Buy Now Pay Later Platform Market 2023 | Present Scenario and Growth Prospects 2033

 The buy now pay later platform market size is expected to grow from US$ 9.1 Billion in 2023 to US$ 70.9 Billion by 2033, at a CAGR of 22.8% from 2023 to 2033.

E-commerce Market Offers Consumer Diverse 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.

Request a Sample Copy of the Report @ 
https://www.futuremarketinsights.com/reports/sample/rep-gb-14116

Key Players Should Tap Into Newer Markets

While BNPL enjoys wide popularity in developed regions, untapped markets such as Latin America and Asia Pacific hold huge potential. The lower per capita disposable income could play to the advantage of the BNPL market. The trend of consumerism is rising in these countries. Hence, BNPL platforms could cater to the younger generations that spend the most on e-commerce retail purchases.

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.

Key Takeaways:

  • 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 US$ 1.8 Bn in 2023

Key Players & Startups Target Diverse Sections for Market Growth

Currently, key players and startups are focusing on niche target segments to turn profitable. For instance, India-based Fintech company, SaveIN launched an offline POS installment that caters to loan needs for healthcare. It is known as ‘care now pay later'. Similarly, key players are also attempting to expand revenue through partnerships and acquisitions.

Key Market Developments:

  • In July 2021 Afterpay partnered with Westpac to expand its digital payment services. As a result, Afterpay consumers can now easily keep track of their spending digitally.
  • Mondu, is a buy now pay later platform that caters to ease of payment across marketplaces. The platform specifically focuses on B2B payment modalities.
  • Playter is a startup focusing on harnessing the potential of BNPL for startups and scaleups. This enables businesses struggling for funds to grow quickly. Hence, startups can easily pay their suppliers without waiting for a potential investor with Playter.

Key Players:

  • Klarna Inc.
  • Affirm, Inc.
  • Finflux
  • Fortunesoft
  • Splitit
  • Zip Co Limited
  • Latitude Financial Services

Buy Now Pay Later Platform Outlook by Category

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)

Comments

Post a Comment

Popular posts from this blog

OTT Content Market Research Report 2022 to Global Forecast till 2032

 The global  OTT content market  is anticipated to reach a valuation of US$ 434.98 Bn by 2032, with the market expanding at a prolific CAGR of 17.4% from 2022 to 2032. Predicted to reach an estimated US$ 87.46 Bn in 2022, the target market is likely fueled by a notable surge in market penetration as well as escalating demand for subscription-based services in emerging economies. The heightened popularity of live streaming channels will further aid the growth of the OTT content market during the forecast period. The deep market penetration of 4G and rising 5G infrastructure development across the globe aids the market growth of OTT content. An upsurge in high-speed bandwidth- which is an important criteria for proper functioning OTT services- propels the target market growth. The widespread usage pf high speed internet and smartphones, at competitive prices, amplifies the demand for the OTT content market. The gradual preference for SVOD over conventional TV services will supplement thi
Read more

Digital Transformation in Healthcare Market Trends | Segmentation, Outlook, Industry Report to 2033

 The global  digital transformation in healthcare market  is valued at approximately USD 65.2 billion in 2023. It is anticipated to grow to about USD 253.6 billion by 2033, with a consistent annual growth rate of 14.5% from 2023 to 2033. As digital health platforms like telehealth, mobile health, and wireless technologies become more common in medical facilities and nursing homes, they are providing patients with immediate access to medical care. This has made digital health a widely recognized term in healthcare. The impact of digital technology on various sectors such as public, retail, banking, financial services, and insurance (BFSI), and production is tremendous, but it has evolved into a game-changing technology in the medical field as end users’ reliance on digital health platforms grows. Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-708 The emergence of healthcare smartphone applications and incentive proposals by gover
Read more

Flame Arrestor Market 2023 Outlook, Current and Future Industry Landscape Analysis 2030

  The Flame Arrestor market is witnessing robust demand due to increased industrial safety regulations. Growing awareness of explosion prevention measures in various sectors, including oil and gas, chemicals, and manufacturing, is driving the adoption of flame arrestors. The market is poised for expansion as companies prioritize safety solutions to mitigate the risk of fire and explosions. Flame Arrestor Market size was valued at USD 923.8 million in 2022 and is expected to grow to USD 1540.4 million by 2030 and grow at a CAGR of 6.6% over the forecast period of 2023-2030. In today's fast-paced corporate world, where agility and intelligence define success, having a sophisticated understanding of market dynamics is critical. In this environment, our thoroughly prepared Flame Arrestor market research study shines as a beacon of unrivaled wisdom, guiding businesses to strategic brilliance. Our study, crafted with accuracy and predicated on thorough data analysis, doesn't just ski
Read more