The Saudi Arabia Digital Wallet Market was valued at USD 280 million in 2022 and is projected to grow at a CAGR of around 38.46 % during the forecast period, i.e., 2023-28. This comprehensive market research report has been recently released by Markntel Advisors, a prominent firm specializing in research, consulting, and data analytics, offering an extensive array of strategic reports across various industry sectors. The report systematically examines numerous factors that have significantly shaped the market dynamics in recent years.
Saudi Arabia Digital Wallet Market Driver:
The improved internet infrastructure and widespread adoption of smartphones in Saudi Arabia have led to a boost in internet penetration across the country. The increased internet accessibility in the country has served as an opportunity for the e-commerce platforms like Noon, Carrefour, etc., to widen consumer reach & increase market penetration. Moreover, the changing consumer preference for online shopping due to convenience & wider product accessibility is leading to the growth of e-commerce platforms in Saudi Arabia. According to MasterCard, in 2021, the country witnessed a rise of approximately 77% in online shopping.
These e-commerce platforms have been increasingly incorporating digital wallet solutions in their applications to provide consumers with a streamlined checkout process and enhance the user experience. The convenience and faster payment experience offered by digital wallets is even encouraging consumers to shift towards digital wallets for payment in e-commerce. According to a survey by Checkout.com, in 2022, more than 27% of consumers made transactions through digital wallets. Thus, the surging usage of e-commerce platforms & the changing consumer transaction habits has been augmenting the growth of the digital wallet market in Saudi Arabia.
Moreover, the rising inclination of consumers toward online shopping is also resulting in the launches of new e-commerce platforms. For instance, in 2023, an e-commerce platform, ‘Mytheresa’, got launched in Saudi Arabia, which integrated different payment methods like transactions via a digital wallet. Thus, the surge in the inclination of consumers toward digital payment solutions & integration of e-commerce platforms and digital payment solutions would enhance the demand for digital wallets in the forthcoming years.
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How Has the Saudi Arabia Digital Wallet Market Been Divided?
In the report, we have conducted a thorough analysis of the market by breaking it down into various high-performing segments. We aim to clarify the factors that contribute to the success and increased market share of each segment. This analysis includes an examination of their significant impact on the Saudi Arabia Digital Wallet market in terms of sales, expansion opportunities, job creation, and other vital factors. These components are categorized as follows:
Based on Type
– Proximity- Market Size & Forecast 2018-2028F, USD Million
– Remote- Market Size & Forecast 2018-2028F, USD Million
Based on Technology
– Near Field Communication- Market Size & Forecast 2018-2028F, USD Million
– QR Code- Market Size & Forecast 2018-2028F, USD Million
– Text-Based/Short Message Service- Market Size & Forecast 2018-2028F, USD Million
– Digital Only- Market Size & Forecast 2018-2028F, USD Million
Based on Wallet Type
– Open- Market Size & Forecast 2018-2028F, USD Million
– Closed- Market Size & Forecast 2018-2028F, USD Million
– Semi-Closed- Market Size & Forecast 2018-2028F, USD Million
Based on Industry Vertical
– Banking, Financial Services, and Insurance (BFSI)- Market Size & Forecast 2018-2028F, USD Million
– Hospitality- Market Size & Forecast 2018-2028F, USD Million
– Media & Entertainment – Market Size & Forecast 2018-2028F, USD Million
– Retail & E-Commerce- Market Size & Forecast 2018-2028F, USD Million
– Energy & Utilities- Market Size & Forecast 2018-2028F, USD Million
– Telecommunication- Market Size & Forecast 2018-2028F, USD Million
– Others (Healthcare, Gaming, etc.)- Market Size & Forecast 2018-2028F, USD Million
Based on End User
– Personal- Market Size & Forecast 2018-2028F, USD Million
– Business/Corporate- Market Size & Forecast 2018-2028F, USD Million
Based on Ownership
– Banks- Market Size & Forecast 2018-2028F, USD Million
– Telecom Operators- Market Size & Forecast 2018-2028F, USD Million
– Device Manufacturers- Market Size & Forecast 2018-2028F, USD Million
– Tech Companies- Market Size & Forecast 2018-2028F, USD Million
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The report highlights Geographical
By Country
– Central
– East
– West
– South
where the Saudi Arabia Digital Wallet market is active to varying degrees. We place special emphasis on regions that have a predominant presence in the market, underlining their geographical significance in the context of the Saudi Arabia Digital Wallet market.
Competitive Benchmarking
In the Saudi Arabia Digital Wallet Market, prominent companies such STC Pay, Geidea Solutions, Hala, UrPay, Mobily Pay, Alinma Pay, Friendi Pay, Liv KSA, Meem, Mada Pay, Quick Pay, HyperPay, Others are subject to thorough evaluation. Each company within this industry undergoes scrutiny based on the value of their products, their capabilities, and other noteworthy attributes. Additionally, this study encompasses various mergers and acquisitions, as well as recent product launches by these firms, aimed at acquainting stakeholders with the prevailing market dynamics.
Some of the Key Questions Answered in this Report:
- What are the growth projections for the years 2023-2028?
- Which market factors will aid in developing client and business strategies?
- What are the critical market opportunities for each segment enlisted in the research report?
- What are the primary growth tactics used by the major market players?
Why You Should Choose MarkNtel Advisors for Your Market Research Needs:
Valuable Insights for Informed Decisions: Our reports offer valuable and current insights that can be easily turned into actions. Whether you’re a company looking to launch a new venture or expand profitably, our reports will guide you towards success.
Numerous Benefits: Our analysis of the Saudi Arabia Digital Wallet Market provides a wide range of advantages, including market research insights, comprehensive information, industry projections, and data trends.
In-Depth Analysis: Our Saudi Arabia Digital Wallet Market report goes deep into various industries, expertly examining important market trends, consumer behavior, and competitive landscapes. Stakeholders can expect a wealth of insights to shape their business strategies.
Our approach facilitates the identification of rapidly expanding companies within the industry, scrutinizing their profound impact on the Saudi Arabia Digital Wallet market in terms of sales, expansion, employment opportunities, and other pivotal aspects. Additionally, the report places particular emphasis on key components such as the regions where the market demonstrates varying levels of activity, with a specific focus on geographically dominant areas.
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