Pro
Technology & Electronics
Middle East & Africa Core Banking Solution Market, by Services, 2017-2025
| Label | USD Trillion |
|---|---|
| 2018 | 0.0560703231191031 USD Trillion |
| 2019 | 0.0760329543613989 USD Trillion |
| 2020 | 0.0999093142008339 USD Trillion |
| 2021 | 0.1288429935744 USD Trillion |
| 2022 | 0.158596535756519 USD Trillion |
| 2023 | 0.175276056112119 USD Trillion |
| 2024 | 0.193637451942333 USD Trillion |
| 2025 | 0.20244134430484 USD Trillion |
| 2026 | 0.229526005326941 USD Trillion |
| 2027 | 0.260150745372107 USD Trillion |
| 2028 | 0.303705516001006 USD Trillion |
| 2029 | 0.354445193131978 USD Trillion |
| 2030 | 0.413540596930583 USD Trillion |
| 2031 | 0.482351360102353 USD Trillion |
| 2032 | 0.495464898381634 USD Trillion |
Data Source: Wantstats Repository
Market Dynamics
The e-commerce market in the GCC (Gulf Cooperation Council) countries is anticipated to be one of the fastest growing in the world over the 2018 to 2032 forecast period. The industry is expected to benefit from a number of favourable factors, including increased consumer spending, rapid population growth, and better infrastructure. Additionally, governments are encouraging e-commerce by providing incentives and increasing investment. According to reports, the GCC e-commerce market was estimated at around USD 35 billion in 2017 and is predicted to grow at a compound annual growth rate (CAGR) of 18.6 per cent over the forecast period to reach over USD 250 billion in 2032. Online non-food retail sales are expected to have the highest growth potential during this period, since these categories are currently the most underpenetrated e-commerce segments in the region. The penetration of e-commerce in this part of the world is still significantly lower than other parts of the world, however, this is expected to change as more people learn and become comfortable with online purchases, and as more companies enter the market.
The majority of current e-commerce users across the region are male, urban and from higher-income backgrounds; however, there is likely to be more opportunity and growth for e-commerce users, as those from lower-income backgrounds, female users, and rural consumers become more aware of the opportunities e-commerce presents in the region. The growth of e-commerce channels in the GCC is also being fuelled by the fact that customers in the region are highly aware of the latest trends in global fashion and technology and are increasingly attracted to online option to access these. In addition, there is a trend towards mobile shopping amongst younger customers. Retailers are also increasingly recognizing the potential of online sales in the region and are adapting their strategies to take advantage of the opportunities presented. It is expected that retail companies will increase their presence in the GCC’s e-commerce market over the forecast period, as increased consumer spending creates the opportunity to tap into a larger customer base and increase profits. Furthermore, as the infrastructure continues to improve, better access to e-commerce services will further facilitate growth.
A number of key companies in the e-commerce space are expected to capitalize on growth opportunities in the region over the forecast period, including Amazon, JD.com, and Alibaba.
Research Methodology
Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2023.
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Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
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Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.