The buy now pay later platform market is on the brink of experiencing remarkable growth, and it’s expected to reach a whopping valuation of US$ 70.9 billion by the year 2033. This growth is projected to occur at an impressive annual rate of 22.8%.
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, with the potential to reach that impressive US$ 70.9 billion value by 2033. 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 buy market 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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eCommerce has caused a New Stir in the Buy Now, Pay Later (BNPL) Industry
eCommerce expansion has enabled easy access to BNPL options for the customer. Currently, eCommerce consumers can choose from various BNPL providers at varying terms. While the consumer can make retail purchases even without cash, he/she is exempted from paying interest as with credit cards or personal loans.
eCommerce sites are launching promotional offers to lure customers into trying BNPL services. Hence, consumers can easily buy anything from groceries to furniture through BNPL at eCommerce sites.
Growth in Developing Regions Needs Greater Attention
A general lack of awareness about BNPL could hinder BNPL providers’ attempts to penetrate developing markets. 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 among 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 29.3% between 2023 and 2033.
Key Takeaways from Buy Now Pay Later Platform Market Report:
- The BNPL market grew at an 18.9% CAGR between 2017-2022.
- The United Kingdom buy now pay later platform market is expected to register a CAGR of 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 US$ 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)
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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