Finance - Western Asia

Western Asia

The Finance market in Western Asia is expected to witness significant growth in the coming years.
According to projections, the total revenue in this market is set to reach US$2.20m by 2022.
This indicates a promising future for the financial sector in the region.
Furthermore, it is anticipated that the Finance market will experience a compound annual growth rate (CAGR 2022-2027) of 12.87%.
This growth rate is expected to contribute to a projected market volume of US$4.17m by 2027.
These figures highlight the positive trajectory of the Finance market sector in Western Asia.
Within the Finance market, various revenue streams are expected to contribute to its overall growth.
In-app purchase (IAP) revenue is projected to reach US$0.77m in 2022, indicating the increasing popularity and usage of financial applications in the region.
Paid app revenue in the Finance market is also expected to witness growth, projected to reach US$0.35m in 2022.
This demonstrates the willingness of consumers in Western Asia to invest in financial applications.
Moreover, advertising revenue within the Finance market is projected to reach US$1.08m in 2022.
This indicates the increasing importance of advertisements as a revenue source for financial service providers in the region.
In terms of user engagement, the number of downloads in the Finance market is projected to reach 7.00m downloads in 2022.
This showcases the growing interest of consumers in financial applications and services.
Currently, the average revenue per download stands at US$0.31.
This metric provides insight into the profitability of financial applications in Western Asia, highlighting the potential for revenue growth in the market.
When comparing the Finance market on a global scale, it is interesting to note that in the United States generates the highest revenue.
In 2022, the revenue in the United States is projected to amount to US$580.10m.
This emphasizes the dominance of the United States in the global financial sector.
Overall, the Finance market in Western Asia is poised for growth, with projected revenue figures indicating a positive outlook for the sector.
As the region continues to embrace digital transformation, the finance industry is expected to flourish, providing valuable services and opportunities for both consumers and businesses.

Key regions: India, Europe, Japan, China, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.