Market Research Report
Global Neobanking Market Size study, by Account Type (Business Account, Savings Account), by Application (Enterprises, Personal, Others) and Regional Forecasts 2022-2028
|Global Neobanking Market Size study, by Account Type (Business Account, Savings Account), by Application (Enterprises, Personal, Others) and Regional Forecasts 2022-2028|
Published: April 30, 2022
Bizwit Research & Consulting LLP
Delivery time: 2-3 business days
Global Neobanking Market is valued at approximately USD 30.77 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 54.00% over the forecast period 2022-2028. Neo-banks are financial technology (fintech) enterprises that only operate online or through mobile apps. Neo-banks are digital banks that do not have physical branches. The increased digitalization across the globe and growing adoption of smartphones have led to the adoption of Neobanking across the forecast period. For Instance: According to Counterpoint Research, smartphone shipments are estimated to reach 173 million in 2021, a 14% increase from the 2020 figure. Smartphone market in the United States is one of the world's largest, with more than 290 million smartphone users. In line with the overall growth of the smartphone market worldwide, the smartphone penetration rate in the United States has continuously risen over the past several years, reaching 85 percent in February 2021. Also, with the convenience offered to customers and best interest rates offered over traditional banks, the adoption & demand for Neobanking is likely to increase the market growth during the forecast period. However, low profitability and transactional fraud impede the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Neobanking market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading region across the world in terms of market share owing to the development of multiple innovative technologies and the early adoption of new technologies. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. Factors such as growing adoption of internet services, coupled with the increased use of smartphones would create lucrative growth prospects for the Neobanking market across Asia-Pacific region.
Major market players included in this report are:
Atom Bank PLC
Fidor Bank Ag
Monzo Bank Ltd.
Simple Finance Technology Corp.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Account Type:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2018, 2019, 2020
Base year - 2021
Forecast period - 2022 to 2028
Target Audience of the Global Neobanking Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
List of figures