Connect with us

Technology

Global Buy Now Pay Later Market Report 2024: 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model and Demographics – Forecasts to 2029

Published

on

DUBLIN, Feb. 26, 2024 /PRNewswire/ — The “Global Buy Now Pay Later Business and Investment Opportunities Databook – 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics – Q1 2024 Update” report has been added to ResearchAndMarkets.com’s offering.

The medium to long-term growth story of the global BNPL industry remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 11.4% during 2024-2029.

The global BNPL gross merchandise value is set to increase from US$543.8 billion in 2023 to reach US$1,088.3 billion by 2029.The global buy now pay later industry is poised to grow at an accelerated pace over the medium term. The adoption of the flexible payment solution is growing across regions. While the unbanked and underbanked consumers are driving the adoption in markets like Latin America and Africa, higher inflation and cost of living crisis has resulted in more Europeans using the payment solution.

In the Middle East, too, consumers are using the BNPL schemes for purchases, including essentials and luxury. Providers are also raising funding rounds to scale their business across the region. In Asia Pacific, as well, the market is poised for accelerated growth, with India and Southeast Asian countries projected to lead regional market. Overall, the publisher maintains a positive growth outlook for the sector over the next three to four years.

Firms are entering into strategic partnerships to widen the distribution of their BNPL products

Amid the pent-up demand for credit services among consumers globally, providers are entering into strategic collaborations to reach more consumers, while targeting higher gross merchandise value.

Klarna, for instance, entered into strategic partnership with Walmart Canada, enabling shoppers to make deferred payments at the retailer. The collaboration comes at a time when the acceptance of BNPL is growing at a rapid rate among Canadians. Globally, Klarna has partnered with more than 500,000 retailers and the number is poised to grow further in 2024.Zip Co., the Australian BNPL firm, entered into a collaboration with Primer in September 2023. The partnership is part of the firm’s strategy to further increase its penetration in the United States market over the medium term. Under the collaboration, Primer will integrate the BNPL offering of Zip, thereby empowering merchants from sectors such as retail, travel, and fashion among others.

From the short to medium-term perspective, the publisher expects more such strategic partnerships in the global BNPL market, as the competitive landscape continues to grow in the sector. This will support the growth of the broader buy now pay later market over the next three to four years.

New firms are piloting the BNPL payment method to tap into the growing demand for the solution

The BNPL industry is poised to record steady growth over the next three to four years, amid higher adoption and usage of the payment tool. Consequently, to tap into the growing market, more players are entering the sector with their own BNPL payment service.

Regulatory activities are projected to pick up pace in the global buy now pay later market in 2024

With the market growing at a rapid rate, regulatory activities are also projected to pick up pace in the global market over the medium term. Central Banks, especially in the Middle East, have announced new regulatory requirements for providers in the region.

The UAE Central Bank, in December 2023, announced new regulations to oversee BNPL services. According to the Central Bank, businesses providing BNPL services must operate as agents of licensed banks or financial institutions, with approval from the central bank. The Saudi Central Bank announced new regulations for the fast-growing BNPL industry in December 2023. The rules announced by the Central Bank include provisions regarding licensing requirements and other regulatory measures such as information security standards, internal policies, and measures to combat financial crimes.The New York State Governor, in January 2024, also revealed that she plans to propose new regulations for the fast-growing BNPL market. The legislation would require BNPL providers to acquire a license for operating in the state. If it happens, New York will become the first state in the country to have such legislation. However, it is not the first state to regulate the BNPL industry. Afterpay and Klarna withdrew operations from New Mexico due to the regulations that came into effect in January 2023. The regulation, notably, limited the late fee model adopted by BNPL firms.

Many regulatory authorities, globally, are concerned about the growing debt trap due to higher adoption of BNPL schemes, even among unworthy credit borrowers. Consequently, the publisher expects regulatory activities to gain momentum from the short to medium-term perspective.

This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.

It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.

Scope

This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in through 55 tables and 71 charts. Below is a summary of key market segments:

BNPL Market Size and Spending Pattern, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

Buy Now Pay Later Revenue Analysis, 2020-2029

Buy Now Pay Later RevenuesBuy Now Pay Later Share by Revenue SegmentsBuy Now Pay Later Revenue by Merchant CommissionBuy Now Pay Later Revenue by Missed Payment Fee RevenueBuy Now Pay Later Revenue by Pay Now & Other Income

Buy Now Pay Later Operational KPIs & Statistics, 2020-2029

Buy Now Pay Later Active Consumer BaseBuy Now Pay Later Bad Debt

BNPL by Purpose, 2020-2029

Convenience – Short Term LoansCredit – Long Term Loans

BNPL by Business Model, 2020-2029

Two-Party (BNPL offered by retailers)Three-Party BNPL Offering

BNPL by Merchant Ecosystem, 2020-2029

Open Loop SystemClosed Loop System

BNPL by Distribution Model Analysis, 2020-2029

StandaloneBanks & Payment Service ProvidersMarketplaces

Buy Now Pay Later Market Share Analysis by Key Players

BNPL Analysis by Channel, 2020-2029

Online ChannelPOS Channel

Buy Now Pay Later in Retail Shopping: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

Buy Now Pay Later in Home Improvement: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

Buy Now Pay Later in Travel: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value per Transaction Trend AnalysisTransaction Volume Trend Analysis

Buy Now Pay Later in Media and Entertainment: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value per Transaction Trend AnalysisTransaction Volume Trend Analysis

Buy Now Pay Later in Services: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

Buy Now Pay Later in Automotive: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast, 2020-2029

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

Buy Now Pay Later in Others: Market Size and Forecast

Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis

Buy Now Pay Later Analysis by Consumer Attitude and Behaviour

Sales Uplift by Product CategoryShare by Age GroupShare by IncomeShare by GenderAdoption RationaleAverage Monthly Expense segments

For more information about this report visit https://www.researchandmarkets.com/r/biypdn

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com 
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

 

 

 

View original content:https://www.prnewswire.com/news-releases/global-buy-now-pay-later-market-report-2024-75-kpis-on-bnpl-market-size-end-use-sectors-market-share-product-analysis-business-model-and-demographics—forecasts-to-2029-302071026.html

SOURCE Research and Markets

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Data Center Asia 2025 Set for Ground-breaking Launch in Hong Kong

Published

on

By

HONG KONG, Sept. 22, 2024 /PRNewswire/ — Positioned as an essential knowledge exchange platform and a cross-continental meeting place for the industry, Data Center Asia (DCA), organized by Informa Markets Asia, is set to make its grand debut from 15 to 17 July 2025 at AsiaWorld-Expo, Hong Kong. Building on the success of the long-running, AFCOM-affiliated Data Center World event in the US, Data Center Asia will serve as the epicenter for data center technology innovations and business transformations in the fast-growing Asia-Pacific markets, with highlights to the regional hotspots such as the Greater Bay Area (GBA). Hong Kong as a prime event location allows the event to attract a diverse visitor mix across Asia-Pacific region and boost the connectivity with global markets.

By showcasing the end-to-end data center value chain, DCA 2025 promises to be a transformative moment for Asia’s data center ecosystem, offering unparalleled opportunities for education, networking and sourcing that will shape the future of digital infrastructure. The event will be co-located with Build4Asia, The Battery Show Asia and Mobility Tech Asia, bringing content and visitor synergies under a broad renewable energy theme that covers advanced battery technologies, energy storage, electric/hybrid technologies, green facilities and green building solutions, and other relevant subjects.

The Ultimate Showcase of Data Center Innovations

The three-day DCA 2025 will showcase hundreds of advanced solutions designed to help attendees refine their data center strategies. Exhibitors will span the entire data center industry ecosystem, bringing together every key element from data center infrastructure, design engineering and systems integration, intelligent products and technologies, cloud and virtualisation to telecommunications. Corporate users and industry professionals including data center operators, IT and infrastructure managers, facility managers, cloud service experts, cybersecurity specialists and sustainability advocates will have the opportunity to connect with top-tier global suppliers, explore the latest technologies, and rethink the full lifecycle of data center operations.

Held alongside the exhibition, The DCA conference will feature a series of expertly curated tracks, each focused on the latest trends and best practice in the industry. Featuring over 100 top-tier speakers across the region and from outside Asia, attendees will   engage in in-depth discussions on key topics such as the current market landscape, energy efficiency & sustainability, data center design & operations, among many others. This dynamic exchange of ideas will inject new energy into the data center communities, offering attendees invaluable insights and practical takeaways.

Hong Kong as a Springboard to China and the Wider Asian Markets

Strategically located in the heart of Asia, Hong Kong bridges between Mainland China and the rest of the world, offering unmatched access for foreign businesses to enter the burgeoning GBA and the wider China markets and meanwhile enabling China local enterprises to expand their global footprint. Situated at AsiaWorld-Expo, which is conveniently located next to the Hong Kong International Airport and near the Hong Kong-Zhuhai-Macao Bridge, DCA 2025 ensures seamless access for visitors from all directions, making it an ideal platform to foster global connections and explore trans-continental business opportunities.

Hong Kong is distinguished by its superior connectivity, deep talent pool and advanced hardware infrastructure that complement the essential needs of the data center industry. The city’s commitment to supporting this sector is evident in its significant government initiatives, including subsidies for relevant R&D projects and the redevelopment initiatives to convert industrial buildings into the state-of-the-art data centers. These efforts are also complemented by Hong Kong’s strong supply-demand dynamics within key industries such as finance, trade, insurance and logistics, which drive lasting and robust needs for data center solutions. All these offer a fertile environment for investment and growth to the data center.

Strategic Co-Location for Maximum Synergy

As a strategic move to create powerful synergies, DCA 2025 will be co-located with three other technology-focused events held across seven standard halls at AsiaWorld-Expo:

the locally acclaimed Build4Asia, which specializes in green building, smart facilities and efficient power managementthe inaugural edition of The Battery Show Asia, which showcases the advancements in advanced battery and energy storage technologiesthe newly created Mobility Tech Asia, which explores the future of new energy vehicles across land, air and water.

This co-location is set to attract a diverse audience encompassing regional professionals from Internet Data Center (IDC) experts, EPC contractors, data center infrastructure manufacturers and distributors, end users and more, which would offer a broader perspective on data applications and drive valuable cross-sector exchange.

In addition, leveraging Informa’s extensive technology media network including Data Center Knowledge, InformationWeek, Network Computing and OMdia, DCA 2025 will serve up unprecedented opportunities for networking, knowledge exchange and business collaborations. The extensive industry expertise and audience base brought by these sister brands will significantly enhance the event’s global impact and educational value.

Join Us to Shape the Future of Data Center

Data Center Asia 2025 is set to be a premier destination for business networking and knowledge exchange and an industry-leading think tank. The event will cultivate a vibrant community of researchers, business leaders, industry associations and opinion makers, all of whom will contribute ground-breaking insights that could make a lasting impact on Asia’s data center industry. Join us in Hong Kong from 15 to 17 July 2025 and be a part of the conversation that will shape the future of Asian data center industry!

About Informa Markets

Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world’s leading exhibitions organizer, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/data-center-asia-2025-set-for-ground-breaking-launch-in-hong-kong-302255014.html

SOURCE Informa Markets Asia; Data Center Asia

Continue Reading

Technology

On Track for A Low Carbon Future: CRRC to Unveil Passenger and Freight Rail Transit and Full Life-Cycle System Solutions at InnoTrans 2024

Published

on

By

BERLIN, Sept. 22, 2024 /PRNewswire/ — Under the theme of On Track for A Low Carbon Future, CRRC Corporation Limited (“CRRC”, SHA: 601766) will display its line-up of passenger and freight transportation offerings, alongside full life-cycle system solutions, at InnoTrans 2024 in Berlin, Germany. Highlighting the event, two innovative, eco-friendly, and intelligent trains will make their world premiere: the CINOVA H2 New Energy Intelligent Intercity Train and the Autonomous Rail Rapid Transit (ART) 2.0, at Stand 210, Hall 4.2 of the venue.

Green Intelligent Passenger Transport Solutions

CRRC will showcase its environmentally responsible and intelligent passenger transport solutions, which include the Intelligent EMU, Intercity/Regional EMU, Intelligent Urban Rail Transit, and New Energy Passenger Transportation. These offerings cater to every speed level and application scenario, envisioning a future of passenger transport that is faster, greener, smarter, and more cost-effective.

The exhibition will highlight standout products that are redefining passenger mobility, including the 350 km/h High-Speed Intelligent EMU, the CINOVA 2.0 New Intelligent Intercity/Regional EMU, the 160 km/h Hydrogen Full-Automatic Intelligent Regional Train, and the Autonomous Rail Rapid Transit (ART).

Diversified Freight Transport Solutions

CRRC introduce a wide range of heavy-duty, fast, and environmentally responsible solutions during the event. To address the growing demand for higher freight capacity, CRRC plans to unveil several new products, among them, the 24-axle Freight Electric Locomotive and the 45-ton Axle Load Ore Car. The 350 km/h High-Speed Freight EMU, the fastest and the most spacious in the industry, will be a focal point. In line with the global push for green transportation, CRRC will launch its serialized new energy locomotives, including the diesel-battery hybrid locomotive, the power battery locomotive, and the hydrogen-battery hybrid locomotive, with power levels from 1000KW to 2000KW. The diversified solutions offer more choices for the global railway freight industry.

Full Life-Cycle System Solutions

CRRC will showcase its expertise beyond just train units with the Train-Ground Integrated Electromechanical System (TIES), a game-changer that centers on the vehicle and incorporates all related operating scenarios. The system reconstructs, integrates, and optimizes the electromechanical system for power supply, signaling, track, depot and passenger service scenarios. It exemplifies the Train-Ground Integration concept, driving overall efficiency gains across disciplines and throughout the entire vehicle-road-station-depot lifecycle.

Focusing on user experience and the diverse needs of the global rail transit market, CRRC will give a detailed presentation on its Digital Life-Cycle System Solution (DLS) at the event. The flexible solution accommodates various city sizes and populations through tailored system designs that support diverse business models such as PPP (public-private partnership), system integration, and electro-mechanical turnkey projects.

For more information about CRRC at the exhibition, please visit https://www.crrcgc.cc/en/.

View original content to download multimedia:https://www.prnewswire.com/news-releases/on-track-for-a-low-carbon-future-crrc-to-unveil-passenger-and-freight-rail-transit-and-full-life-cycle-system-solutions-at-innotrans-2024-302255003.html

SOURCE CRRC Corporation Limited

Continue Reading

Technology

Reshaping Future Lifestyles: Markor Unveils AI Strategy at the Apsara Conference

Published

on

By

BEIJING, Sept. 21, 2024 /PRNewswire/ — On September 19, the 2024 China Apsara Conference, a major annual event for the Chinese cloud computing industry, commenced in Hangzhou. Over three days, industry representatives, media professionals, and numerous AI technology enthusiasts gathered to witness the event’s grandeur.

This year’s summit, themed “AI on Cloud: Recharging• Innovating • Transforming,” spotlighted the evolution of cloud computing across various sectors in the AI era, presenting the world’s largest showcase of generative AI applications. Industry giants including NVIDIA, Intel, Alibaba Cloud, and Tesla were in attendance. Markor distinguished itself as the sole home furnishing company represented at the summit, presenting its cutting-edge “AI Smart Home” system, which introduced a new era of AI-driven home consumption experiences, attracting significant attention.

Live at the Scene: Markor’s AI Smart Home Takes a Giant Leap Forward

From its transition to new retail in recent years to its embrace of AI, the home furnishing industry’s exploration and implementation of AI have drawn immense attention. It has been recognized as a long-term strategy that will influence the future of urban living and people’s quality of life.
In 2023, dubbed the first year of AI in China, Markor led the industry by launching its AI-powered home application, “AI Smart Home.” This program integrates cutting-edge AI model technology with a curated selection of best-selling products, offering features such as a home knowledge encyclopedia, lifestyle analysis and recommendations, design style suggestions, furniture recommendations, and one-click product replacements, providing users with 24/7 intelligent home design and easy home setup solutions.

The AI Smart Home system revolutionizes traditional home setup processes, enabling users to enjoy services conveniently via mobile devices. At the summit, Markor provided live demonstrations of the AI Smart Home system, with an interactive area for hands-on experiences. The system’s ease of use, wide range of style options, instant results, one-click sharing, and seamless purchasing capabilities ushered in a new era, allowing attendees to transition from imagining AI-powered home setups to instantly experiencing full-room services. The audience was left impressed and full of praise.

As the world’s first AI multimodal model for professional interior design, and the only AI application to incorporate a large language model in home furnishing retail, the AI Smart Home offers flexible and dynamic solutions that go beyond pre-existing layout-generated designs. It represents a groundbreaking leap in the home industry, emerging as a leading tool that reshapes service ecosystems.

Open, Shared, and Collaborative AI Business Achievements Define AI’s Sustainable Future

As a traditional home furnishing retailer closely tied to people’s daily lives, the success of AI Smart Home is no coincidence. Markor’s global strategy and presence ensure that the brand remains open and internationally competitive. Whether through prestigious awards or its global manufacturing footprint, each leap in innovation is supported by its competitive edge.
Since the beta launch of AI Smart Home by Markor Furnishings, a home furnishing brand under Markor, it has recorded over 50,000 page visits in a short time, with tens of thousands of users generating sales orders worth tens of millions of yuan. This achievement has boosted confidence in the traditional industry’s digital transformation.
A representative of Markor at the summit stated, “AI represents openness, and Markor has always embraced the times through an open ecosystem to meet users’ needs. With over 20 years of accumulated lifestyle experience, we aim to extend the reach of quality living experiences through AI interaction and expansion. The true sustainable future of AI lies in achieving shared success among users, brands, and technology platforms.”

It is evident that Markor is not simply focused on app development; it is committed to a long-term strategy that builds AI-driven lifestyles and reshapes business models. By creating personalized shopping experiences and innovating marketing models that cater to new consumer demands, Markor’s AI-based tools like “AI Xiaomei” and “AI Smart Home” serve as personalized recommendation and virtual design solutions. The company is poised to further enhance its services by leveraging AI to accurately predict market trends, optimize advertising effectiveness, and upgrade customer solutions, thus driving marketing conversion opportunities. Through disruptive shopping experiences and business models, Markor aims to become the world’s first AI-driven home furnishing brand with a fully digital and intelligent shopping experience.

Pioneering Future Living with AI: Unlocking New Opportunities

Markor is committed to leveraging technological convenience, unlocking potential, and sharing technological benefits. As a trailblazer in quality living, its development path consistently follows a “science + art” approach, which has proven to be a long-term strategy in line with current market trends. In 2024, Markor was honored with the title of “Outstanding Home Furnishing Brand Enterprise of 2024.” Its sub-brand, Markor Furnishings, reached a new brand value of over 32.2 billion yuan, securing a spot in the “Top 100 New Quality Home Brands of 2024” and winning the “Home Service Excellence Award” for the 13th consecutive year.
Backed by its national-level Industrial Design Center, robust R&D systems, and global operational capabilities, Markor continues to invigorate the ecosystem through digitalization, intelligence, and supply chain integration. With AI Smart Home as the bridge, Markor is reigniting public interest and confidence in AI’s potential and advancing the commercialization of AI technologies like natural language processing. It is building a continually open-source platform for both DTC end-users and B2B interior designers.
In July 2024, Markor hosted the “Art + AI + Life” forum in Beijing and launched a national AI painting and design competition, further embedding AI practices in the industry. In September, it signed a strategic partnership with the AI technology leader Shengshu Technology to break new ground in product design, manufacturing, marketing content innovation, and service experience. This collaboration will fuel the company’s efforts toward smart, personalized home furnishing upgrades, setting new benchmarks in the industry. These initiatives underscore Markor’s determination to use AI to enhance its future competitiveness.

Democratizing design empowers everyone to shape their dreams and take control of their future. Markor’s ongoing AI strategy not only provides opportunities for those pursuing a better life but also highlights new possibilities in the ever-evolving home living landscape.

 

View original content:https://www.prnewswire.com/news-releases/reshaping-future-lifestyles-markor-unveils-ai-strategy-at-the-apsara-conference-302255015.html

SOURCE Markor International Home Furnishings

Continue Reading

Trending