IMARC Group, a leading market research company, has recently released a report titled “Neobanking Market Report by Account Type (Business Account, Savings Account), Application (Enterprises, Personal, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the neobanking market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global neobanking market size reached US$ 132.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4,882.1 Billion by 2032, exhibiting a growth rate (CAGR) of 46.82% during 2024-2032.
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Global Neobanking Market Trends:
The increasing integration of embedded finance solutions that involves incorporating financial services within non-financial platforms, thereby creating a seamless user experience and expanding the reach of banking services, is positively impacting the market growth.
Additionally, the rising popularity of banking-as-a-service (BaaS) platforms, enabling businesses to offer tailored financial products without having to build the underlying infrastructure, is driving the market growth. Furthermore, the growing demand among businesses to enhance customer loyalty and engagement through seamless financial experiences, boosting the demand for embedded finance solutions, is acting as a growth-inducing factor.
Factors Affecting the Growth of the Neobanking Industry:
Rapid Technological Advancements and Digital Transformation:
The proliferation of smartphones and high-speed internet, facilitating the shift from traditional banking to digital platforms, is one of the major factors bolstering the market growth.
Moreover, the rising innovations such as blockchain technology, artificial intelligence (AI), and machine learning (ML) that enhance the capabilities and efficiency of neobanks are catalyzing the market growth. These technologies enable neobanks to offer personalized services, advanced security features, and streamlined processes that traditional banks often struggle to match. Besides this, the burgeoning integration of big data analytics, allowing neobanks to gain insights into customer behavior, thus enabling them to tailor products and services to meet specific needs, is positively impacting the market growth.
Changing Consumer Preferences and Demographics:
The changing consumer preferences and demographics are significantly influencing the market growth. The rising younger generation, which constitutes a substantial portion of the global workforce, exhibits a strong preference for digital-first solutions. These tech-enthusiast consumers prioritize convenience, speed, and user-friendly interfaces, all of which are core strengths of neobanks. They offer intuitive mobile apps, real-time notifications, and innovative financial products that cater to the needs of younger generations.
Additionally, the increasing adoption of digital banking as consumers sought contactless and remote banking solutions, is providing a thrust to the market growth. Apart from this, neobanks' ability to adapt quickly to evolving preferences by offering personalized and responsive customer service is enhancing the market growth.
· Introduction of Regulatory Support and Financial Inclusion:
The introduction of regulatory support and initiatives to enhance financial inclusion are crucial drivers boosting the market growth. In line with this, the growing recognition among governments and regulatory bodies about the potential of neobanks to foster financial inclusion, especially in underserved and unbanked populations, is catalyzing the market growth. Along with this, the imposition of policies and frameworks that encourage innovation and competition in the financial sector to support the growth of neobanks is fueling the market growth. For instance, regulatory sandboxes allow these banks to test new products and services in a controlled environment, promoting innovation while ensuring consumer protection.
Neobanking Market Report Segmentation:
By Account Type:
· Business Account
· Savings Account
Business account accounted for the largest market share due to the growing demand from small and medium-sized enterprises for digital banking solutions that offer better financial management tools and lower fees compared to traditional banks.
By Application:
· Enterprises
· Personal
· Others
Enterprises represented the largest segment as large organizations seek comprehensive and scalable financial solutions that can integrate seamlessly with their existing systems and support global operations.
Regional Insights:
· North America
· Asia-Pacific
· Europe
· Latin America
· Middle East and Africa
Europe’s dominance in the neobanking market is attributed to the advanced technological infrastructure, supportive regulatory environment, and high adoption rate of digital banking services among consumers and businesses.
Competitive Landscape with Key Players:
The competitive landscape of the digital payment market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· Agricultural Bank of China Limited
· Atom Bank PLC
· Citigroup Inc.
· Deutsche Bank AG
· Fidor Solutions AG (Groupe BPCE)
· HSBC Holdings Plc
· Malayan Banking Berhad
· Monzo Bank Limited
· Movencorp Inc.
· N26 GmbH
· Simple Finance Technology Corporation (BBVA USA)
· Ubank Limited
· Webank Co. Ltd.
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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