Research Nester has released a report titled “Middle East Online Payment Gateway Market – Regional Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the Middle East online payment gateway market segmentation by enterprise type, by end user and by country.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Middle East Online Payment Gateway market is anticipated to record a CAGR of 16.5% during the forecast period, i.e. 2019-2027. The Middle East online payment system market is segmented by enterprise type into small & medium enterprises (SMEs) and large enterprises, out of which, large enterprises segment is anticipated to hold the largest market share, of around 60.9% in the year 2018, on the back of high volume of transactions carried out by the large enterprises.
Additionally, the SMEs segment is anticipated to gain a significant market share of around 39.1% in the year 2018 on account of growing awareness among merchants for online payment technology as well as for the introduction of solutions which are specially designed for SMEs. Online payment gateways offer fraud management & verification technology to ensure secure transactions. Furthermore, these gateways also provides greater ease of convenience for utilization among the SMEs.
The Middle East Online Payment Gateway market is further segmented by end user into BFSI, retail, travel, media & entertainment and others, out of which, retail segment is anticipated to hold the largest market share on the back of growing confidence of customers for authenticity of products available online along with the presence of domestic brands in online shopping portals, which helped in the change of consumer payment pattern for online shopping. The change resulted in the surge of online payment methods in the retail sector. The retail segment is estimated to hold a market revenue of USD 783.5 Million in the year 2018 and is forecasted to achieve USD 3401.7 Million by the year 2027.
Increase In Online Transactions
Online transactions have multiplied with the growth in the e-commerce industry. Growing consumer awareness regarding ease of online payment and the increasing demand for m-wallets, coupled with the increasing digital penetration by the young internet-savvy population, all of these factors are contributing significantly towards the growth of the Middle East Online Payment Gateway Market. The market is also anticipated to grow with the initiatives provided by the government of the region which promotes cashless transactions and also have taken various steps to create a familiar ambience amongst consumers and enterprises for processing e-payments. Furthermore, the government is also facilitating availability of online payment channels throughout the region to boost online payments amongst the population of the region.
However, concerns for lack of regulatory framework for online payment gateways for both merchants and consumers, coupled with the increasing data breach and cyber-attacks, all of these factors are expected to act as a barrier to the growth of the Middle East online payment gateway market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Middle East Online Payment Gateway Market, which includes company 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 encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Middle East Online Payment Gateway Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.