According to IMARC Group’s latest report, titled “GCC Mobile Banking Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the GCC mobile banking market is expected to exhibit a CAGR of 14.2% during 2022-2027. Mobile banking represents digital facilities that several banks and financial institutions offer. It enables users to perform online capital transactions over mobile devices, including smartphones or tablets. As compared to conventional banked-based transactions, mobile banking offers remote banking options, continuous monitoring of transactions, easy access, and other value-added services. Additionally, it provides optimum security, investment advice, accounting information, alerts regarding fraudulent activities, and customer support. As a result, mobile banking is chiefly utilized by end-users to pay bills and perform online money transfers.
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COVID-19 Impact Analysis:
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.
Market Trends and Drivers:
The increasing proliferation of smart devices and internet connectivity and the rising need for online payment and transaction platforms with added products and services are primarily driving the GCC mobile banking market. Moreover, considerable improvements in the banking, financial services, and insurance (BSFI) sector and the large-scale demand for instant, easy-to-use solutions and smart bots to offer better customer experience are favoring the market growth. Furthermore, ongoing technological advancements in mobile banking services that allow banks to build client loyalty programs are propelling the market growth. Additionally, the enforcement of stringent policies by regional governments has promoted the uptake of mobile banking with authentication solutions to track financial transactions and alleviate money laundering risks, which, in turn, is supporting the market growth. Besides this, rapid digitalization and the integration of artificial intelligence (AI), blockchain, and wireless application protocol (WAP) to provide user-friendly interfaces to consumers is propelling the market growth.
GCC Mobile Banking Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the GCC mobile banking market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 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)
- Qatar Islamic Bank (Q.P.S.C.)
Key Market Segmentation:
The report has segmented the GCC mobile banking market based on type, service, platform, deployment, end user and country.
Breakup by Type:
- Wireless Application Protocol (WAP)
- Standalone Mobile Application
- SMS Banking
- Unstructured Supplementary Service Data (USSD)
- Others
Breakup by Service:
- TransactionsCustomer 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
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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