According to Future Market Insights (FMI) buy now pay later (BNPL) platform industry report, demand in the market would grow at a significant CAGR of 22.4 percent from 2021 to 2031. The survey also predicts that by the end of 2021, the market would have surpassed a valuation of US$ 6.2 billion. According to FMI, the availability of application programming interfaces (APIs) and rapid technical improvements have generated several prospects for BNPL platforms. These technologies have proven critical in boosting market expansion by increasing economic competitiveness.
Buy now, pay later (BNPL) services have seen a significant surge in popularity among e-Commerce companies and their clients in recent years. The COVID-19 repercussions prompted this phenomenon, and it appears that the buy now pays later (BNPL) platforms sector will continue to grow even after the epidemic is over. The reasons are simple: BNPL is a convenient and less expensive way to obtain immediate loans for online purchases.
Takeaways: Buy Now Pay Later (BNPL) Platform Market
- During the projection period, the buy now pays later (BNPL) software sector is expected to account for the largest proportion of global demand for the buy now pay later (BNPL) platform. The buy now pays later (BNPL) APIs category, on the other hand, is expected to increase at a healthy CAGR of more than 24% through 2031.
- Small and medium enterprises (SMEs) are expected to integrate the BNPL platform at a CAGR of roughly 23 percent between 2021 and 2031, whereas large enterprises now hold the majority of the market share.
- The retail and eCommerce sectors are projected to adopt the buy now pay later (BNPL) platform at a rapid rate. According to FMI, demand for this segment would grow at a CAGR of roughly 27% between 2021 and 2031.
- Klarna Inc.
- Affirm, Inc.
- PayPal Holdings, Inc.
- Afterpay Limited
- Zip Co Limited