Buy Now Pay Later Platform Market Size to Reach USD 46.9 Billion with a CAGR of 22.4% by 2031 | Future Market Outlook
North America is expected to register high growth in the market, growing at a CAGR of almost 26% in 2021-2031. The healthcare sector will significantly change the BNPL industry. Australia and New Zealand are collectively expected to account for almost 26% of the South Asia and Pacific market through 2031
/EIN News/ — NEWARK, Del, Sept. 01, 2022 (GLOBE NEWSWIRE) — The buy-it-now-pay-later platform market is expected to create an absolute dollar opportunity over the forecast period of 2021 to 2031 with a Impressive CAGR of 22.4% with total market revenue of US$5.2 billion in 2020 and expected revenue of around US$46.9 billion by 2031. Historical assessment of the buy-it-now, pay-later platform market showed a robust CAGR of 17.6% between 2016 and 2020.
Continued advancements in the e-commerce industry have led to significant transformations in the payment processing industry with the emergence of new digital payment technologies and changing consumer values. This obvious shift in consumer preferences away from traditional credit options offers interest-free borrowing and budgeting features that are fueling market growth.
According to IMF projections, the market for buy-it-now-pay-later platforms is expected to excel with growing competition prevailing across the globe. According to forecasts, the top 5 global players accounted for approximately 49.0% of the total market in 2020.
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- The market for buy-it-now-pay-later platforms is gaining momentum for purchasing purposes among Gen Z and Millennial customers as this generation has a great need for convenient budgeting tools , and the buy-it-now, pay-later platform proves to be extremely helpful in meeting all their needs easily. budgetary needs.
- A growing tendency to save money is observed among the younger generations at a high rate. Buy-it-now and pay-later platforms are proving more convenient as they allow customers to make installment purchases, which is more reliable than traditional credit cards. This growing trend is gaining momentum in various countries around the world.
- This new wave of buy-now-pay-later platform allows consumers to make purchases on the spot and pay later in interest-free installments and has recently posed a threat to traditional credit card companies.
- With several advantages such as user-friendliness, low commitment and cost-effective alternatives to conventional credit cards, customers prefer BNPLs as they are favored by tech-savvy Millennials and Generation Z, who are credit card wary. .
- Consumers opt for BNPL because of its many benefits, including a convenient payment model, budgeting assistance, associated consumption-smoothing effects, convenient access to credit, and the ability to make purchases in marketplaces. online offered by BNPL’s suppliers. It offers better financial control through which a significant change has been observed in consumer preferences and it is radically becoming an essential part of retail spending worldwide.
- The Covid-19 pandemic has wreaked havoc across all industries, but is expected to positively impact market demand for the Buy Now Pay Later platform. The global crisis has significantly limited revenues, which has led to an increase in the search for liquidity and is expected to continue throughout 2021.
- The global pandemic has revolutionized the retail market by making the customer more confident in buying items online through many online payment gateways. BNPL has helped clients break down large expenses into smaller, uninteresting EMIs, rather than having to dig deep into their wallets. Owing to these advantages, the buy-it-now and pay-later platform market is showing phenomenal growth over the forecast period.
Global market leaders in the buy-it-now and pay-later platform industry focus on advanced and innovative solutions that meet ever-changing market demands in various organizations. A large number of retailers are geared towards accepting these point-of-sale and online installment loans as payment methods, creating opulent growth opportunities for BNPL solution providers.
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More information on the Buy Now Pay Later platform market
Europe is expected to dominate the global buy-it-now-pay-later platform market, accounting for a total CAGR of 29% between 2021 and 2031. Retail financing is seen as a convenient medium for buyers in the UK . In fact, the market attracts big giants. be part of the market like PayPal, Amazon and Apple.
The United States is expected to accelerate tremendously with an impressive CAGR of around 27% over the forecast period. There is a significant growth recorded in the market with the participation of BNPL in various sectors.
When it comes to offering financial flexibility with convenient interest-free monthly installments, it’s certainly appealing to Mexican buyers, translating into total revenue of US$145 million in 2020 in sales of the buy-it-now, pay-later platform.
Buy Now Pay Later Outlook Platform 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)
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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 / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Technological Innovation / Development Trends
3.3. Pricing Model Analysis
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