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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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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