GCC Mobile Banking Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

GCC Mobile Banking Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Report Format: PDF+Excel | Report ID: SR112023A3092
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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.

 

 
 

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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:

 

 
 

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  • 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:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Million
Segment Coverage Type, Service, Platform, Deployment, End User, Country
Countries Covered Saudi Arabia, UAE, Qatar, Bahrain, Oman, Kuwait 
Companies Covered 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.)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


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?

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GCC Mobile Banking Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
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