the buy now pay later (BNPL) market platform revenue totaled ~US$5.2 billion in 2020, according to Future Market Insights (IMF). The overall market is expected to reach~US$46.9 billion by 2031, growing at a CAGR of 22.4% for 2021 – 31.
The growth of the Buy Now Pay Later (BNPL) platform market will continue to accelerate, increasing the competition prevailing across the globe. IMF projected that the top 5 suppliers would represent approximately 49.0% of the total market in 2020.
The report also predicts that the market will surpass a valuation of around $6.2 billion by the end of 2021. According to the IMF, the presence of application programming interfaces (APIs) and rapid technological advancements have created many opportunities for buy now, pay later (BNPL) platforms. These technologies have become essential for improving economic competitiveness, thereby propelling the growth of the market.
Request Sample Market Copy from Buy Now Pay Later (BNPL) Platform @ https://www.futuremarketinsights.com/reports/sample/rep-gb-14116
|Base Year (2020) Market Value||US$5.2 billion|
|Projected year (2031) Market value||US$46.9 billion|
Over the past few years, Buy Now Pay Later (BNPL) platforms have seen a dramatic increase in popularity among e-commerce retailers and their customers. This phenomenon was triggered by the consequences of COVID-19 and it seems that the buy-it-now-pay-later (BNPL) platform industry will continue to grow even in the post-pandemic period. The reasons are simple – BNPL is a convenient and cheaper way to get instant loans to buy goods online.
Moreover, the strong growth of the e-commerce sector has helped startups and fintech giants to establish their footprint in the BNPL platform space across geographies. The growing popularity of consumer credit has even forced traditional banking players to venture into the BNPL space. For example, in order to attract non-credit card users, conventional banking players in various countries have added buy-it-now, pay-later (BNPL) platform offerings to their existing set of financial products.
Buy Now Pay Later (BNPL) Platform Market COVID-19 Impact Analysis
The COVID-19 outbreak has led to increased usage of BNPL platforms as remote working and social distancing have helped BNPL service providers gain a huge customer base. The pandemic has made BNPL more popular as it offers more flexible funding options and low interest charges.
Therefore, customers who have experienced financial hardship during the pandemics can still afford to shop online. While BNPL providers can generate substantial revenue due to increased number of customers who pay little or no interest charges and merchants who are charged for using the BNPL payment method to attract more buyers .
The market has witnessed significant growth before, but due to the unexpected outbreak of COVID-19, the market will witness further growth in 2020. The reasons for the sudden hype around BNPL are various and are undoubtedly related to the rapid growth in online shopping.
Additionally, growing consumer acceptance to use mobile banking solutions and growing awareness of BNPL as a payment alternative has paved the way for expanded offerings. Finally, the COVID-19 pandemic has turned it into a “perfect storm”, shifting more businesses to e-commerce, increasing consumer confidence in online shopping and increasing the need to manage personal cash flow, at least for some consumers.
Thus, the demand for the buy-it-now, pay-later (BNPL) platform is expected to grow about 1.4 times from 2019 to 2021.
Learn more about analyzing reports with numbers and data tables, as well as the table of contents. Ask an analyst- https://www.futuremarketinsights.com/ask-question/rep-gb-14116
Buy Now Pay Later (BNPL) Platform Outlook by category
- Buy Now Pay Later (BNPL) Software
- API Buy Now Pay Later (BNPL)
- technology consulting
- Integration and deployment
- Support Services
By business size:
- Small and medium-sized enterprises (SMEs)
- Large companies
- Retail and e-commerce
- Health care
- Media and Entertainment
- Travel & Tourism
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
Rapid adoption of Buy Now Pay Later (BNPL) platforms in cross-industry applications to drive sales
While the buy it now, pay later model has so far primarily focused on retail and e-commerce, the business model applies to a variety of other industries. Thus, it is possible that Buy Now Pay Later (BNPL) platforms will expand to other sectors, such as grocery stores, as well as physical stores, paving the way for more omnichannel applications.
Being the latest wave within the broader fintech industry, buy-it-now-pay-later (BNPL) platforms are poised to further disrupt the traditional banking landscape. Given the long-term financial impact of Covid-19, especially among younger generations, buy-it-now and pay-later platforms are likely to see accelerated adoption in the future.
With established players like PayPal and MasterCard competing, the market is likely to become increasingly saturated with big banks, fintech start-ups and tech giants vying for consumer attention. and market share.
Buy report now @ https://www.futuremarketinsights.com/checkout/14116
Key takeaways: Buy Now Pay Later (BNPL) platform market
- By solution, the Buy Now Pay Later (BNPL) software segment is expected to account for the major share of the global Buy Now Pay Later (BNPL) platform demand during the forecast period. However, the Buy Now Pay Later (BNPL) API segment is expected to grow at a robust CAGR of over 24% through 2031.
- By enterprise size, BNPL platform integration in small and medium-sized enterprises (SMEs) is projected to grow at a CAGR of nearly 23% from 2021 to 2031, while large enterprises currently dominate the market share.
- The adoption of the Buy Now Pay Later (BNPL) platform by the retail and e-commerce industry is expected to increase at a maximum rate. According to the IMF, demand in this segment will increase by a CAGR of around 27% between 2021 and 2031.
- South Asia and Pacific is expected to dominate the market followed by Europe in 2021. North America is expected to become the fastest growing region between 2021 and 2031.
- The market in Japan is expected to grow at a CAGR of around 24% through 2031.
- In the UK, sales are expected to grow at a CAGR of almost 29% over the next ten years.
Explore IMF’s extensive ongoing technology coverage
Regulatory Reporting Solutions Market: The regulatory reporting solutions market is expected to reach approximately US$20.2 billion by 2032, growing at a CAGR of 14.7% for 2022-2032.
smart fitness market: The global smart fitness market size is expected to reach approximately US$50 billion by 2031, growing at a CAGR of 12% for 2021-31.
About Future Market Insights (IMF)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. MFI is headquartered in Dubai and has delivery centers in the UK, USA and India. Latest news from the IMF market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity in the midst of fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.
future market outlook,
1602-6 Jumeirah Bay Tower X2,
Parcel number: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For sales inquiries: [email protected]
For media inquiries: [email protected]
© Scoop Media