Press release
Neobanking Global Market size is Expected to Grow to $556.66 billion at a CAGR of 47.2% By 2027 | Top Players: Revolut Ltd., Ubank Limited, Webank, Inc., Tangerine Bank, Chime Financial
Neobanking Market
The Business Research Company's Neobanking Global Market Report 2023 identifies the growing demand for digitalization among banking institutions across the globe is contributing to the growth of the neobanking market. Digital banking describes the digitalization of all banking procedures and the substitution of the bank's physical location with a continual online presence, which eliminates the need for consumers to visit a branch.
The global neobanking market size grew from $79.1 billion in 2022 to $118.51 billion in 2023 at a compound annual growth rate (CAGR) of 49.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The neobanking market size is expected to grow to $556.66 billion in 2027 at a CAGR of 47.2%.
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Major players in the neobanking market are Revolut Ltd., Simple Finance Technology Corp., Ubank Limited, Webank, Inc., Tangerine Bank, Chime Financial, Inc., Dave, Inc., Neo Financial Technologies Inc., Nubank S.A., OakNorth, Orange Bank, Tinkoff Bank, Upgrade, Inc., Monzo and Monese.
Technological Advancement is a key trend propelling the neobanking market. Artificial intelligence is used in neobanking services and solutions to improve efficiency. AI can provide consumers with highly personalized solutions and logical reminders and notifications that will help them save money and enjoy more ease.
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The Neobanking market is segmented -
• By Account Type: Business Account, Savings Account
• By Service: Mobile Banking, Payments And Money Transfer, Checking/Savings Account, Loans, Other Services
• By Application: Enterprises, Personal, Other Application
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Western Europe was the largest region in the Neobanking market.
The Business Research Company's "Global Neobanking Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Neobanking Market Include:
1. Executive Summary
2. Neobanking Market Characteristics
3. Neobanking Market Trends And Strategies
4. Neobanking Market - Macro Economic Scenario
5. Neobanking Market Size And Growth
.....
26. Africa Neobanking Market
27. Neobanking Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Neobanking Market
29. Neobanking Market Future Outlook and Potential Analysis
30. Appendix
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