Report : 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)
BFSI Segment to Dominate MEA Digital Payment Market During 2021–2028
According to a new market research study on “MEA Digital Payment Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Deployment, Organization Size, and Industry” is expected to reach US$ 9,006.79 million by 2028 from US$ 4,016.93 million in 2021. The market is estimated to grow at a CAGR of 12.2% from 2021 to 2028. The report provides trends prevailing in the MEA digital payment market along with the drivers and restraints pertaining to the market growth. Accelerating adoption of open-banking APIs and accentuating demand for mobile point of sales (mPOS) are the major factor driving the growth of the MEA digital payment market. However, lack of international cross-border payment standards hinders the growth of MEA digital payment market.
In case of COVID-19, MEA is highly affected especially South Africa. The region comprises many major economies, such as the UAE and Saudi Arabia that are prospective markets for the digital payment providers due to the huge presence of diverse customer base for the several industries. Currently, the Gulf countries are on the verge of adopting transformative digital technologies in various verticals to improve the socio-economic conditions of the countries. However, due to the COVID-19 outbreak, the implementation of stringent measures such as factory lockdowns, business shutdowns, and travel restrictions aggravated the economic problems of the countries in the MEA. Hence, the decline in MEA’s economic condition and the impact of COVID-19 pandemic on the growth of various industries in the region slightly impacted the growth of the digital payment market in 2020.
The MEA digital payment market is segmented on the basis of component, deployment, organization size, industry, and country. Based on component, the market is segmented into solution and services. The solution segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on solution, the market is segmented into payment gateways, payment processing, payment security and fraud management, point of sale, and payment wallet. Based on services, the market is segmented into professional services and managed services. By deployment, the market is bifurcated into cloud-based and on-premises. The cloud-based segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on organization size, the market is segmented into large enterprises and SMEs. The large enterprises segment dominated the market in 2020 and SMEs segment is expected to be fastest growing during forecast period. Based on industry, the market is segmented into BFSI, retail and e-commerce, healthcare, travel and hospitality, media and entertainment, IT and telecom, and others. The BFSI segment dominated the market in 2020 and retail and e-commerce segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the UAE, South Africa, Saudi Arabia, and rest of MEA.
ACI Worldwide, Inc.; Adyen; Financial Software & Systems Pvt. Ltd.; Fiserv, Inc.; Global Payments Inc.; PayPal Holdings, Inc.; and PayU are among the leading companies in the MEA digital payment market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, The United Arab Emirates (UAE) and its local acquiring services demonstrate its commitment to the Middle East area. With acquiring capabilities in the UAE, Adyen offers a better payment solution to domestic and international firms, allowing for greater authorization rates and smoother shopper flows. Foodics, Fabergé, and HMSHost International are among the first merchants to profit from Adyen’s acquisition service.
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