Saudi Arabia Digital Transaction Management Market Will Hit Big Revenues in Future
Date
4/20/2022 10:36:00 PM
(MENAFN- P&S Intelligence) According to the Household Income and Expenditure Survey released by the General Authority for Statistics, the average household monthly income and average monthly per capita income of Saudi Arabia was 14,823 Riyal and 7,940 Riyal, respectively, in 2018. The survey also reveals that the per capita monthly expenditure of the country was 2,857 Riyal in 2018. The rising spending power of people, owing to the soaring income, will increase the penetration of digital transaction platforms in Saudi Arabia.
Thus, the surging income of people is expected to drive the Saudi Arabian digital transaction management market (DTM) at an exceptional CAGR of 35.7% during 2020–2030. According to P&S Intelligence, the market was valued at $60.88 million in 2020, and it will generate $1,288.27 million revenue by 2030. Additionally, ongoing technological advancements and the increasing focus of enterprises on digital platforms for business operations will also propel the demand for DTM solutions in Saudi Arabia.
Moreover, the soaring focus of the government on digital transformation will also encourage the use of DTM solutions in the country. The government aims to establish information and communication technology (ICT) as a central pillar of the development of the country under its Vision 2030 strategy. Likewise, the National Transformation Programme (NTP) has laid the foundation for digital-transformation-led innovation in the country. Both these initiatives are an outcome of the constant efforts of ministers to strengthen the ICT ecosystem of the nation.
Geographically, the central region accounted for the largest share in the Saudi Arabian digital transaction management market in 2020, and it is expected to demonstrate the fastest growth during the forecast period (2021–2030) as well. The growth of this region can be credited to the mounting IT expenditure, the growing focus of business entities on business expansion and improvement, and increasing government support for small and medium-sized enterprises (SMEs). Besides, the rapid adoption of digital services by corporates will also contribute to the market growth in the region.
Therefore, the surging focus of the government on digital transformation will augment the use of DTM solutions in Saudi Arabia.
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