The latest report by IMARC Group, titled "GCC Mobile Banking Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the GCC mobile banking market is anticipated to exhibit a CAGR of 14.2% during 2022-2027. Mobile banking, also known as m-banking, involves performing financial transactions online using mobile devices, such as smartphones and tablets. It is a digital facility or service offered by banks and financial institutions to their customers through applications and websites. It also allows individuals instant access to additional banking services, including bill payments, account details, balance information, customer support, financial advice, bank statements, and remote check deposits. In recent years, mobile banking has gained immense traction across the GCC region as it provides a more secure and convenient payment solution than conventional methods.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
GCC Mobile Banking Market Trends:
The rising penetration of smartphones and other smart devices like tablets represents the primary factor driving the market growth in the GCC region. Besides this, the widespread availability of high-speed internet and the surging popularity of mobile banking among consumers, especially the young population, are other major growth-inducing factors. In addition, mobile banking facilitates mapping, recording, and analyzing the financial transactions and behavior of the customers, allowing banks to offer personalized services and enhanced user experience. As a result, banking and financial institutions are promoting self-service banking operations by introducing instant and real-time customer support solutions, which has accelerated the product adoption rate. Furthermore, several technological advancements, such as the integration of wireless application protocol (WAP), artificial intelligence (AI), and blockchain technologies with mobile banking solutions for a user-friendly interface, have propelled the market growth. Apart from this, the governing agencies across the GCC countries are taking favorable initiatives to encourage the adoption of mobile banking for tracking financial transactions and minimizing the risks of money laundering. Other factors, including the advent of FinTech technologies, continuous upgradation in mobile applications, shifting consumer preferences toward quick and smooth services, and rapid digitization trends, are also providing a positive thrust to the market growth.
- Based on the type, the market has been divided into wireless application protocol (WAP), standalone mobile application, SMS banking, unstructured supplementary service data (USSD), and others.
- On the basis of the service, the market has been categorized into transactions (customer to customer and customer to business), account information, investments, support services, and others.
- The market has been segregated based on the platform into Android, iOS, and others.
- Based on the deployment, the market has been bifurcated into on-cloud and on-premises.
- On the basis of the end user, the market has been classified as individual and enterprise.
- Country-wise, the market has been segmented into Saudi Arabia, UAE, Qatar, Bahrain, Oman, and Kuwait.
- The competitive landscape of the market has also been analyzed, 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.).
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