P&S Intelligence: Saudi digital transaction management market value surpass $1,288.3mln by 2030

The Saudi Arabian digital transaction management market revenue stood at $60.88 million in 2020, and it is predicted to rise to $1,288.27 million by 2030, exhibiting a CAGR of 35.7% from 2020 to 2030, Prescient & Strategic Intelligence Private Limited (P&S Intelligence) said.

The major market growth drivers are the shift of business processes to digital platforms, surging adoption of cloud technologies, and soaring purchasing power of end users.

The market remained unaffected during the COVID-19 pandemic as rapid digitalization and the launch of several initiatives by the Saudi Arabian government under the Vision 2030 for propelling digital transformation caused a massive rise in the gross domestic product (GDP) of the country.

Digital transactions made a contribution of nearly $119.6 billion (SR 449 billion) to the nation’s GDP in 2020, and this number is predicted to rise to $156.1 billion (SR 586 billion) by 2025. This is encouraging the government and businesses to adopt advanced digital strategies, thereby supporting the expansion of the market.