Press release
Neobanking Market on the Rise: Expected Demand of US$ 3.3 Trillion by 2032 | Growth, Share Analysis
Allied Market Research published a report, titled, "Neobanking Market by Account Type (Business Account and Savings Account), Service Type (Mobile Banking, Payments & Money Transfer, Checking/Saving Accounts, Loans, and Others), and Application (Enterprise, Personal): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global Neobanking Market was valued at $68.95 billion in 2022 and is estimated to reach $3,251.95 billion by 2032, exhibiting a CAGR of 47.3% from 2023 to 2032.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/228
Prime determinants of growth
Increase in digitalization of banking activities and increase in demand for digital banking solutions boost the growth of the global neobanking market. In addition, increase in use of mobile banking positively impacts the growth of the neobanking market. However, security issues and privacy concerns and high implementation cost hampers the neobanking market growth. On the contrary, rise in investments in fintech Industry is expected to offer remunerative opportunities for expansion of the neobanking market during the forecast period.
Covid-19 Scenario
The neobanking market has witnessed stable growth during the COVID-19 pandemic, owing to the rising dependency on online banking services. A myriad of social, political, and economic challenges has become apparent across the globe in the wake of the pandemic. These challenges has affected both financial service providers and investors.
On the contrary, numerous SMEs relied on neobanks to fulfill their working capital needs during the pandemic, thereby driving the growth of the market.
The savings account segment to maintain its fastest growth rate throughout the forecast period.
Based on the account type, the business account segment held the highest market share in 2022, accounting for more than two-thirds of the global neobanking market revenue, owing to increasing adoption of neobanking by various businesses across the globe as the preferred way of payment for bulk payouts. However, the savings account segment is projected to manifest the highest CAGR of 49.4% from 2023 to 2032, owing to the increased the adoption of digitalization in banking activity.
Buy This Report @ https://bit.ly/3rM1Bju
The loans segment to maintain its leadership status throughout the forecast period
Based on service type, the mobile banking segment held the highest market share in 2022, accounting for nearly half of the global neobanking market revenue, owing to increase in demand for personalization and self-service on services and products. However, the loans segment is projected to manifest the highest CAGR of 52.6% from 2023 to 2032, owing to an increase in the adoption of neo bank lending platforms based on its benefits such as enhanced loan optimized loan process, quicker decision-making, compliance with regulations and rules, and improved business efficiency.
The personal segment to maintain its lead position during the forecast period
Based on application, the enterprise segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global neobanking market revenue, owing to increase in adoption of neobanking application that provides enterprise-related services, such as credit management, transaction management, and asset management. However, the personal segment is expected to portray the largest CAGR of 49.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, owing to the high penetration rate of smartphones has enabled customers to widely opt for neobanking services.
Europe maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global neobanking market revenue, owing to presence of most successful neobanking businesses in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 50.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increasing government initiatives in the banking industry and an increasing number of mobile and internet users in developing nations such as India and China are accounted development of private and rural banking.
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/neobanking-market/purchase-options
Leading Market Players: -
Monzo Bank Limited,
Movencorp, Inc.,
WeBank,
PRETA S.A.S.,
N26 AG,
Revolut Ltd.,
Ubank,
Pockit LTD,
Starling Bank Limited,
Atom Bank PLC.,
The report provides a detailed analysis of these key players of the global neobanking market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Trending Reports in BFSI Industry:
Unsecured Business Loans Market https://www.alliedmarketresearch.com/unsecured-business-loans-market-A15157
Crowdfunding Market https://www.alliedmarketresearch.com/crowdfunding-market-A47387
Asset-Based Lending Market https://www.alliedmarketresearch.com/asset-based-lending-market-A12934
Blockchain in Insurance Market https://www.alliedmarketresearch.com/blockchain-in-insurance-market-A11767
EV Insurance Market https://www.alliedmarketresearch.com/ev-insurance-market-A47384
Virtual Reality in BFSI Market https://www.alliedmarketresearch.com/virtual-reality-in-bfsi-market-A14959
David Correa
1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/228
Prime determinants of growth
Increase in digitalization of banking activities and increase in demand for digital banking solutions boost the growth of the global neobanking market. In addition, increase in use of mobile banking positively impacts the growth of the neobanking market. However, security issues and privacy concerns and high implementation cost hampers the neobanking market growth. On the contrary, rise in investments in fintech Industry is expected to offer remunerative opportunities for expansion of the neobanking market during the forecast period.
Covid-19 Scenario
The neobanking market has witnessed stable growth during the COVID-19 pandemic, owing to the rising dependency on online banking services. A myriad of social, political, and economic challenges has become apparent across the globe in the wake of the pandemic. These challenges has affected both financial service providers and investors.
On the contrary, numerous SMEs relied on neobanks to fulfill their working capital needs during the pandemic, thereby driving the growth of the market.
The savings account segment to maintain its fastest growth rate throughout the forecast period.
Based on the account type, the business account segment held the highest market share in 2022, accounting for more than two-thirds of the global neobanking market revenue, owing to increasing adoption of neobanking by various businesses across the globe as the preferred way of payment for bulk payouts. However, the savings account segment is projected to manifest the highest CAGR of 49.4% from 2023 to 2032, owing to the increased the adoption of digitalization in banking activity.
Buy This Report @ https://bit.ly/3rM1Bju
The loans segment to maintain its leadership status throughout the forecast period
Based on service type, the mobile banking segment held the highest market share in 2022, accounting for nearly half of the global neobanking market revenue, owing to increase in demand for personalization and self-service on services and products. However, the loans segment is projected to manifest the highest CAGR of 52.6% from 2023 to 2032, owing to an increase in the adoption of neo bank lending platforms based on its benefits such as enhanced loan optimized loan process, quicker decision-making, compliance with regulations and rules, and improved business efficiency.
The personal segment to maintain its lead position during the forecast period
Based on application, the enterprise segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global neobanking market revenue, owing to increase in adoption of neobanking application that provides enterprise-related services, such as credit management, transaction management, and asset management. However, the personal segment is expected to portray the largest CAGR of 49.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, owing to the high penetration rate of smartphones has enabled customers to widely opt for neobanking services.
Europe maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global neobanking market revenue, owing to presence of most successful neobanking businesses in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 50.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increasing government initiatives in the banking industry and an increasing number of mobile and internet users in developing nations such as India and China are accounted development of private and rural banking.
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/neobanking-market/purchase-options
Leading Market Players: -
Monzo Bank Limited,
Movencorp, Inc.,
WeBank,
PRETA S.A.S.,
N26 AG,
Revolut Ltd.,
Ubank,
Pockit LTD,
Starling Bank Limited,
Atom Bank PLC.,
The report provides a detailed analysis of these key players of the global neobanking market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Trending Reports in BFSI Industry:
Unsecured Business Loans Market https://www.alliedmarketresearch.com/unsecured-business-loans-market-A15157
Crowdfunding Market https://www.alliedmarketresearch.com/crowdfunding-market-A47387
Asset-Based Lending Market https://www.alliedmarketresearch.com/asset-based-lending-market-A12934
Blockchain in Insurance Market https://www.alliedmarketresearch.com/blockchain-in-insurance-market-A11767
EV Insurance Market https://www.alliedmarketresearch.com/ev-insurance-market-A47384
Virtual Reality in BFSI Market https://www.alliedmarketresearch.com/virtual-reality-in-bfsi-market-A14959
David Correa
1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned.
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