Saudi Arabia Fintech Market Size (2024 - 2029)

The market size of the Fintech sector in Saudi Arabia is projected to grow significantly in the coming years, driven by factors such as the Covid-19 pandemic which has increased the demand for contactless payment services. Saudi Arabia's large and young population, along with the country's aspirations to be among the top 10 largest economies, also contribute to the growth of the market. The market is primarily driven by young, first-generation entrepreneurs who are competing with large financial institutions. The Fintech sector in Saudi Arabia is diverse, with companies involved in various areas such as payments and currency exchange, lending and finance, personal finance/treasury management, business tools, and private fundraising. The sector's potential is further enhanced by the Saudi Vision 2030, which provides relevant tools and support for digital transformation, including in the Fintech sector.

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Market Size of Saudi Arabia Fintech Industry

Saudi Arabia Fintech Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 63.90 Billion
Market Size (2029) USD 87.14 Billion
CAGR (2024 - 2029) > 6.07 %
Market Concentration Low

Major Players

Saudi Arabia Fintech Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Saudi Arabia Fintech Market Analysis

The Saudi Arabia Fintech Market size in terms of assets under management value is expected to grow from USD 63.90 billion in 2024 to USD 87.14 billion by 2029, at a CAGR of greater than 6.07% during the forecast period (2024-2029).

The massive rate of adoption of smartphones and the internet boosted the growth of the fintech market in Saudi Arabia. The large population in the country is connected with fintech companies, and it has helped the companies reach out to a vast range of customers by making financial services more accessible and convenient. A young and tech-savvy population in the country with high mobile and internet usage rates is also driving the demand for innovative financial solutions.

For small and medium enterprises (SMEs), FintechSaudi provides education and resources through workshops and training for students, investors, companies, and banks. This helps emerging talent and entities learn about the fintech industry and understand FintechSaudi's role in development. They also create products and services to support SMEs across the country.

Governments and financial authorities are prioritizing the need to foster innovation in the financial sector. They are introducing policies to promote competition, reduce entry barriers, ensure data security, and encourage the development of new financial technologies. In addition, changing consumer preferences are increasing the adoption of fintech. Moreover, the rising advancements in data analytics and artificial intelligence, which allow fintech firms to provide better risk assessment, fraud detection, and personalized financial recommendations, are supporting the market's growth in Saudi Arabia.

Saudi Arabia Fintech Industry Segmentation

FinTech technology utilizes technology to provide financial services and streamline traditional financial processes. It includes many digital solutions, including mobile banking apps, online payment platforms, cryptocurrency, peer-to-peer lending, robo-advisors, and more.

The Saudi Arabian fintech market is segmented by service propositions into money transfer and payments, savings and investments, digital lending & lending marketplaces, online insurance & insurance marketplaces, and others. The report offers market sizes and forecasts in value (USD) for all the above segments.

By Service Proposition
Money Transfer and Payments
Savings and Investments
Digital Lending & Lending Marketplaces
Online Insurance & Insurance Marketplaces

Saudi Arabia Fintech Market Size Summary

The Saudi Arabia Fintech Market is projected to experience substantial growth, driven by the demand for contactless payment services, which surged amid the Covid-19 pandemic. The market, primarily led by young entrepreneurs, is highly competitive with increased venture investments in fintech. A significant portion of the fintechs in Saudi Arabia are engaged in payments and currency exchange, followed by lending and finance, personal finance/treasury management, business tools, and private fundraising. The market's potential is further enhanced by Saudi Vision 2030, which supports the fintech sector and wider digital transformation. The development of advanced technologies and the increasing use of smartphones for digital payments are key factors driving the market. Saudi Arabia's vision is to become a leading player in data and AI by 2030, which could contribute significantly to its GDP. The digital payments market is expected to grow significantly, with digital commerce being the largest segment. The fintech industry in Saudi Arabia includes several companies, such as Rasanah Technologies LLC, SURE, Foodies, Sulfah, Raqamyah Platform, Maalem Financing Company, Skyland, and Saudi Fintech Company, among others. The adoption of fintech platforms and technological upgrades is leading to increased competition among these companies.

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Saudi Arabia Fintech Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Faster Transaction Drives the Market

      2. 1.2.2 Cost Reduction Drives the Market

    3. 1.3 Market Restraints

      1. 1.3.1 Fintech Companies may be More Vulnerable to Cyber-Attacks

      2. 1.3.2 Fintech Companies may not Offer Same Range of Financials

        1. 1.3.2.1

      3. 1.3.3 Market Oppurtunities

        1. 1.3.3.1 Technological Advancements in Fintech Market

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitutes

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Insights into Technology Innovations in the Market

    6. 1.6 Insights into Government Regulations and Industry Policies

    7. 1.7 A Brief on Consumer Needs and Behavior Analysis Toward Saudi Arabia Fintech Industry

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Service Proposition

      1. 2.1.1 Money Transfer and Payments

      2. 2.1.2 Savings and Investments

      3. 2.1.3 Digital Lending & Lending Marketplaces

      4. 2.1.4 Online Insurance & Insurance Marketplaces

Saudi Arabia Fintech Market Size FAQs

The Saudi Arabia Fintech Market size is expected to reach USD 63.90 billion in 2024 and grow at a CAGR of greater than 6.07% to reach USD 87.14 billion by 2029.

In 2024, the Saudi Arabia Fintech Market size is expected to reach USD 63.90 billion.

Saudi Arabia Fintech Market Report Snapshots

Fintech Market in Saudi Arabia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)