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Saudi Arabia Fintech Market Size, Share, Trends, Forecast: By Deployment Mode: On-premises, Cloud; By Technology: Application Programming Interface (API), Artificial Intelligence, Blockchain, Robotic Process Automation, Data Analytics, Others; By Application: Banking, Trading, Taxation, Insurance, Others; Competitive Landscape; 2024-2032
Saudi Arabia Fintech Market Outlook
The Saudi Arabia fintech market size reached approximately USD 39.91 billion in 2023. The market is assessed to grow at a CAGR of 13.7% between 2024 and 2032 to attain a value of around USD 125.01 billion by 2032.
Key Trends in the Market
Fintech, variously known as financial technology, refers to the integration of different technologies into financial processes and services. It supports businesses and consumers to improve their financial operations. Fintech is revolutionising the investment, banking, and insurance sectors while enhancing consumers’ access to various financial services.
- Some Saudi Arabia fintech market trends include advanced technology infrastructure in the country, the rising accessibility to cloud services and 5G network, and the growing demand for financial services, such as asset management, investments, and insurance, among others.
- Saudi Arabia boasts a high number of various investors such as venture capitalists and ranks high on ease of doing business index and liberalised business regulations. Such factors, coupled with rapid digital transformation and rising foreign direct investments in fintech start-ups, are aiding the Saudi Arabia fintech market demand.
- The Saudi Arabian government has also introduced various initiatives to build a technology-driven economy and create a cashless ecosystem. It has developed organisations such as Saudi Fintech to support fintech initiatives and encourage the use of fintech solutions by small and medium-sized enterprises.
- Advancements in technologies like blockchain, hyper-automation, the Internet of things (IoT), artificial intelligence, and cloud computing, among others, are expected to revolutionise the Saudi Arabia fintech market growth in the forecast period. Such technologies can enhance the productivity of fintech firms, surge client engagement, automate various tasks, and improve the efficiency of various services.
Market Analysis
Based on deployment mode, the market is segmented into on-premises and cloud. On the basis of technology, the Saudi Arabia fintech market segmentation includes application programming interface (API), artificial intelligence, blockchain, robotic process automation, and data analytics, among others. By application, the market segmentation includes banking, trading, taxation, and insurance, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Saudi Arabia fintech market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Raqamyah Crowdfunding
- Sure Global Tech
- Salfa
- SkyBand
- Nakhla Information Systems Technology Company (Tamara)
- Saudi Digital Payment Company
- HyperPay Inc.
- PayTabs Group
- Halalah Trading Company
- Others
Market Share by Application
As per the Saudi Arabia fintech market analysis, banking accounts for a significant market share due to the increasing number of smartphone payment transactions. Banks, government agencies, and corporations, among others, are also attempting to develop various fintech banking services such as lending, e-wallets, and financial transactions.
With the surging demand for enhanced convenience and accessibility among consumers, banks are increasingly deploying fintech solutions to provide seamless online services such as EMIs and bill payments, among others.
Market Share by Technology
APIs, also known as application programming interfaces, represent a major portion of the Saudi Arabia fintech market share. Fintech firms use APIs to develop new services and facilitate data exchange and sharing between different software to offer a comfortable experience to users. They also play an important role in the development of payment-processing solutions while automating processes like data governance and compliance checks.
Competitive Landscape
Raqamyah Crowdfunding, established in 2017, is a company that uses innovative technologies to connect SMEs seeking affordable and fast finance with financers. The company also supports financers to earn attractive returns, and its crowdlending financing platform is licensed by the Saudi Central Bank.
Sure Global Tech is a company that provides various solutions in the field of information security and technology. Established in 2004, it is one of the largest Saudi Arabian providers of consultative and technical solutions for both private and public enterprises. Through its new company SurePay, the company forayed into the fintech business.
Saudi Digital Payment Company is a fintech company that is engaged in the development of interoperable and secure national payment infrastructure. The company aims to create a digital economy by leveraging innovative technologies and providing secure and innovative digital financial services.
Other Saudi Arabia fintech market players include Salfa, SkyBand, Nakhla Information Systems Technology Company (Tamara), HyperPay Inc., PayTabs Group, and Halalah Trading Company, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Deployment Mode |
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| Breakup by Technology |
|
| Breakup by Application |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Fintech Market Overview
8.1 Key Industry Highlights
8.2 Global Fintech Historical Market (2018-2023)
8.3 Global Fintech Market Forecast (2024-2032)
8.4 Global Fintech Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Saudi Arabia Fintech Market Overview
9.1 Key Industry Highlights
9.2 Saudi Arabia Fintech Historical Market (2018-2023)
9.3 Saudi Arabia Fintech Market Forecast (2024-2032)
10 Saudi Arabia Fintech Market by Deployment Mode
10.1 On-premises
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Cloud
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Saudi Arabia Fintech Market by Technology
11.1 Application Programming Interface (API)
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Artificial Intelligence
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Blockchain
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Robotic Process Automation
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Data Analytics
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Saudi Arabia Fintech Market by Application
12.1 Banking
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Trading
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Taxation
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Insurance
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Raqamyah Crowdfunding
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Sure Global Tech
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Salfa
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 SkyBand
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Nakhla Information Systems Technology Company (Tamara)
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Saudi Digital Payment Company
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 HyperPay Inc.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 PayTabs Group
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Halalah Trading Company
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Fintech Market: Key Industry Highlights, 2018 and 2032
2. Saudi Arabia Fintech Market: Key Industry Highlights, 2018 and 2032
3. Saudi Arabia Fintech Historical Market: Breakup by Deployment Mode (USD Billion), 2018-2023
4. Saudi Arabia Fintech Market Forecast: Breakup by Deployment Mode (USD Billion), 2024-2032
5. Saudi Arabia Fintech Historical Market: Breakup by Technology (USD Billion), 2018-2023
6. Saudi Arabia Fintech Market Forecast: Breakup by Technology (USD Billion), 2024-2032
7. Saudi Arabia Fintech Historical Market: Breakup by Application (USD Billion), 2018-2023
8. Saudi Arabia Fintech Market Forecast: Breakup by Application (USD Billion), 2024-2032
9. Saudi Arabia Fintech Market Structure
Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 39.91 billion.
The market is assessed to grow at a CAGR of 13.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 125.01 billion by 2032.
The major market drivers are the rising demand for financial services, the advanced technology infrastructure of the country, and a high number of various investors in the country.
The key trends aiding the market are the surging demand for enhanced convenience and accessibility among consumers and technological advancements and innovations.
The major applications of fintech are banking, trading, taxation, and insurance, among others.
The significant deployment modes of fintech are on-premises and cloud.
The major players in the market are Raqamyah Crowdfunding, Sure Global Tech, Salfa, SkyBand, Nakhla Information Systems Technology Company (Tamara), Saudi Digital Payment Company, HyperPay Inc., PayTabs Group, and Halalah Trading Company, among others.
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