Middle East Fintech Market
Middle East fintech market size is projected to exhibit a growth rate (CAGR) of 8.20% during 2024-2032.
SHERIDAN, WYOMING, UNITED STATES, April 10, 2024 /EINPresswire.com/ — IMARC Group has published a market research report titled “Middle East 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”, Middle East fintech market size is projected to exhibit a growth rate (CAGR) of 8.20% during 2024-2032.
The Middle East fintech market is experiencing significant growth, primarily driven by rapid digitalization along with regulatory reforms aimed at fostering innovation as well as financial inclusion. Besides this, the increase in internet banking, mobile payments, blockchain, etc., is also influencing market acceleration, offering consumers a level of safety and convenience. Furthermore, another factor fostering the growth of the Middle East fintech market is the constant efforts of the government and regulatory bodies to establish a conducive environment for the development of the fintech sector. Apart from this, various initiatives such as sandbox environments, digital-only banking licenses, and supportive regulatory frameworks are attracting considerable investment from various key market players, including both local and international firms.
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● Middle East Fintech Market Trends and Drivers:
The rising demand for digital financial services among the underbanked population, along with the increasing prevalence of internet and smartphone usage, is propelling the Middle East fintech market. Moreover, innovations in payment solutions, remittances, and digital wallets, backed by advancements in AI and blockchain technology, are making financial services highly accessible and affordable and further boosting market growth. Additionally, the COVID-19 pandemic has accelerated the shift towards digital payments and online banking, highlighting the critical role of fintech solutions in ensuring economic resilience and continuity. Besides this, the Middle East fintech market is expected to experience significant expansion in the coming years, with the potential to become a global leader in fintech innovation hubs, supporting economic diversification and strengthening the competitive advantage of the region internationally.
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
● Turkey
● Israel
● United Arab Emirates
● Iran
● Iraq
● Qatar
● Kuwait
● Oman
● Jordan
● Bahrain
● Others
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