SAN
FRANCISCO, Dec. 6, 2022 /PRNewswire/ -- The
global neobanking market size is expected to reach USD 2,048.53 billion by 2030, growing at a CAGR
of 53.4% from 2022 to 2030, according to a new report by Grand View
Research, Inc. Factors, such as a faster process of loan
approval and funding, compared to traditional banks, with
low-interest rates via banking applications are driving the growth
of the market.
Key Industry Insights & Findings from the report:
- The ability of neobanks to offer a faster and more transparent
model and their low-cost structure are the key factors influencing
the market growth.
- The growing adoption of mobile and digital banking as a mode of
payment by Small-&-Medium-sized Enterprises (SMEs) and large
enterprises is expected to propel the growth of the business
account segment over the forecast period.
- The personal application segment is estimated to register the
fastest CAGR from 2022 to 2030.
- Factors, such as reduced reloading fees, zero withdrawal
expenses and monthly fees, and low cost of transactions, are
expected to contribute to the segment growth.
- Europe dominated the market in
2021 and is expected to retain its position over the forecast
period owing to the entry of a large number of new vendors in the
regional market.
Read 120-page full market research report, "Neobanking
Market Size, Share & Trends Analysis Report By Account Type
(Business, Savings), By Application (Enterprises, Personal), By
Region (Asia Pacific, Europe), And Segment Forecasts, 2022 -
2030", published by Grand View Research.
Neobanking Market Growth & Trends
Increasing technological advancements, such as Artificial
Intelligence (AI) and IoT, in online banking platforms, are also
expected to boost the market growth over the forecast period. The
rising popularity of mobile-based applications for making
international fund transfers and online payments is also propelling
the market growth. Governments in various countries are making
efforts to promote internet services across rural areas.
Furthermore, leading players are offering customized services
via mobile applications to help customers and enterprises manage
their finances, savings, and spending efficiently. Such factors
bode well for the growth of the market. Factors, such as the
accelerated expansion of the customer base, innovative revenue
generation & modernization models, and increasing product
launches globally, are expected to significantly contribute to the
market growth over the forecast period. Numerous financial service
providers are launching services through mobile apps to make
payments faster. For instance, in November
2020, Revolut announced the launch of Google Pay for its
customers in Greece, Bulgaria, Estonia, Austria, Hungary, Lithuania, Latvia, Portugal, the
Netherlands, and Romania to
make online and in-store payments fast and simple.
The outbreak of the COVID-19 pandemic positively impacted the
global market on account of the rising dependency on online banking
platforms for making payments. Numerous citizens and enterprises
around the world preferred simple, safe, and helpful ways to adopt
contactless payment technologies. The market players are also
responding to the changing requirements of the enterprises and are
diversifying their solutions and services to manage the taxing,
budgeting, and accounting for small and medium-sized enterprises at
lower costs.
Neobanking Market Segmentation
Grand View Research has segmented the global neobanking market
on the basis of account type, application, and region:
Neobanking Market - Account Type Outlook (Revenue, USD
Billion, 2017 - 2030)
- Business Account
- Savings Account
Neobanking Market - Application Outlook (Revenue, USD
Billion, 2017 - 2030)
- Enterprises
- Personal
- Others
Neobanking Market - Regional Outlook (Revenue, USD Billion,
2017 - 2030)
- North America
-
- Europe
-
- Asia Pacific
-
- Latin America
-
- Middle East & Africa
List of Key Players of Neobanking Market
- Atom Bank PLC
- Fidor Bank Ag
- Monzo Bank Ltd.
- Movencorp Inc.
- Mybank
- N26
- Revolut Ltd.
- Simple Finance Technology Corp.
- Ubank Limited
- Webank, Inc.
Check out more related studies published by Grand View
Research:
- Digital Banking Platform Market - The global
digital banking platform market size is anticipated to reach
USD 107.1 billion and to expand at a
CAGR of 20.5% by 2030, according to a new report by Grand View
Research, Inc. The rise in internet users and the customers' shift
from traditional to online banking are key drivers for market
growth. Furthermore, an expansion in the use of cloud-based
platforms is expected to boost the digital banking platform market
by providing greater scalability.
- Banking-as-a-Service Market - The global
banking-as-a-service market size is expected to reach USD 74.55 billion by 2030, growing at a CAGR of
16.2% from 2022 to 2030, according to a new study conducted by
Grand View Research, Inc. The global industry is accelerating due
to the growing digitalization in banks and the simplification of
financial services. In addition, the expansion of the
Banking-as-a-Service (BaaS) industry is positively impacted by
advancements in fund transaction services across the U.S. and
several emerging countries.
- Open Banking Market - The global open banking market
size is expected to reach USD 135.17
billion by 2030, growing at a CAGR of 26.9% from 2022 to
2030, according to a new study conducted by Grand View Research,
Inc. The global open banking market is expanding as a result of
favorable government legislation, improved overall customer
involvement made possible by open banking APIs, and an increase in
the adoption of innovative applications and services. In addition,
the relocation in the focus of retail banks toward consolidated
technological enhancements also bodes well with the market's
growth.
Browse through Grand View Research's Next Generation
Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research Helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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SOURCE Grand View Research, Inc.