The buy now pay later platform market is predicted to increase from USD 9.1 billion in 2023 to USD 70.9 billion by 2033, with a CAGR of 22.8% between 2023 and 2033.
Buy Now Pay Later is a payment method that allows you to purchase something immediately and then pay for it in installments over time. This market is becoming increasingly popular, and it’s set to continue expanding rapidly over the next decade. This trend reflects the changing preferences of consumers looking for more flexible and convenient ways to make purchases without breaking the bank all at once.
The market for buy now, pay later platforms is growing quickly, and there’s a lot of competition worldwide. According to FMI’s forecast, the top 5 companies in this industry will make up about 49.0% of the total market in 2023.
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The E-commerce Market provides consumers with Diverse ‘Buy Now, Pay Later (BNPL) Options:
E-commerce expansion has enabled easy access to BNPL options for the customer. Currently, e-commerce consumers have the liberty to choose from a variety of BNPL providers, at varying terms. While the consumer can make retail purchases even in the absence of cash, he/she is also exempted from the burden of paying interest as with credit cards or personal loans.
E-commerce sites are launching promotional offers to lure customers into trying BNPL services. Hence, a consumer can easily buy anything from groceries to furniture through BNPL at e-commerce sites.
Growth in Developing Regions Needs Greater Attention
BNPL providers’ attempts to penetrate developing markets could be hindered by a general lack of awareness about BNPL. Due to lower internet penetration in these regions, the users of BNPL would only be a fraction of the population. Hence, key players need to adopt various strategies to boost internet penetration and awareness of BNPL.
Europe is predicted to remain one of the most attractive buy now pay later Platform market forecast. According to the study, the United Kingdom Buy Now Pay Later Platform market is expected to register a CAGR of around 29.3% between 2023 and 2033.
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Key Takeaways from Buy Now Pay Later Platform Market Report:
- The BNPL market grew at a CAGR of 18.9% CAGR between 2017-2022.
- The U.K. Buy Now Pay Later Platform market is expected to register a CAGR of around 29.3% between 2023 and 2033.
- The BNPL platform market in the U.S. is expected to rise at an impressive CAGR of 27.4% during the forecast period
- During the forecast period, the large enterprises segment is expected to grow at a CAGR of 21.4%.
- The South Korean BNPL market was valued at USD 1.8 Billion in 2023
Leading Key Players:
- Klarna Inc.
- Affirm, Inc.
- Finflux
- Fortunesoft
- Splitit
- Zip Co Limited
- Latitude Financial Services
- Humm Group
- Openpay
- i2c Inc.
- Amount, Inc.
- APEXX Fintech Limited
- Four Technologies, Inc.
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Buy Now Pay Later Platform Market Segmentation:
By Solution:
- Buy Now Pay Later (BNPL) Software
- Buy Now Pay Later (BNPL) APIs
- 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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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