Neobanking Market Developments: Projected 51.5% CAGR to Raise Industry to USD 4,784.54 Billion By 2032

According to Polaris Market Research predictions, the Neobanking Market size was valued at USD 113.93 billion in 2023. The market is anticipated to grow to USD 4,784.54 billion by 2032, exhibiting a CAGR of 51.5% during the forecast period.

The market growth is primarily fuelled by the growing demand for comfort among banking consumers is anticipated to push market augmentation. Neobanks offer banking solutions bereft of the prerequisite for conventional physical branches or offices. Besides, the aggregate of alliances between banks and firms to instigate neobank platforms is escalating and speeding the market growth. These alliances aim to offer consumers superior involvement and improve security and stability.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐰𝐢𝐭𝐡 𝐀𝐧 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐋𝐨𝐨𝐤 𝐚𝐭 𝐭𝐡𝐞 𝐋𝐚𝐭𝐞𝐬𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 𝐚𝐧𝐝 𝐔𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬: https://www.polarismarketresearch.com/industry-analysis/neobanking-market/request-for-sample

Neobanks are solely digital banking policies that function solely online. They do not have a tangible existence. For consumers, arrangements in conventional banks could need enough time and endeavour. Neobanks pledge an effortless online familiarity by bringing an empiric digital layer to the apex of conventional banking. Because of their tech-propelled nature, customers can generate accounts by themselves and utilize their benefaction without problems. Because of the online feature of neobanks, they can effortlessly sanction customers to open savings accounts equipped with a physical debit card.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧 𝐃𝐞𝐞𝐩 𝐃𝐢𝐯𝐞

The market is portrayed by fierce contention with entrenched players depending on progressive technology, high-standard commodities, and a robust brand image to push revenue growth. Some of the prominent players operating in the neobanking market include:

• Atom Bank PLC
• Chime Financial Inc
• Citigroup Inc
• Dave Inc
• Fidor Bank AG
• Monzo Bank Ltd.
• Movencorp Inc.
• Mybank
• N26 GmbH
• Revolut Ltd.
• Simple Finance Technology Corp.
• Starling Bank
• Ubank Limited
• Upgrade, Inc
• Webank, Inc.

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭: https://www.polarismarketresearch.com/buy/3574/2

𝐍𝐞𝐨𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬

• In 2023, the business account segment accounted for the largest revenue share in the neobanking market. Neobanking has gained immense popularity as a payment method for businesses across the globe. The simplified procedures and intuitive features of neobank platforms enhance the effectiveness of payments to suppliers and other related parties and also lead to progress by declining the requirement of manual intervention.
• The enterprise segment accounted for the highest market share during the forecast period. The enterprise sector has played a significant role in the growth of the market. These platforms deliver services such as asset management, credit management, and transaction management. To satisfactorily serve their customers, various neobank service providers for SMEs seek to extend their product line by acquiring other companies.
• In 2023, Europe is accounted for the largest market share in the neobanking market. The European market's growth is due to innovative technologies, early adoption of new tech, product platform creation, and alliances to enhance market position. Neo banks are adopting an O2O distribution model to drive growth.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬

• Europe dominated the neobanking market. The region's growth is primarily fuelled by the surfacing of inventive technologies and the premature acquisition of these technologies. Additionally, firms are concentrating on instigating contemporary commodity platforms and establishing alliances to fortify their position in the market.
• Owing to the escalating acquisition of internet services, together with the growing usage of smartphones, the Asia Pacific region is projected to grow at a rapid pace.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/neobanking-market

𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐡𝐚𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐭𝐡𝐞 𝐧𝐞𝐨𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐞𝐩𝐨𝐫𝐭 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐚𝐜𝐜𝐨𝐮𝐧𝐭 𝐭𝐲𝐩𝐞, 𝐬𝐞𝐫𝐯𝐢𝐜𝐞 𝐭𝐲𝐩𝐞, 𝐚𝐧𝐝 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧:

𝐍𝐞𝐨𝐛𝐚𝐧𝐤𝐢𝐧𝐠, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐓𝐲𝐩𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 (𝐑𝐞𝐯𝐞𝐧𝐮𝐞 - 𝐔𝐒𝐃 𝐁𝐢𝐥𝐥𝐢𝐨𝐧, 𝟐𝟎𝟏𝟗 - 𝟐𝟎𝟑𝟐)
• Business Account
• Savings Account
• Others

𝐍𝐞𝐨𝐛𝐚𝐧𝐤𝐢𝐧𝐠, 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐓𝐲𝐩𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 (𝐑𝐞𝐯𝐞𝐧𝐮𝐞 - 𝐔𝐒𝐃 𝐁𝐢𝐥𝐥𝐢𝐨𝐧, 𝟐𝟎𝟏𝟗 - 𝟐𝟎𝟑𝟐)
• Mobile Banking
• Loans
• Payments and Money Transfer
• Checking/Savings Account
• Others

𝐍𝐞𝐨𝐛𝐚𝐧𝐤𝐢𝐧𝐠, 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 (𝐑𝐞𝐯𝐞𝐧𝐮𝐞 - 𝐔𝐒𝐃 𝐁𝐢𝐥𝐥𝐢𝐨𝐧, 𝟐𝟎𝟏𝟗 - 𝟐𝟎𝟑𝟐)
• Enterprise
• Personal
• Others

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Digital Mining Market: https://www.polarismarketresearch.com/industry-analysis/digital-mining-market

Self-Sovereign Identity (SSI) Market: https://www.polarismarketresearch.com/industry-analysis/self-sovereign-identity-ssi-market

Hospital Electronic Health Records Market: https://www.polarismarketresearch.com/industry-analysis/hospital-electronic-health-records-market

Identity Threat Detection and Response (ITDR) Market: https://www.polarismarketresearch.com/industry-analysis/identity-threat-detection-and-response-market

Small Cell 5G Network Market: https://www.polarismarketresearch.com/industry-analysis/small-cell-5g-network-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐈𝐧𝐟𝐨:

Polaris Market Research
Phone: +1-929-297-9727
Email: sales@polarismarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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This release was published on openPR.