
? Automotive
? Home Improvement
? Others
By End-use
? Fashion & Garment
? Consumer Electronics
? Healthcare
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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