GCC Mobile Banking Market

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