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GCC Mobile Banking Market Size, Growth, Demand, Top Companies and Forecast 2024-2032

The study provides a detailed analysis of the industry, including the GCC mobile banking market share, size, trends, and growth forecasts.
Published 19 April 2024

IMARC Group, a leading market research company, has recently releases report titled “GCC Mobile Banking Market Report by Type (Wireless Application Protocol (WAP), Standalone Mobile Application, SMS Banking, Unstructured Supplementary Service Data (USSD), and Others), Service (Transactions, Account information, Investments, Support Services, and Others), Platform (Android, IOS, and Others), Deployment (On-cloud, On-premises), End User (Individual, Enterprise), and Country 2024-2032”. The study provides a detailed analysis of the industry, including the GCC mobile banking market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the GCC Mobile Banking Market?

The GCC mobile banking market size is expected to exhibit a growth rate (CAGR) of 13.1% during 2024-2032.

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GCC Mobile Banking Market Trends and Drivers:

The high adoption of digital technologies across the banking sector as well as the growing utilization of smartphones across the region are the factors responsible for the growth of the GCC mobile banking market. Additionally, there is an increased demand for the market as banks in the GCC are investing heavily in mobile technology to enhance the user experience and expand their service offerings, which is fueling the market. Besides this, the efforts of GCC countries to diversify their economies away from oil dependence have included significant support for fintech innovations, which has further accelerated the development and adoption of mobile banking services. Moreover, the convenience of mobile banking, combined with enhanced security features such as biometric authentication, has made it an increasingly popular choice among consumers, which is contributing to the expansion of the market.

Emerging trends in the GCC mobile banking market include the integration of artificial intelligence (AI) and machine learning (ML) to provide personalized banking experiences and improve customer service. In addition to this, AI-driven chatbots for handling customer queries and providing 24/7 support are becoming commonplace, enhancing customer engagement without the need for extensive physical banking networks, thereby escalating the market. Furthermore, the implementation of blockchain technology is gaining traction, offering enhanced security and transparency for transactions, which is acting as another growth-inducing factor. Apart from this, financial institutions are also exploring partnerships with fintech firms to drive innovation and deliver more advanced services, which is anticipated to drive the GCC mobile banking market over the forecasted period.

Leading Companies Operating in the GCC Mobile Banking Industry:

  • 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 is organized into distinct sections as follows:

By Type:

  • Wireless Application Protocol (WAP)
  • Standalone Mobile Application
  • SMS Banking
  • Unstructured Supplementary Service Data (USSD)
  • Others

On the basis of type, the market is segmented into Wireless Application Protocol (WAP), Standalone Mobile Application, SMS Banking, Unstructured Supplementary Service Data (USSD) and others. 

By Service:

  • Transactions
  • Customer to Customer
  • Customer to Business
  • Account information
  • Investments
  • Support Services
  • Others

On the basis of service, the market is segmented into Transactions (Customer to Customer and Customer to Business), Account information, Investments, Support Services and others. 

By Platform: 

  • Android
  • IOS
  • Others

Android is the largest segment in the GCC Mobile Banking market by platform due to the widespread adoption of Android-based smartphones among consumers in the region, making it the preferred platform for accessing mobile banking services.

By Deployment:

  • On-cloud
  • On-premises

On the basis of deployment, the market is segmented into On-Cloud and On-Premises. 

By End User: 

  • Individual
  • Enterprise

On the basis of end user, the market has been divided into Individual and Enterprise. 

By Country:

  • Saudi Arabia
  • UAE
  • Qatar
  • Bahrain
  • Oman
  • Kuwait

Saudi Arabia is the largest segment due to its large population, high smartphone penetration rate, and proactive government initiatives promoting digitalization and mobile banking services in the country. 

Ask Analyst for Customization and Explore full report with TOC & List of Figures

Other Key Points Covered in the Report:

  • COVID-19 Impact
  • Porters Five Forces Analysis
  • Value Chain Analysis
  • Strategic Recommendations

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.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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