Market Overview:

The GCC mobile banking market is expected to exhibit a CAGR of 14.2% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Mobile banking refers to a digital service offered by banks to conduct financial transactions remotely via smart devices, such as smartphones and tablets. It also provides additional services, such as investment advice, customer support, accounting information, remote check deposits, bill payments, etc. Mobile banking offers secured and convenient payment solutions in comparison to the conventional transaction methods. In GCC countries, mobile banking solutions have gained prominence with the increasing adoption of digitalization trends pertaining to financial services.

The high internet connectivity along with the rising penetration of smart devices, such as smartphones and tablets, is primarily driving the market for mobile banking. The expanding banking, financial services, and insurance (BFSI) industry in the GCC region has led to the growing demand for convenient and prompt services to complete financial transactions. As a result, several banking institutions are introducing instant and real-time customer assistance techniques to promote self-service banking operations. Additionally, the rising integration of numerous advanced technologies, such as artificial intelligence (AI), blockchain, wireless application protocol (WAP), etc., with banking solutions for providing user-friendly interfaces, is also augmenting the market growth. Furthermore, several government bodies, particularly across the region are introducing numerous initiatives to promote mobile banking services for tracking financial transactions and mitigating the risks of money laundering. With the emergence of FinTech technologies, several banks in the GCC region are investing in upgradations of their mobile applications to provide customized product offerings and streamlined customer experience, which are expected to further drive the market for mobile banking in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the GCC mobile banking market, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on type, service, platform, deployment and end user.

Breakup by Type:

• Wireless Application Protocol (WAP)
• Standalone Mobile Application
• SMS Banking
• Unstructured Supplementary Service Data (USSD)
• Others
   

Breakup by Service:

• Transactions
  • Customer to Customer
  • Customer to Business
• Account information
• Investments
• Support Services
• Others
   

Breakup by Platform:

• Android
• IOS
• Others
   

Breakup by Deployment:

• On-cloud
• On-premises
   

Breakup by End User:

• Individual
• Enterprise
   

Breakup by Country:

• Saudi Arabia
• UAE
• Qatar
• Bahrain
• Oman
• Kuwait
   

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Abu Dhabi Islamic Bank, Al Baraka Banking Group B.S.C., Al Rajhi Banking and Investment Corporation, Alinma Bank, Bank Albilad, Bank AlJazira, Bank Dhofar SAOG, Dubai Islamic Bank, Kuwait Finance House, Mashreqbank PSC, Masraf Al Rayan (Q.P.S.C), and Qatar Islamic Bank (Q.P.S.C.).

Report Coverage:

Key Questions Answered in This Report:

• How has the GCC mobile banking market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the GCC mobile banking market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the service?
• What is the breakup of the market based on the platform?
• What is the breakup of the market based on the deployment?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the GCC mobile banking market and who are the key players?
• What is the degree of competition in the industry?