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.

Saudi Arabia Digital Wallet, Share, and Trends Analysis Report – Industry Overview and Forecast to 2028

The Saudi Arabia Digital Wallet Market is valued at around USD 421 million in 2024 and is projected to grow at a CAGR of around 8.80% during the forecast period, i.e., 2023-28.

Key Findings in Saudi Arabia Digital Wallet Market:

• Historical Analysis: 2018 –2021
• Base Year: 2022
• Forecast Period: 2023-2028

Leading Market Players- STC Pay, Geidea Solutions, Hala, UrPay, Mobily Pay, Alinma Pay, Friendi Pay, Liv KSA, Meem, Mada Pay, Quick Pay, HyperPay and Others

Key Highlights of the Report

• Market Dimensions And Projections
• Pricing Evaluation,
• Recent Strategic Moves by Companies,
• Primary Stakeholders,
• Analysis of Import and Export Trends,
• Competitive Landscape Assessment,
• Emerging Opportunities,
• Market Trends and Indicators

What are the major Driver the Saudi Arabia Digital Wallet industry?

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.

Download now and gain valuable insights to inform your business strategy, drive growth, and stay ahead of the competition - Download Free PDF Sample- https://www.marknteladvisors.com/query/request-sample/saudi-arabia-digital-wallet-market.html

What segments define the Saudi Arabia Digital Wallet Market from 2023 to 2028? How do these segments contribute to market dynamics and growth?

By Type

• Proximity- Market Size & Forecast 2018-2028F, USD Million
• Remote- Market Size & Forecast 2018-2028F, USD Million

According to report, Of both, proximity-based digital wallets hold a prominent share of the market.

By 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

According to report, 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.

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

Explore the Complete Saudi Arabia Digital Wallet Market Analysis Report –  https://www.marknteladvisors.com/research-library/saudi-arabia-digital-wallet-market.html

Geographical Analysis: Saudi Arabia Digital Wallet Market

 By Region

• Central
• East
• West
• South

Saudi Arabia Digital Wallet Industry Recent Development:

• In 2023, STC Pay showcased its latest services & solutions for the digital payments to pave way towards a cashless society and to raise the digital financial transaction rates by 70% by 2030. The company also signed several agreements and Memorandum of Understanding with e-commerce platforms & digital payment pioneers.

Key Questions Addressed in This Study

• What are the primary factors driving the growth of the Southeast Asia Booster Compressor?
• How is the Southeast Asia Booster Compressor expected to evolve over the next five years?
• What key insights can be drawn from current trends shaping the market?
• What is the current market size, and how is it forecasted to change in the coming years?
• What is the future outlook for the market in terms of technological innovation and geographic expansion?

For a Customized Analysis Report, Just Drop Your Inquiry Here – https://www.marknteladvisors.com/query/request-customization/saudi-arabia-digital-wallet-market.html

Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, And data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial And varied client base, including multinational corporations, financial institutions, governments, And individuals, among others.

Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing And forecasting, And trend analysis, among others, for 15 diverse industrial verticals.

More Research Studies Report:

-Biocomposites Market size was valued at around USD 36.9 billion in 2024 and is projected to reach USD 89 billion by 2028 with a CAGR of around 119.27%.

-Green Solvents Market size was valued at around USD 1.34 billion in 2024 And is projected to reach USD 1.87 billion by 2028 with a CAGR of around  4.5%.

For Media Inquiries, Please Contact:

Email: sales@marknteladvisors.com

Trending Blogs : www.marknteladvisors.com/blogs

Export-import Data : https://www.marknteladvisors.com/export-import-data