In a recent published report, Kenneth Research has updated the market report for Middle East Online Payment Gateway Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Middle East Online Payment Gateway Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Middle East Online Payment Gateway Market Analysis 2019-2028
The payment gateways transfer the information about the transaction between the bank and the payment portal and also enable enterprises to collect money through a bank selected by the customer, safely and securely. It acts as a mediator between e-commerce merchant website and a bank to authenticate online payments. Owing to advancements in mobile payment technology and the adoption of Internet of Things (IoT), a surge in automation of transaction processes is observed.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
The Middle East online payment gateway market registered a value of around USD 2300 Million in the year 2019 and is further estimated to reach around USD 9500 Million by the year 2028, by growing at a CAGR of 16.80% over the forecast period of 2020-2028, owing to increasing internet penetration, advancements in online payment technology, rise in the use of mobile wallets in the region and increase in preference for online retailing.
On the basis of organization size, the Middle East online payment gateway market is segmented into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment registered the largest market share in the year 2019, on the back of high volume of transactions and the rising number of bulk transactions. The small & medium enterprises segment is growing on the back of increasing awareness among merchants for the rising incidences of payment frauds.
Increasing online transactions and rising demand for mobile wallets are anticipated to contribute to the growth of Middle East online payment gateway market. Different forms of online payment channels, high disposable income of the population in the region, government’s initiatives for cashless transactions, high speed internet and increasing penetration of smartphones, are the major factors contributing to the growth of the market in the Middle East region. Mobile wallets are gaining popularity as domestic and international tech players, telecom operators and local banks are committed to offer mobile wallet-based solutions, which further drives the growth of the market.
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“The Final Report will cover the impact analysis of COVID-19 on this industry.”
However, lack of regulatory framework for online payment gateways, absence of payment security protocols, increasing number of cyber-attacks, and high setup cost of online payment gateways, are the various factors which are anticipated to hamper the growth of Middle East online payment gateway market over the forecast period.
Prominent Key Players of Middile East Regions:
Some of the affluent industry leaders in the Middle East online payment gateway market are Telr Pte Ltd., Payfort International FZ LLC, Checkout.com, 2Checkout, PayTabs, CASHU, and Infibeam Avenues among others.
Business Questions answered by the report
- What might be the outcome of the BPS analysis for the Middle East Online Payment Gateway Market?
- At what compound annual growth rate is the market in the region growing?
- What are the probable growth drivers for the growth of the market?
- What exactly is the remuneration that each geography holds?
- Which region is anticipated to accumulate the maximum market share by the end of the forecast period?
- What are the revenues of the segments for the Market?
- Who are the key players for the Middle East Online Payment Gateway market?
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