Saudi Arabia Digital Wallet Market Insights Report Overview:
According to the latest market study by MarkNtel Advisors titled “Saudi Arabia Digital Wallet Market Size, Share, Trends, Growth, Opportunity Analysis 2023-2028” presents a thorough examination of market drivers, opportunities and challenges.
Utilizing a quantitative approach, it offers precise insights into market size, share, and growth. Crafted by industry experts, the report delves into consumption patterns, geographical analysis, and competitive landscapes. Its objective is to furnish valuable insights for clients seeking to comprehend and leverage market dynamics. With a dual focus on historical achievements and future projections, it furnishes a nuanced understanding of the market terrain.
Saudi Arabia Digital Wallet Market Insight:
The Saudi Arabia Digital Wallet Market is expected to grow at a CAGR of around 8.80% during the forecast period, i.e., 2023-28.
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Saudi Arabia Digital Wallet Market Challenge:
Concerns Regarding Data Breaches & Data Vulnerabilities – The demand for digital wallets in Saudi Arabia is affected by security concerns. While digital wallets typically implement robust security measures, the perception of risk or instances of security breaches undermine consumer confidence and hinder adoption. Notable data breaches such as ransomware attacks, phishing attacks, etc., or fraudulent cases connected to digital wallets cause apprehension among consumers since users perceive digital wallets as susceptible to hacking or unauthorized access. According to the survey by Group IB, more than 29% of the companies in Saudi Arabia fell prey to cyber-attack incidents, causing the data of millions of consumers at risk. Therefore, consumers are reluctant to store their sensitive payment information in a digital format or digital banking solutions.
Competitor Insight: Saudi Arabia Digital Wallet Market
This report focuses on major market participants like:
- STC Pay
- Geidea Solutions
- Hala
- UrPay
- Mobily Pay
- Alinma Pay
- Friendi Pay
- Liv KSA
- Meem
- Mada Pay
- Quick Pay
- HyperPay
- Others
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Segmentation Summary: Saudi Arabia Digital Wallet Market
This segmentation analysis outlines prominent sections in the report’s table of contents. Each segment undergoes thorough analysis, including sub-segments, to showcase both current and historical market sizes. The analysis underscores investment opportunities for rapid growth, particularly in the Saudi Arabia Digital Wallet Market, with notable highlighting on:
-By Technology:
- Near Field Communication
- QR Code
- Text Based/ Short Message Service
- Digital Only
Among all, Near Field Communication (NFC) technology has gained broad acceptance and seamless integration into numerous payment terminals & merchant stores to simplify the payment process for users and thus hold a significant share of the Saudi Arabia Digital Wallet Market. The infrastructure necessary to facilitate NFC payments has been extensively developed & implemented by a multitude of merchants in the country. According to Saudi Arabia’s national payments infrastructure operator, ‘Saudi Payments’, the NFC adoption in the country witnessed a 95% year-on-year growth in 2021 as compared to 2020. As a result, the wide adoption of NFC Technology to ensure quick & secure transactions contributes to its prominent share in the Saudi Arabia Digital Wallet Market.
-By Type
- Proximity- Market Size & Forecast 2018-2028F, USD Million
- Remote- Market Size & Forecast 2018-2028F, USD Million
-By 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
-By 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
-By End User
- Personal- Market Size & Forecast 2018-2028F, USD Million
- Business/Corporate- Market Size & Forecast 2018-2028F, USD Million
-By 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
Saudi Arabia Digital Wallet Market Geographical Reach:
-By Region
- Central
- East
- West
- South
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Key Questions Addressed:
- Factors Driving Market Growth: Understand the primary drivers propelling the Saudi Arabia Digital Wallet market forward.
- Access to Reliable Reports: Learn where to access dependable market reports for informed decision-making.
- Growth Projections: Gain insights into anticipated growth projections for the coming years.
- Geographical Hotspots: Identify geographical poised for significant market growth soon.
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