MarkNtel Advisors recently published a detailed industry analysis of the Saudi Arabia Digital Wallet Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Insights and Analysis of the Saudi Arabia Digital Wallet Market (2023-2028)
The Saudi Arabia Digital Wallet Market size is valued at around USD 421 million in 2024 andis projected to grow at a CAGR of around 8.80% during the forecast period, i.e., 2023-28.
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What is driving the Saudi Arabia Digital Wallet market?
Growth of E-Commerce Platforms– 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.
What segments define the Saudi Arabia Digital Wallet market from 2023 to 2028? How do these segments contribute to market dynamics and growth?
By Technology
(Near Field Communication, QR Code, Text-based/ Short Message Service, Digital Only),
By Industry Vertical
(Banking, Financial Services, and Insurance [BFSI], Hospitality, Media & Entertainment, Retail & E-Commerce, Energy & Utilities, Telecommunication, Others),
By Type
(Remote, Proximity),
By End-User
(Personal, Business/Corporate),
By Wallet Type
(Open, Closed, Semi-Closed),
By Ownership
(Banks, Telecom Operators, Device Manufacturers, Tech Companies)
Region
(Central, East, West, South)
Explore the Complete Saudi Arabia Digital Wallet Market Analysis Report – https://www.marknteladvisors.com/research-library/saudi-arabia-digital-wallet-market.html
Who are the leading key players shaping the Saudi Arabia Digital Wallet Market landscape?
STC Pay, Geidea Solutions, Hala, UrPay, Mobily Pay, Alinma Pay, Friendi Pay, Liv KSA, Meem, Mada Pay, Quick Pay, HyperPay and Others
Questions Addressed in this Study
1.What factors are driving the Saudi Arabia Digital Wallet Market growth?
2.How is the Saudi Arabia Digital Wallet Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Saudi Arabia Digital Wallet Market?
4.What is the current size of the Saudi Arabia Digital Wallet Market, and how is it projected to change in the future?
6.What is the future outlook for the Saudi Arabia Digital Wallet Market in terms of technological advancements and market expansion?
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MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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