IMARC Group’s report titled “GCC Payment Gateway Market Report by Application (Large Enterprises, Micro and Small Enterprises, Mid-Size Enterprises), Mode of Interaction (Hosted Payment Gateways, Non-Hosted Payment Gateways, Direct Payment Gateways, Platform-Based Payment Gateways), and Country 2024-2032“, The GCC payment gateways market size reached US$ 3,084.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 8,974.6 Million by 2032, exhibiting a growth rate (CAGR) of 12.2% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/gcc-payment-gateway-market/requestsample
Factors Affecting the Growth of the GCC Payment Gateway Industry:
- Thriving E-Commerce Sector:
The rising adoption of payment gateways due to the thriving e-commerce sector is supporting the market growth in the GCC region. Organizations require efficient and secure payment processing solutions as people are increasingly preferring online shopping. Online platforms provide improved convenience of shopping in the comfort of the home of individuals. Payment gateways enable seamless and secure online transactions and benefit in enhancing trust among individuals. They provide a seamless and user-friendly checkout experience, making it easy for individuals to complete their purchases.
- Favorable Government Initiatives:
Governing agencies in the GCC region are promoting digital payments by undertaking various initiatives, such as digital wallets, cashless transactions, and electronic services. These initiatives benefit in reducing reliance on cash, enhancing financial inclusion, and improving overall economic efficiency, which is impelling the market growth. Governing authorities are also establishing regulatory frameworks to govern payment gateway providers, ensuring they comply with industry standards and protect the financial data of individuals. These regulations aid in enhancing the trust and confidence of individuals in digital payment systems.
- Rising Utilization of Smartphones:
The increasing adoption of smartphones among the masses in the GCC region is bolstering the market growth. Mobile devices are becoming the go-to platform for accessing e-commerce platforms and making transactions. Payment gateways provide user-friendly mobile interfaces and secure mobile payment options. Smartphone users can easily make payments by scanning quick response (QR) codes at physical stores or when shopping online. Payment gateways facilitate QR code payments and enhance the contactless payment experience, which is propelling the market growth in the region.
GCC Payment Gateway Market Report Segmentation:
By Application:
- Large Enterprises
- Micro and Small Enterprises
- Mid-Size Enterprises
Large enterprises represent the largest segment as they require advanced payment gateway solutions capable of processing a large number of payments efficiently.
By Mode of Interaction:
- Hosted Payment Gateways
- Non-Hosted Payment Gateways
- Direct Payment Gateways
- Platform-Based Payment Gateways
Hosted payment gateways hold the biggest market share due to the rising focus on enhanced security.
Regional Insights:
- Saudi Arabia
- UAE
- Qatar
- Oman
- Kuwait
- Bahrain
UAE enjoys a leading position in the GCC payment gateway market, which can be attributed to increasing preferences for online shopping.
GCC Payment Gateway Market Trends:
Payment gateways play a crucial role in facilitating cross-border transactions, making it easier for organizations to engage in trade. In line with this, the increasing adoption of payment gateways, as they offer advanced security measures, is contributing to the market growth in the GCC region.
Besides this, rising preferences for convenient and hassle-free payment options among the masses in the region are impelling the market growth. Payment gateways offer various payment methods, catering to the diverse needs and preferences of individuals.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163