Dublin, Feb. 24, 2022 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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.
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. 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 spendings 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 Report Highlights
- 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
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Neobanking Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Neobanking Market - Value Chain Analysis
3.3.1 Vendor landscape
3.4 Neobanking Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Convenience offered to customers
3.4.1.2 Best interest rates offered over traditional banks
3.4.2 Market restraint analysis
3.4.2.1 Low profitability
3.5 Penetration and Growth Prospect Mapping
3.6 Neobanking Market - Porter's Five Forces Analysis
3.7 Neobanking Market - Key Company Ranking/Company Market Share Analysis, 2020
3.8 Neobanking Market - PESTEL Analysis
Chapter 4 Neobanking Account Type Outlook
4.1 Neobanking Market Share By Account Type, 2021
4.2 Business Account
4.2.1 Business account neobanking market, 2017 - 2030
4.3 Savings Account
4.3.1 Savings account neobanking market, 2017 - 2030
Chapter 5 Neobanking Application Outlook
5.1 Neobanking Market Share By Application, 2021
5.2 Enterprises
5.2.1 Enterprises neobanking market, 2017 - 2030
5.3 Personal
5.3.1 Personal neobanking market, 2017 - 2030
5.4 Others
5.4.1 Neobanking market in other applications, 2017 - 2030
Chapter 6 Neobanking Regional Outlook
Chapter 7 Competitive Analysis
7.1 Recent Developments and Impact Analysis, by Key Market Participants
7.2 Company Market Share Analysis, 2021
7.3 Competitive Dashboard Analysis
7.4 Company Market Positioning Analysis
7.5 List of Key Emerging Companies/Technology Disruptors/Innovators
7.6 Company Geographic Presence
Chapter 8 Competitive Landscape
8.1 Atom Bank PLC
8.1.1 Company overview
8.1.2 Financial performance
8.1.3 Product benchmarking
8.1.4 Strategic initiatives
8.2 Fidor Bank Ag
8.2.1 Company overview
8.2.2 Financial performance
8.2.3 Product benchmarking
8.2.4 Strategic initiatives
8.3 Monzo Bank Limited
8.3.1 Company overview
8.3.2 Financial performance
8.3.3 Product benchmarking
8.3.4 Strategic initiatives
8.4 Movencorp Inc.
8.4.1 Company overview
8.4.2 Financial performance
8.4.3 Product benchmarking
8.4.4 Strategic initiatives
8.5 Mybank
8.5.1 Company overview
8.5.2 Financial performance
8.5.3 Product benchmarking
8.5.4 Strategic initiatives
8.6 N26
8.6.1 Company overview
8.6.2 Financial performance
8.6.3 Product benchmarking
8.6.4 Strategic initiatives
8.7 Revolut Ltd.
8.7.1 Company overview
8.7.1 Financial performance
8.7.2 Product benchmarking
8.7.3 Strategic initiatives
8.8 Simple Finance Technology Corporation
8.8.1 Company overview
8.8.2 Financial performance
8.8.3 Product benchmarking
8.8.4 Strategic initiatives
8.9 Ubank Limited
8.9.1 Company overview
8.9.2 Financial performance
8.9.3 Product benchmarking
8.9.4 Strategic initiatives
8.10 Webank, Inc.
8.10.1 Company overview
8.10.2 Financial performance
8.10.3 Product benchmarking
8.10.4 Strategic initiatives
8.11 List of Prominent Market Players
For more information about this report visit https://www.researchandmarkets.com/r/xag19d
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