Buy Now Pay Later Platform Market Size to Hit USD 46.9 Billion with 22.4% CAGR, by 2031 | Future Market Insights

North America is projected to register strong growth in the market, exhibiting a CAGR of nearly 26% during 2021-2031. Healthcare sector to majorly alter the BNPL industry. Australia & New Zealand is expected to collectively account for nearly 26% of the South Asia & Pacific market through 2031

NEWARK, Del, Sept. 01, 2022 (GLOBE NEWSWIRE) — The buy now pay later platform market is expected to create an absolute dollar opportunity across the forecast period from 2021 to 2031 with an impressive CAGR of 22.4% with total market revenue of US$ 5.2 Bn in 2020 and expected market revenue of about US$ 46.9 Bn by 2031. The historical evaluation of the buy now pay later platform market exhibited a robust CAGR of 17.6% between 2016 and 2020.

The continuous advancements in the e-commerce sector have led to significant transformations in the payment processing sector with the emergence of new digital payment technologies and shifting consumer values. This evident shift in consumer preferences, far from traditional credit options offers interest-free borrowing and budgeting features which is fueling growth in the market.

According to the FMI projections, the buy now pay later platform market is expected to excel with rising competition prevalent across the globe. As per the forecast, the top 5 global players accounted for approximately 49.0% of the total market in 2020.

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Key Players

• The buy now pay later platform market is gaining momentum for shopping purposes among Gen Z and millennial customers since there is a high need for convenient budgeting tools among this generation, and the buy now pay later platform proves to be extremely helpful to easily meet all their budgeting needs.
• A rising trend to save money is noticed among younger generations at an elevated pace. Buy now pay later platforms are proving to be more convenient as it allows customers to make purchases in installments which is more reliable than traditional credit cards. This growing trend is gaining traction in various countries worldwide.
• This new wave of the buy now pay later platform is allowing consumers to make purchases on the spot and pay later in interest-free installments and has recently been a threat to traditional credit card businesses.
• Backed by several benefits such as user-friendliness, low commitment, and budget-friendliness alternatives to conventional credit cards, customers are preferring BNPLs since it is favored by tech-savvy Millennials and Generation Z, who are wary of credit cards.
• Consumers opt for BNPL due to its several benefits including a convenient payment model, budgeting support, associated consumption smoothing effects, convenient access to credit, and the ability to shop through online marketplaces offered by BNPL providers. It provides better financial control due to which a significant shift has been witnessed in consumer preferences and it is drastically becoming a vital component of retail spending around the globe.
• The Covid-19 pandemic created havoc in every industry, but it is expected to have a positive impact on the buy now pay later platform Market demand. The global crisis limited income significantly owing to which the search for liquidity has been elevated and is expected to continue so throughout 2021.
• The global pandemic revolutionized the retail shopping market by making the customer more confident in purchasing items online with plenty of online payment gateways. BNPL assisted customers in breaking down large expenses into smaller, interest-free EMIs, rather than having to dig deep into their wallets. Attributed to these benefits, the buy now pay later platform market is exhibiting phenomenal growth over the forecast period.

Competitive Landscape

The global market leaders in the buy now pay later platform industry are focusing on advanced and innovative solutions that meet the ever-evolving market demands across various organizations. A large number of retailers are directed towards accepting such point-of-sale and online installment loans as payment methods, thereby creating opulent growth opportunities for the BNPL solution providers.

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More Insights into the Buy Now Pay Later Platform Market

Europe is expected to dominate the global buy now pay later platform market by accounting for a total CAGR of 29% between 2021 and 2031. Retail finance is considered to be a convenient way for shoppers in the U.K. In fact, the market is attracting big giants to be a part of the market such as PayPal, Amazon, and Apple.

The United States is expected to accelerate immensely with an impressive CAGR of about 27% over the forecast period. There is significant growth registered in the market with BNPL’s participation in various sectors.

When it comes to offering financial flexibility with convenient interest-free monthly installments is certainly appealing to shoppers in Mexico, resulting in total revenue of US$ 145 Mn in 2020 in the buy now pay later platform sales.

Buy Now Pay Later Platform Outlook by Category

By Solution:

• Buy Now Pay Later (BNPL) Software
• Buy Now Pay Later (BNPL) APIs
• Services
  • Technology Consulting
  • Integration & Deployment
  • Support Services

By Enterprise Size:

• Small & Medium Enterprises (SMEs)
• Large Enterprises

By Industry:

• BFSI
• Retail & eCommerce
• Healthcare
• Media & Entertainment
• Travel & Tourism
• Automotive
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Technology Innovation / Development Trends

3.3. Pricing Model Analysis

Get detailed TOC@ https://www.futuremarketinsights.com/toc/rep-gb-14116

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