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 12.86%.
- 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$773.40k 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$349.90k 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 United States generates the highest revenue.
- In 2022, the revenue 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.
Definition:
The Finance market contains apps that facilitate financial transactions and/or assist with personal financial matters. This market includes financial management apps, banking apps, payment apps, and stock investment apps, among others. The most popular apps, such as PayPal, Venmo, and Cash App, process billions of dollars worth of transactions each year. Meanwhile, Robinhood makes investing in stocks accessible to the ordinary consumer. Financial apps showcase the latest innovations and trends in financial technology and put them to the test.Additional Information:
We consider three different sources of revenue:- Revenue from in-app purchases (IAP) that comes from the purchase of features, upgrades, and subscriptions within an app
- Paid app revenue from the one-time purchase of an app
- Advertising revenue obtained from showing ads within an app
In-Scope
- Apps that can be downloaded from major app stores such as Apple, Inc.'s App Store and the Google Play store, or in the case of China, from stores such as Huawei AppGallery and Tencent Appstore.
- Apps that are run on iPhones and Android phones.
Out-Of-Scope
- Apps exclusively offered by Microsoft Store and Amazon Appstore for Android.
- Custom-made apps not available from any official app store.
- B2B/C2C app sales of any kind.
- Subscription revenues outside of in-app purchases (for example, Netflix and Spotify use their own payment systems outside of their apps).
