Middle East and Africa Digital Payment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution (Payment Gateways, Payment Processing, Payment Security and Fraud Management, Point of Sale, and Payment Wallet) and Services (Professional Services and Managed Services)), Deployment (Cloud-Based and On-Premises), Organization Size (Large Enterprises and SMEs), and Industry (BFSI, Retail and Ecommerce, Healthcare, Travel and Hospitality, Media and Entertainment, IT and Telecom, and Others)
The MEA digital payment market is expected to grow from US$ 4,016.93 million in 2021 to US$ 9,006.79 million by 2028; it is estimated to grow at a CAGR of 12.2% from 2021 to 2028.
The rising demand of the diverse demands of customers, retailers, banks, telecom providers, and gadget suppliers is the primary reason for emerging digital payment model's success. It enables them to go to various locations, such as concerts, trade exhibits, and food trucks, where they may receive money from clients. This is accomplished by properly implementing mobile point-of-sale (m POS) systems in the industry. Retailers may use m POS and associated software systems to improve and enhance consumer interaction, resulting in higher conversion rates and sales. m POS are specific integrated devices such as smartphones and tablets that may operate as electronic POS terminals. These deployments allow brick-and-mortar retailers to use pricing, product information, and inventory data, enabling omnichannel engagement. The growing traction toward such solutions is likely to drive the MEA digital payment market during the forecast period.
Major economies in the MEA, such as the UAE and Saudi Arabia, are prospective markets for the digital payment providers due to the huge presence of a diverse customer base for several industries. Currently, Gulf countries are on the verge of adopting transformative digital technologies in various verticals to improve their socioeconomic conditions. However, the implementation of stringent measures such as factory lockdowns, business shutdowns, and travel restrictions, amid the COVID-19 pandemic, aggravated the economic problems of the countries in the MEA, especially in 2020. Hence, a decline in the economic growth of the MEA countries and adversities introduced by the COVID-19 pandemic in various industries slightly impacted the growth of the digital payment market in 2020.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA digital payment market. The MEA digital payment market is expected to grow at a good CAGR during the forecast period.
MEA Digital Payment Market Revenue and Forecast to 2028 (US$ Million)
MEA Digital Payment Market Segmentation
MEA Digital Payment Market, by Component
Solution Payment Gateway Payment Processing Payment Security and Fraud Management Point of Sale Payment Wallet Services Professional Services Managed Services MEA Digital Payment Market, by Deployment
On-Premise Cloud-Based MEA Digital Payment Market, by Organization Size
SMEs Large Enterprises MEA Digital Payment Market, by Industry
BFSI Retail and Ecommerce Healthcare Travel and Hospitality Media and Entertainment IT and Telecom Others MEA Digital Payment Market, by Country
Saudi Arabia UAE South Africa Rest of MEA MEA Digital Payment Market - Companies Mentioned
ACI Worldwide, Inc. Adyen Financial Software & Systems Pvt. Ltd. Fiserv, Inc. Global Payments Inc. Pay Pal Holdings, Inc. Pay U
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the MEA digital payment market.
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Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the digital payment market, as well as those hindering it
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