GCC Mobile Banking Market Share, Size, Growth, Opportunity and Forecast 2021-2026

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

GCC Mobile Banking Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The GCC mobile banking market grew at a CAGR of around 14% during 2015-2020. 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. Looking forward, IMARC Group expects the GCC mobile banking market to continue its strong growth during the next five years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the GCC mobile banking market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, 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-premise

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.).

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 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?