Neobanking Market is set for a Potential Growth Worldwide

According to the latest research report published by Market Data Forecast, the global neobanking market is predicted to reach USD 30.21 billion in 2024 and USD 215.26 billion by 2029, growing at a CAGR of 48.1% during the forecast period.

Neobanks are online-only financial institutions that solely deal in digital assets; they don't exist in person. They provide debit cards, make deposits and withdrawals easier, offer chances for investing, and offer credit and lending services. To provide financial services, neobanks typically work in conjunction with banks that are licenced, as the majority lack a licence to operate as independent banks.

Global Neobanking Market Report Scope:
• Market Size (2029): USD 215.26 Billion
• Market Size (2023): USD 30.21 Billion
• CAGR (2024 to 2029): 48.1%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: By Organization Size, Service Type, Account Type, Application, and Region
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: MYBANK, Deutsche Bank, Citigroup, Fidor Bank, CBC, Starling Bank, Movencorp Inc., Toscana, Agricultural Bank of China; Inc., HSBC Group, and Webank, Inc and Others.

Market Drivers:

The neobanking market is driven by many factors such as favourable digital public infrastructure, greater regulatory support, investments in the fintech industry, expanding demand for digital banking services and activities, and digitization of banking operations.
Neobanks can improve their financial performance and client interactions by utilising artificial intelligence. They must ensure that these AI capabilities result in commercial benefits and embrace an AI-first mentality. Several of the world's top neobanks have successfully used AI. For example, Neobank Bunq introduced generative artificial intelligence (AI) onto its platform in December 2023. Eleven million customers were able to access Finn, a generative AI tool. It allows users to organise their finances, locate transactions, and browse the Bunq app by flipping the search function.
In addition, the neobanking market is actively investigating blockchain technology and cryptocurrencies to enable safer, quicker, and more affordable transactions. This tendency is also influenced by the persistent popularity of cutting-edge bitcoin wallet app solutions.

Market Restraints:

Issues and threats including cybercrimes and hacking, which hamper the banking sector and other internet enterprises, prevent the market from expanding. Insider threats, phishing assaults, malware attacks and Distributed Denial of Service (DDoS) attacks are a few of the dangers. Because the banking industry handles so much sensitive financial data, it is especially vulnerable to cybercrimes, which can result in unauthorised exposure and negative consequences. Furthermore, one of the challenges with neobanks is complying with different legislation. Neobanks are required to follow the same rules as their traditional counterparts, which can be a laborious and resource-intensive procedure.
Additionally, neobanks did not have the resources to implement the most recent, effective cybersecurity safeguards, making them open to cyberattacks. A cyberattack on these can cause the bank and its clients to suffer irreversible financial losses. Also, because of worries about security and privacy, many consumers are reluctant to use neobanking services even though they are more convenient. Neobanking service acceptance is restricted by worries about cybersecurity and data privacy, which poses a significant obstacle to the worldwide market's expansion.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/neobanking-market

Key Insights from The Report:
•Based on Organization Size, the Large Enterprises segment led the market and accounted for a large share of the global market in 2023.
•Based on Service Type, the Loans segment captured the largest share of the global market in 2023.
•Based on Service Type, Support and Maintenance is anticipated to dominate the market during the forecast period in 2023.
•Based on Account Type, the Business Account segment is expected to lead the market in the forecast period in 2023.
•Based on Application, the Personal segment holds the largest share in the global market
•Europe dominated the smart building market in 2023. Asia-Pacific accounted for the second-highest share of the global market in 2023, and the North America region is estimated to grow over the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Organization Size
•Large Enterprises
•small

By Service Type
•Loans
•Mobile Banking
•Checking & Bank Account
•Payment & Money Transfer

By Account Type
•Business Account
•Bank Account

By Application
•Personal
•Enterprise

By Region
•North America
•Europe
•Asia Pacific
•Latin America
•Middle East and Africa

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market Share Analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Neobanking Market, By Organization Size
6.1.1 Large Enterprises
6.1.2 small
6.1.3 Market Size Estimations & Forecasts (2024 to 2029)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Neobanking Market, By Service Type
6.2.1 Loans
6.2.2 Mobile Banking
6.2.3 Checking & Bank Account
6.2.4 Payment & Money Transfer
6.2.5 Market Size Estimations & Forecasts (2024 to 2029)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Neobanking Market, By Account Type
6.3.1 Business Account
6.3.2 Bank Account
6.3.3 Market Size Estimations & Forecasts (2024 to 2029)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Neobanking Market, By Application
6.4.1 Personal
6.4.2 Enterprise
6.4.3 Market Size Estimations & Forecasts (2024 to 2029)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Neobanking Market, by Region
7.2 North America - Market Analysis (2024 to 2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Organization Size
7.2.3 By Service Type
7.2.4 By Account Type
7.2.5 By Application
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Organization Size
7.3.3 By Service Type
7.3.4 By Account Type
7.3.5 By Application
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Organization Size
7.4.3 By Service Type
7.4.4 By Account Type
7.4.5 By Application
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Organization Size
7.5.3 By Service Type
7.5.4 By Account Type
7.5.5 By Application
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Organization Size
7.6.3 By Service Type
7.6.4 By Account Type
7.6.5 By Application

8. Key Player Analysis
8.1 MYBANK
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Deutsche Bank
8.3 Citi Group
8.4 Fidor Bank
8.5 CBC
8.6 Starling Bank
8.7 Movencorp Inc
8.8 Toscana
8.9 HSBC Group
8.10 Webank, Inc

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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