Saudi Arabia payments market size is projected to exhibit a growth rate (CAGR) of 14.13% during 2024-2032. The shifting preferences among individuals from traditional cash-based transactions towards digital and electronic payment methods are primarily driving the market growth.
Report Attribute
|
Key Statistics
|
---|---|
Base Year
|
2023 |
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Growth Rate (2024-2032) | 14.13% |
Payments, in the context of finance and commerce, refer to the transfer of money or financial value from one party to another in exchange for goods, services, or as part of a financial transaction. Payments can take various forms, including cash, checks, credit cards, bank transfers, digital wallets, and cryptocurrencies. They serve as the foundation of economic activities, enabling individuals and businesses to conduct transactions, pay for products and services, settle debts, and facilitate economic exchanges. The evolution of technology and digitalization has led to the emergence of electronic payment methods, transforming the way payments are made by offering greater speed, convenience, and security. As the payment landscape continues to evolve, it plays a pivotal role in the global economy, affecting the way individuals and businesses manage their finances and engage in commercial activities.
The payments market in Saudi Arabia is undergoing a significant transformation driven by rapid technological advancements, changing consumer preferences, and government initiatives. The country has witnessed a shift from traditional cash-based transactions to digital and electronic payment methods, which is acting as another significant growth-inducing factor. In line with this, key drivers contributing to this transformation include the rise of mobile banking and digital wallets, increased internet and smartphone penetration, and a push towards financial inclusion. Furthermore, Saudi Arabia has also introduced regulatory reforms and initiatives to promote cashless transactions, such as the launch of the Saudi Central Bank's instant payment system (SARIE) and the introduction of open banking regulations. Additionally, the COVID-19 pandemic further accelerated the adoption of digital payments as consumers and businesses sought contactless and remote payment options. This dynamic shift in the payments landscape reflects Saudi Arabia's commitment to modernize its financial ecosystem and provide convenient, secure, and efficient payment solutions to its growing population and expanding economy.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on mode of payment and end use industry.
Mode of Payment Insights:
The report has provided a detailed breakup and analysis of the market based on the mode of payment. This includes point of sale (card payments, digital wallet, cash, and others) and online sale (card payments, digital wallet, and others).
End Use Industry Insights:
A detailed breakup and analysis of the market based on the end use industry have also been provided in the report. This includes retail, entertainment, healthcare, hospitality, and others.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include Northern and Central Region, Western Region, Eastern Region, and Southern Region.
The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
---|---|
Base Year of the Analysis | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Units | US$ Million |
Scope of the Report | Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
|
Mode of Payments Covered |
|
End Use Industries Covered | Retail, Entertainment, Healthcare, Hospitality, Others |
Regions Covered | Northern and Central Region, Western Region, Eastern Region, Southern Region |
Customization Scope | 10% Free Customization |
Report Price and Purchase Option | Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699 |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |