IMARC Group has published a market research report titled “GCC Fintech Market Report by Deployment Mode (On-premises, Cloud-based), Technology (Application Programming Interface, Artificial Intelligence, Blockchain, Robotic Process Automation, Data Analytics, and Others), Application (Payment and Fund Transfer, Loans, Insurance and Personal Finance, Wealth Management, and Others), End User (Banking, Insurance, Securities, and Others), and Country 2024-2032“, The GCC fintech market size is projected to exhibit a growth rate (CAGR) of 17.6% during 2024-2032.
Fintech, short for financial technology, is the umbrella term for a wide range of technical advancements used in the banking, investment, payments, insurance, lending, and wealth management sectors of the financial business. Users may easily handle their accounts at any time with the help of mobile apps and web platforms that offer quick access to financial services. It creates intuitive and user-friendly systems for financial transactions and interactions by classifying interface design and user experiences. It expedites procedures and transactions, cutting down on the time needed for tasks like opening an account, getting a loan approved, and making payments. It also places a high priority on data security and cybersecurity, using cutting-edge encryption methods and security procedures to protect private financial data. Fintech is becoming more and more popular in the GCC because it makes robo-advisors, online brokerage platforms, and automated investing services possible.
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GCC Fintech Market Trends and Drivers
Currently, one of the main drivers supporting the market’s growth in the GCC area is the rapid digital transformation occurring in tandem with increased rates of internet and smartphone penetration. Accordingly, the region’s market growth is being supported by the growing partnerships between fintech businesses and traditional banks and financial institutions, which aim to improve user experience and operational efficiency. Furthermore, the market is being positively impacted by the increasing number of digital natives—people who are accustomed to using technology and willing to accept digital financial products. In addition, the industry is expanding due to the growing need for digital payments through services like peer-to-peer lending platforms, digital wallets, and mobile banking. The region’s fintech industry is expanding thanks in part to continuous technological breakthroughs in cloud computing, blockchain, artificial intelligence (AI), and machine learning (ML), which allow for the creation of creative solutions. Furthermore, the GCC region’s market outlook is good because to the significant improvements in data analytics that enable fintech firms to offer improved fraud detection, risk assessment, and personalized financial recommendations.
Report Segmentation:
The report has segmented the market into the following categories:
Deployment Mode Insights:
- On-premises
- Cloud-based
Technology Insights:
- Application Programming Interface
- Artificial Intelligence
- Blockchain
- Robotic Process Automation
- Data Analytics
- Others
Application Insights:
- Payment and Fund Transfer
- Loans
- Insurance and Personal Finance
- Wealth Management
- Others
End User Insights:
- Banking
- Insurance
- Securities
- Others
Country Insights:
- Saudi Arabia
- UAE
- Qatar
- Bahrain
- Kuwait
- Oman
Note: 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.
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