GCC Mobile Banking Market by Type (Wireless Application Protocol (WAP), Standalone Mobile Application, SMS Banking, Unstructured Supplementary Service Data (USSD) and Others) by Service (Transactions, Account information, Investments, Support Services and Others) by Platform (Android, IOS and Others) by Deployment (On-cloud and On-premises) by End User (Individual and Enterprise): Industry Analysis, Trends, Growth and Forecast 2023-2028

GCC Mobile Banking Market Overview:

The GCC mobile banking market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. Mobile banking, also known as m-banking, is a digital service offered by banks and financial institutions to conduct financial transactions online through applications, websites, and mobile devices. It provides instant access to additional banking services, including financial advice, customer support, accounting information, remote check deposits, bill payments, balance information, and bank statements. It also allows customers to access banking services easily, quickly, and conveniently anytime, anywhere. In addition, these services provide secured and convenient payment solutions compared to conventional transaction methods. Nowadays, mobile banking has gained immense traction across the GCC region due to the emerging digitalization trends across financial sectors.

The market is primarily driven by the increasing penetration of smart devices such as smartphones and tablets. In addition, the widespread availability of high-speed internet and the surging popularity of mobile banking, especially among the young population, represent another major growth-inducing factor. Moreover, mobile banking enables recording, mapping, and analyzing the financial transactions and behavior of consumers, allowing banks to provide personalized services and improved user experience, which is augmenting the market growth. Besides this, banking and financial institutions are promoting self-service banking operations by incorporating instant and real-time customer support solutions. This, coupled with various technological advancements, such as the incorporation of artificial intelligence (AI), a wireless application protocol (WAP), and blockchain technologies with mobile banking solutions for a user-friendly interface, is anticipated to propel market growth. Apart from this, the shifting customer behavior from cash to card payments and the integration of various government-backed payment apps that allow users to pay for public, government, and consumer services is augmenting the market growth. In line with this, the rising traction of contactless payment and steady rise in e-commerce on account of increasing internet penetration and inflating disposable income are impelling the market growth. Furthermore, the governing agencies in GCC countries are taking favorable initiatives to promote the adoption of mobile banking for tracking financial transactions and reducing the risks of money laundering, which is positively influencing the market growth. Other factors, including the advent of FinTech technologies, shifting consumer preferences toward quick  services, rapid digitization trends, rising millennial inclination towards credit cards, and continuous upgradation in mobile applications, are creating a positive market outlook across the region.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC mobile banking market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC mobile banking market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC mobile banking market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC mobile banking market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC mobile banking market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC mobile banking market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC mobile banking market industry. Furthermore, the value chain analysis of the GCC mobile banking market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Mobile Banking Market Segment Insights:

The GCC mobile banking market has been analysed as followed:

By Type:

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

By Service:

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

By Platform:

  • Android
  • IOS
  • Others

By Deployment:

  • On-cloud
  • On-premises

By End User:

  • Individual
  • Enterprise

By Country:

  • Saudi Arabia
  • United Arab Emirates
  • Qatar
  • Kuwait
  • Oman
  • Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Mobile Banking Market Report:

  • Historical and current scenario
  • Trends and developments
  • Impact of COVID-19
  • Market forecast
  • Price analysis and forecast
  • Porter’s five forces analysis
  • SWOT analysis
  • Value chain analysis

 

Report Customisation:

The GCC mobile banking market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs

1   Preface
2   Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   GCC Mobile Banking Market 
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Type
    6.1    Wireless Application Protocol (WAP)
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Standalone Mobile Application
        6.2.1 Market Trends
        6.2.2 Market Forecast 
    6.3    SMS Banking
        6.3.1 Market Trends
        6.3.2 Market Forecast 
    6.4    Unstructured Supplementary Service Data (USSD) 
        6.4.1 Market Trends
        6.4.2 Market Forecast                   
    6.5    Others
        6.5.1 Market Trends
        6.5.2 Market Forecast 
7   Market Breakup by Service
    7.1    Transactions
        7.1.1 Market Trends
        7.1.2 Market Breakup by Type
           7.1.2.1 Customer to Customer
              7.1.2.1.1 Market Trends
              7.1.2.1.2 Market Forecast
            7.1.2.2 Customer to Business
               7.1.2.2.1 Market Trends
               7.1.2.2.2 Market Forecast
        7.1.3 Market Forecast
    7.2    Account information
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Investments
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Support Services
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Others
        7.5.1 Market Trends
        7.5.2 Market Forecast                  
8   Market Breakup by Platform
    8.1    Android
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    IOS
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Others
        8.3.1 Market Trends
        8.3.2 Market Forecast
9   Market Breakup by Deployment
    9.1    On-cloud
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    On-premises
        9.2.1 Market Trends
        9.2.2 Market Forecast
10  Market Breakup by End User
    10.1     Individual
        10.1.1 Market Trends     
        10.1.2 Market Forecast
    10.2    Enterprise
        10.2.1 Market Trends
        10.2.2 Market Forecast          
11  Market Breakup by Country
    11.1    Saudi Arabia
        11.1.1 Market Trends
        11.1.2 Market Forecast
    11.2    UAE
        11.2.1 Market Trends
        11.2.2 Market Forecast
    11.3    Qatar
        11.3.1 Market Trends
        11.3.2 Market Forecast
    11.4    Bahrain
        11.4.1 Market Trends
        11.4.2 Market Forecast
    11.5    Oman
        11.5.1 Market Trends
        11.5.2 Market Forecast
    11.6    Kuwait 
        11.6.1 Market Trends
        11.6.2 Market Forecast
12  SWOT Analysis
    12.1    Overview
    12.2    Strengths
    12.3    Weaknesses
    12.4    Opportunities
    12.5    Threats
13  Value Chain Analysis
14  Porters Five Forces Analysis

    14.1    Overview
    14.2    Bargaining Power of Buyers
    14.3    Bargaining Power of Suppliers
    14.4    Degree of Competition
    14.5    Threat of New Entrants
    14.6    Threat of Substitutes
15  Competitive Landscape
    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Abu Dhabi Islamic Bank 
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio 
           15.3.1.3 Financials
        15.3.2     Al Baraka Banking Group B.S.C
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio 
           15.3.2.3 Financials
        15.3.3      Al Rajhi Banking and Investment Corporation
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio 
           15.3.3.3 SWOT Analysis
           15.3.3.4 Financials
        15.3.4     Alinma Bank
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio 
           15.3.4.3 Financials
        15.3.5     Bank Albilad
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio 
           15.3.5.3 Financials
        15.3.6     Bank AlJazira
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
           15.3.6.3 Financials
        15.3.7     Bank Dhofar SAOG
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio 
           15.3.7.3 Financials
        15.3.8     Dubai Islamic Bank
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio
        15.3.9     Kuwait Finance House
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio
           15.3.9.3 SWOT Analysis
           15.3.9.4 Financials 
        15.3.10     Mashreqbank PSC
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio
           15.3.10.3 Financials 
        15.3.11     Masraf Al Rayan (Q.P.S.C)
           15.3.11.1 Company Overview
           15.3.11.2 Product Portfolio
           15.3.11.3 SWOT Analysis
           15.3.11.4 Financials 
        15.3.12      Qatar Islamic Bank (Q.P.S.C.)
           15.3.12.1 Company Overview
           15.3.12.2 Product Portfolio
           15.3.12.3 SWOT Analysis
           15.3.12.4 Financials 

List of Figures

Figure 1: GCC: Mobile banking Market: Major Drivers and Challenges
Figure 2: GCC: Mobile banking Market: Sales Value (in Million US$), 2017-2022
Figure 3: GCC: Mobile banking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 4: GCC: Mobile banking Market: Breakup by Type (in %), 2022
Figure 5: GCC: Mobile banking Market: Breakup by Service (in %), 2022
Figure 6: GCC: Mobile banking Market: Breakup by Platform (in %), 2022
Figure 7: GCC: Mobile banking Market: Breakup by Deployment (in %), 2022
Figure 8: GCC: Mobile banking Market: Breakup by End User (in %), 2022
Figure 9: GCC: Mobile banking Market: Breakup by Country (in %), 2022
Figure 10: GCC: Mobile banking (Wireless Application Protocol) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: GCC: Mobile banking (Wireless Application Protocol) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: GCC: Mobile banking (Standalone Mobile Application) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: GCC: Mobile banking (Standalone Mobile Application) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: GCC: Mobile banking (SMS Banking) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: GCC: Mobile banking (SMS Banking) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: GCC: Mobile banking (Unstructured Supplementary Service Data) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: GCC: Mobile banking (Unstructured Supplementary Service Data) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: GCC: Mobile banking (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: GCC: Mobile banking (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: GCC: Mobile banking (Transactions) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: GCC: Mobile banking (Transactions) Market: Breakup by Type (in %), 2022
Figure 22: GCC: Mobile banking (Customer to Customer) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: GCC: Mobile banking (Customer to Customer) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: GCC: Mobile banking (Customer to Business) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: GCC: Mobile banking (Customer to Business) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: GCC: Mobile banking (Transactions) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: GCC: Mobile banking (Account information) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: GCC: Mobile banking (Account information) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: GCC: Mobile banking (Investments) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: GCC: Mobile banking (Investments) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: GCC: Mobile banking (Support Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: GCC: Mobile banking (Support Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: GCC: Mobile banking (Other Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: GCC: Mobile banking (Other Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: GCC: Mobile banking (Android) Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: GCC: Mobile banking (Android) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: GCC: Mobile banking (IOS) Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: GCC: Mobile banking (IOS) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: GCC: Mobile banking (Other Platforms) Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: GCC: Mobile banking (Other Platforms) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: GCC: Mobile banking (On-cloud) Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: GCC: Mobile banking (On-cloud) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: GCC: Mobile banking (On-premises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: GCC: Mobile banking (On-premises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: GCC: Mobile banking (Individual) Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: GCC: Mobile banking (Individual) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: GCC: Mobile banking (Enterprise) Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: GCC: Mobile banking (Enterprise) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Saudi Arabia: Mobile Banking Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Saudi Arabia: Mobile Banking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: United Arab Emirates: Mobile Banking Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: United Arab Emirates: Mobile Banking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Qatar: Mobile Banking Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Qatar: Mobile Banking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Bahrain: Mobile Banking Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Bahrain: Mobile Banking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Oman: Mobile Banking Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Oman: Mobile Banking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Kuwait: Mobile Banking Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Kuwait: Mobile Banking Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: GCC: Mobile banking Industry: SWOT Analysis
Figure 62: GCC: Mobile banking Industry: Value Chain Analysis
Figure 63: GCC: Mobile banking Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: GCC: Mobile Banking Market: Key Industry Highlights, 2022 and 2028
Table 2: GCC: Mobile Banking Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: GCC: Mobile Banking Market Forecast: Breakup by Service (in Million US$), 2023-2028
Table 4: GCC: Mobile Banking Market Forecast: Breakup by Platform (in Million US$), 2023-2028
Table 5: GCC: Mobile Banking Market Forecast: Breakup by Deployment (in Million US$), 2023-2028
Table 6: GCC: Mobile Banking Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 7: GCC: Mobile Banking Market Forecast: Breakup by Country (in Million US$), 2023-2028
Table 8: GCC: Mobile Banking Market: Competitive Structure
Table 9: GCC: Mobile Banking Market: Key Players

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