Challenges in the Saudi Arabia Digital Wallet Market: Strategies for Sustaining 8.80% CAGR Forecast (2023-28)

Saudi Arabia Digital Wallet Market Report Overview:

According to current research by MarkNtel Advisors the Saudi Arabia Digital Wallet Market is estimated to grow at a CAGR of around 8.80% during the forecast period, i.e., 2023-28. Data at the, geographical levels are included in the report to assist stakeholders in better understanding supply and demand dynamics and how they affect the sector.

Professionals in the industry have conducted a thorough analysis of the Saudi Arabia Prop pants market report, which has been presented in a way that highlights the most important facts. The most up-to-date data on the market is the primary emphasis of the research. It includes several significant topics, such as corporate profiles, mergers and acquisitions, financial status, and feasibility research. It offers thorough details on industry chain analysis, marketing routes, and raw material costs. Stakeholders can learn more about market viability and financial sustainability through this abundance of information available. In addition, it provides a comprehensive picture of the market dynamics by illuminating the strategic actions made by organizations, their profiles, and the entire industry value chain.

Scope of the report:

Within the market under study, the report looks at the numerous applications, products/services, market value, and production capacity. In addition, it provides a thorough SWOT analysis, a threat and opportunity analysis, and a summary of the leading geographical. Through this, stakeholders may find out more about the market potential for application, diversity of products/services, and market value. In addition, the research offers an evaluation of the opportunities, threats, weaknesses, and strengths, enabling stakeholders to comprehend the market environment and make wise decisions.

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Saudi Arabia Digital Wallet Market Challenge:

Concerns Regarding Data Breaches & Data Vulnerabilities – The demand for digital wallets in Saudi Arabia is affected by security concerns. While digital wallets typically implement robust security measures, the perception of risk or instances of security breaches undermine consumer confidence and hinder adoption. Notable data breaches such as ransomware attacks, phishing attacks, etc., or fraudulent cases connected to digital wallets cause apprehension among consumers since users perceive digital wallets as susceptible to hacking or unauthorized access. According to the survey by Group IB, more than 29% of the companies in Saudi Arabia fell prey to cyber-attack incidents, causing the data of millions of consumers at risk. Therefore, consumers are reluctant to store their sensitive payment information in a digital format or digital banking solutions.

In addition, Saudi Arabia encounters internet connectivity challenges, particularly in remote or underserved areas. Hence, limited internet access or unreliable connectivity in some of the regions of Saudi Arabia impedes the smooth usage of digital wallets, thus limiting the market growth of Digital wallets in the country.

Competitive Landscape:

To provide a clear picture of the competitive environment of the studied industry, we conducted a detailed analysis of both the major players and the important small- and medium-sized businesses with significant growth potential. This Saudi Arabia Digital Wallet market research provides information on the competitors, including their sales volume and revenue with corresponding market shares, price, and gross margin. It also examines the current competitive situation of the market. Furthermore, discussed are the market concentration ratio, mergers, acquisitions, and expansion strategies.

• STC Pay
• Geidea Solutions
• Hala
• UrPay
• Mobily Pay
• Alinma Pay
• Friendi Pay
• Liv KSA
• Meem
• Mada Pay
• Quick Pay
• HyperPay
• Others

Explore Our Comprehensive Study: https://www.marknteladvisors.com/research-library/saudi-arabia-digital-wallet-market.html

By identifying the high-growth sectors, the study also gives stakeholders valuable insights into the trends and factors that are either driving or impeding the market growth possibilities.

Saudi Arabia Digital Wallet Market Segmentation

-By Type

• Proximity
• Remote

Of both, proximity-based digital wallets hold a prominent share of the market. These wallets provide a convenient and efficient method for enabling payments at physical point-of-sale terminals. Users effortlessly initiate transactions by tapping or waving their smartphones or smartwatches near contactless-enabled terminals. This eliminates the requirement of carrying physical payment cards or cash and expedites the checkout process at any store.

On the other hand, remote-based digital wallets often involve additional steps, such as entering login credentials or undergoing extra security measures to verify transactions during the checkout process. These extra steps are perceived to be inconvenient in contrast with traditional payment methods that only require entering card details. As a result, consumers seek to use alternative payment solutions rather than remote-based digital wallets. Thus, the share of the remote-based digital wallet is moderate in the Saudi Arabia Digital Wallet 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

-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

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Saudi Arabia Digital Wallet Market Geographical Reach:

-By Region

• Central
• East
• West
• South

Key Benefits for Stakeholders:

• To determine the prevailing market opportunities, this research offers a quantitative study of the market segments, current trends, projections, and shifts in the Saudi Arabia Digital Wallet market analysis from 2023-28.
• Information on the main factors driving the market as well as the obstacles and possibilities are provided.
• The power of suppliers and buyers to empower stakeholders to make profit-driven business decisions and fortify their supplier-buyer network is underscored by Porter’s five forces analysis.
• A comprehensive examination of the Saudi Arabia Digital Wallet market segmentation aids in identifying the dominant market opportunities.
• The major countries in each area are shown about the revenue they generate for the market.
• Market player positioning makes benchmarking easier and gives a clear picture of the current market position of each participant discussed in the report.
• The research analyzes market trends for the Saudi Arabia Digital Wallet industry on a scale, as well as the major competitors, market segments, and industry expansion tactics.

About Us

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

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others.

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