UAE Fintech Market to be dominated by Mobile Payment through 2027
The emerging trend of
fintech in small and medium-sized enterprises to analyze information and data
is driving the demand for the UAE fintech market in the forecast period,
2023-2027.
According to TechSci Research
report, “UAE Fintech Market By Region, Competition Forecast
& Opportunities, 2027”, the UAE fintech market is expected to
witness an impressive CAGR in the forecast period, 2023-2027. Fintech refers to
using technology and innovation to offer financial services through
internet-based platforms. Organizations in this market provide end-to-end
financial services and solutions to automate transaction processes over the
internet. End-user organizations widely adopt it on the back end to automate
insurance, risk management, trading, and banking services. Escalating demand
for online financing among consumers and the rise in usage of novel
technologies in the existing business operation of banks & financial
institutions are expected to drive the market growth in the forecast period.
Moreover, the significant growth in innovative technology, including artificial
intelligence in business decision-making capabilities, is expected to upgrade
the performance of fintech-based platforms.
Fintech companies cover
numerous services, ranging from those offering more traditional banking
services such as payment services and fund transfers to those that are
technologically focused offering services. FinTech companies started as
exclusively technology companies to support the financial sector. These companies
have evolved as an alternative to traditional financial services providers by
offering a variety of financial services that include mobile point of service
(POS) payments, crowd lending to businesses, and marketplace lending to
consumers. The increase in the middle-class segment, rising urbanization
levels, increasing literacy rate, and expansion in the tech-savvy youth
population are some of the primary factors expected to accelerate the market
growth. Infrastructure-based technology in the open platforms and various
application-based interfaces are expected to contribute to the growth of the
financial service provider industry. Blockchain has also been a significant
subsector in the UAE, as well as for cryptocurrencies. Furthermore, the
mandatory application of the General Data Protection Regulation (GDPR)
guidelines is projected to provide lucrative opportunities to the market
players during the forecast period.
However, the growing concern
among consumers regarding data security may hamper the growth of the UAE
fintech market in the forecast period.
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data Figures spread through 70 Pages and an in-depth TOC on "UAE Fintech Market".
The UAE fintech market is segmented
into technology, service, application, end user, and competitive landscape. Based on technology, the UAE
fintech market is divided into API, AI, blockchain, distributed computing, and
others. The artificial intelligence segment is expected to witness the largest
market share in the forecast period, 2023-2027. The shift in patient preferences
towards dental radiology equipment for improved diagnosis and treatment is
expected to drive market growth. AI is an essential element of the FinTech
industry in collecting data, analyzing information, and creating
customer-centric products. Increasing usage of AI-powered technologies in
various UAE firms to prevent the loss of sensitive customer information, along
with advanced risk analytics and fraud detection capabilities, are expected to
influence the market demand.
Based on service, the UAE
fintech market is divided into payment, fund transfer, personal finance, loans,
insurance, and others. The insurance segment is predicted to witness a
significant CAGR in the forecasted
period, 2023-2027. Insurance offers cutting-edge services to the fintech
industry, which accelerates the growth of the UAE fintech market.
Based on application, the UAE
fintech market is segmented into banking, insurance, securities, and others.
The banking segment is projected to dominate the largest market share in the
forecast period, 2023-2027. Banks and start-ups in this space are focusing on
developing e-wallets and payment interfaces to maintain services & deliver
a quicker and hassle-free user experience.
Key market players operating
in the UAE fintech market are:
- Channel VAS
- BitOasis
- Tarabut Gateway
- Sarwa
- Yallacompare
- Beehive
- Telr
- NymCard
- Mamo Pay
- Nowmoney
- Tabby
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“Giant tech companies,
including Google, Amazon, Facebook, and Apple, focus on enhancing their
financial services by introducing peripheral banking services to their current
offerings without going full-stack. The inflating popularity of digital
payments, heavy investments in technology-based solutions, and the growing
adoption of IoT devices are expected to influence the fintech market
positively. Additionally, the elevating use of new technologies such as
artificial intelligence in Fintech, Big Data, machine learning, & chatbots
and technological innovations such as mobile wallets, paperless lending, and
digitized money is expected to create new growth avenues for the UAE fintech
market in the forecast period, 2023-2027.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“UAE Fintech Market By
Technology (API, AI, Blockchain, Distributed Computing, Others), By Service
(Payment, Fund Transfer, Personal Finance, Loans, Insurance, Others), By
Application (Banking, Insurance, Securities, Others), By Region, Competition
Forecast & Opportunities, 2027”, has evaluated the future
growth potential of UAE fintech market and provides statistics &
information on market size, structure and future market growth. The report
intends to offer insights market intelligence and help decision makers take
sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in UAE fintech market.
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