IMARC Group, a leading market research company, has recently releases 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 Region 2023-2028” The study provides a detailed analysis of the industry, including the GCC fintech 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 fintech market?
The GCC fintech market is projected to exhibit a growth rate (CAGR) of 19.50% during 2023-2028.
What is fintech?
Fintech, an amalgamation of “financial technology,” represents a dynamic and transformative sector that leverages cutting-edge technology to revolutionize financial services. It includes various innovations, including mobile payment platforms, blockchain-based cryptocurrencies, robo-advisors, and peer-to-peer lending networks. Its influence is felt across the financial landscape, offering consumers and businesses more convenient, efficient, and cost-effective solutions for their financial needs. It is reshaping the way individuals manage, invest, and transact money, continually pushing the boundaries of financial innovation by simplifying online payments, democratizing access to investments, and enhancing risk assessment through data analytics. Currently, fintech is gaining immense traction across the GCC region due to its ability to enhance financial inclusion and efficiency.
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What are the growth prospects and trends in the GCC fintech industry?
The GCC fintech market is primarily driven by the rising demand for innovative financial services by tech-savvy and financially inclusive population in countries like the UAE and Saudi Arabia. Moreover, various favorable government initiatives and regulatory frameworks that encourage fintech startups and investment in the GCC region are positively influencing the market growth. Apart from this, the increasing shift toward digital payments and online banking amid the COVID-19 pandemic has accelerated the adoption of fintech. Additionally, the expanding young and digitally connected population seeking digital solutions for financial services has catalyzed market growth. Furthermore, the escalating partnerships between traditional financial institutions and fintech companies that promote collaboration and innovation are contributing to market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Deployment Mode Insights:
- Application Programming Interface
- Artificial Intelligence
- Robotic Process Automation
- Data Analytics
- Payment and Fund Transfer
- Insurance and Personal Finance
- Wealth Management
End User Insights:
- Saudi Arabia
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