Press release
Neobanking Market: Exponential Growth, Key Trends, Dominant Players, and Forecast Overview
Neobanking Market Share
Prospect of Global Neobanking Market: From $176.05 Billion Valuation in 2024 to Staggering $1228.17 Billion Mark by 2029 with Rapid CAGR
What Is The Projected Market Size Of The Global Neobanking Market And Its Growth Rate?
The neobanking market has observed a significant surge in recent years and is expected to grow exponentially in the future.
• The market will surge from $176.05 billion in 2024 to $262.36 billion in 2025 at a compound annual growth rate (CAGR) of 49.0%.
• Numerous factors such as consumer demand for convenience and cost efficiency, globalization and cross-border transactions, and leveraging big data have contributed to this growth.
• The neobanking market is expected to soar to $1228.17 billion in 2029 at a compound annual growth rate (CAGR) of 47.1%.
• The forecasted growth will be driven by open banking initiatives, embedded finance, the rise of challenger banks, expansion beyond core banking services and other factors.
What Is Driving The Growth In The Neobanking Market?
The escalating demand for digitalization in banking institutions globally is driving the neobanking market growth. Digital banking is revamping traditional financial services by automating them and substituting physical branch visits with continual online presence. Neobanks, leveraging technologies like AI, automation, and cloud computing, are helping financial organizations to operate online, providing digital versions of all banking services at lower prices. The expected generation of about $8.646 billion by 2025 through digital banking, according to Mexico-based IT company Softtek, attests to this trend, fuelling the neobanking market growth.
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Who Are The Key Players Driving Neobanking Market Growth?
The key companies propelling the neobanking market comprise:
• Webank Inc.
• Nubank
• Chime Financial Inc.
• SoFi Technologies Inc.
• Green Dot Corporation
• Robinhood Markets Inc.
• Revolut Ltd.
• Upgrade Inc.
• Monzo Bank Ltd.
• Aspiration Inc.
• N26 GmbH
• Starling Bank Ltd.
• Ubank Limited
• Bunq BV
• Daylight Financial Corp
• Vivid Money GmbH
• Monese Ltd.
• Varo Money Inc.
• Current Financial Inc.
• Acorns Grow Inc.
What Are The Key Trends In The Neobanking Market?
The leading trends in the neobanking market include:
• Integration of open banking platforms
• Partnerships with fintech and tech giants
• AI and machine learning in personalized finance
• Virtual and contactless banking features
• Customer-centric approach.
What Are The Segments Of The Global Neobanking Market?
Neobanking market is segmented based on:
1) Account Type: Business Account, Savings Account
2) By Service: Mobile Banking, Payments And Money Transfer, Checking/Savings Account, Loans, Other Services
3) By Application: Enterprises, Personal, Other Application
Which Region Leads The Neobanking Market?
Western Europe championed the neobanking market in 2024, with Asia-Pacific anticipated to be the swiftest-growing region in the forecasted period. The markets from Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa are all integral parts of the neobanking market report.
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What Is Covered In The Neobanking Market Global Market Report?
- Market Size Analysis: Analyze the Neobanking Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Neobanking Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Neobanking Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Neobanking Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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