The E-Commerce Foundation, PayPal Insights, PAYFORT & Bain Analysis stated in one of their statistical report that the e-commerce market size in Saudi Arabia reached 3.0 USD Billion in the year 2017 growing at a growth rate of 1.67x from 1.8 USD Billion in the year 2015.
The statistics portray the growing e-commerce industry in Middle East region, which is also facilitating the growth of the online payment gateway systems in the region. Changing consumer demographics, where young internet-savvy population are exploring digital platforms such as social media and online e-commerce websites, coupled with, government initiatives which is promoting cashless transactions by creating a familiar ambience for consumers and enterprises in terms of online payment channels and initiating e-payment systems, all of these factors together are contributing significantly towards the growth of the Middle East online payment gateway market.
The Middle East online payment gateway market is anticipated to grow at a CAGR of 16.5% over the forecast period, i.e. 2019–2027. The market is segmented by enterprise type into small & medium enterprises (SMEs) and large enterprises. Among the segments, large enterprises segment is anticipated to hold the largest market share, of around 60.9% in the year 2018, on account of the increasing volume of transactions which are carried out by the large enterprises.
The SMEs segment is anticipated to gain significant market share of around 39.1% in the year 2018 on the back of increasing awareness for online payment technology among merchants as well as for the introduction of solutions which are specially designed for SMEs.
The Middle East online payment gateway market is also segmented by end user into BFSI, retail, travel, media & entertainment and others. Among these segments, retail segment is anticipated to hold the largest market share, which is estimated to reach a market revenue of USD 3401.7 Million from USD 783.5 Million in-between 2018 and 2027. Confidence of consumers for availing products online is increasing at a rapid pace.
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The effect can also be seen with the rising sales of e-commerce players. Owing to such a factor, other traditional retailers are taking the lucrative opportunity to create their omnipresence in e-commerce as e-tailers. Moreover, domestic brands are also increasing their presence online, which is also helping consumers to shift their purchasing pattern from traditional shopping methods to online platforms, thereby helping to promote the growth of the online payment gateway systems in the retail sector, in the region.
However, growing concerns for increasing data breach and cyber-attacks, along with the absence of regulatory framework for monitoring online payments, which constitutes of important merchant and consumers financial data, is expected to act as a barrier to the growth of the Middle East online payment gateway market over the forecast period.
This report also studies existing competitive scenario of some of the key players of the Middle East online payment gateway market, which includes profiling of Telr Pte Ltd., Payfort International FZ LLC, Checkout.com, 2Checkout, PayTabs, CASHU, and Infibeam Avenues (NSE: INFIBEAM).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Middle East Online Payment Market — Regional Demand Analysis& Opportunity Outlook 2027”, analyses the overall Middle East online payment gateway industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the Middle East online payment gateway market in the near future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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