Statistics
According to GSMA, the Mobile Economy report, the adoption of smartphones is anticipated to rise from 52 percent in 2018 to 74 percent in 2025 in the Middle East and North Africa (MENA) region.
CRIFAX added a report on ‘Middle East and Africa Neo and Challenger Bank Market, 2019-2027’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
The Middle East and Africa Neo and Challenger Bank Market is estimated to grow at a moderate rate, owing to various factors driving the growth of the market in the region such as prevalence of uneven growth rates that vary between nations and also within each nation. The opportunities to grow in the region are immense, considering the fact that only very few business have digital presence in the region. The rise in oil prices and improved external demand is aiding the growth of the market in the region. Investments in ICT infrastructure has been high in some of the countries in the region such as Saudi Arabia, Qatar, Kuwait and United Arab Emirates (UAE). The outsourcing sector in Egypt and Turkey is anticipated to create an additional 80,000 jobs in each of these regions. The region also is home to a significant young population that forms almost half of the population present in the region. Growing literacy levels and improvements in average schooling is anticipated to drive the growth of the market in the region over the forecast period.
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With mobile internet and cloud technology ranked second in the order of those drivers for change during 2015-2019, the market is anticipated to observe noticeable growth over the next few years. The MENA region is estimated to attain better growth, owing to the presence of online talent platforms which could prove beneficial by shifting the jobs which are informal towards formal sector, which would improve the skills that are to be acquired to perform their work. According to GSMA, the number of subscribers is anticipated to grow from 64 percent in 2018 to 69 percent in 2025. Additionally, the number of smartphone connections is predicted to rise from 54 percent in 2018 to 74 percent in 2025. The opportunity for improving skills and learning new skills is comparatively better, as the population is comparatively a young population which can adapt quickly to the new technologies that are being introduced in the region.
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To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the Middle East and Africa Neo and Challenger Bank market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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