The global Neobanking Market size is expected to reach USD
2,048.53 billion by 2030, growing at a CAGR of 53.4% from 2022 to 2030,
according to a new report by Grand View Research, Inc. Factors, such as a
faster process of loan approval and funding, compared to traditional banks,
with low-interest rates via banking applications are driving the growth of the
market. Increasing technological advancements, such as Artificial
Intelligence (AI) and IoT, in online banking platforms, are also expected
to boost the market growth over the forecast period. The rising popularity of
mobile-based applications for making international fund transfers and online
payments is also propelling the market growth. Governments in various countries
are making efforts to promote internet services across rural areas.
Furthermore, leading players are offering customized
services via mobile applications to help customers and enterprises manage their
finances, savings, and spendings efficiently. Such factors bode well for the
growth of the market. Factors, such as the accelerated expansion of the
customer base, innovative revenue generation & modernization models, and
increasing product launches globally, are expected to significantly contribute
to the market growth over the forecast period. Numerous financial service
providers are launching services through mobile apps to make payments faster.
For instance, in November 2020, Revolut announced the launch of Google Pay for
its customers in Greece, Bulgaria, Estonia, Austria, Hungary, Lithuania,
Latvia, Portugal, the Netherlands, and Romania to make online and in-store
payments fast and simple.
The outbreak of the COVID-19 pandemic positively impacted
the global market on account of the rising dependency on online banking
platforms for making payments. Numerous citizens and enterprises around the
world preferred simple, safe, and helpful ways to adopt contactless payment
technologies. The market players are also responding to the changing
requirements of the enterprises and are diversifying their solutions and
services to manage the taxing, budgeting, and accounting for small and
medium-sized enterprises at lower costs.
Related Press Release@ Neobanking Market Report
Neobanking Market Report
Highlights
- The ability of neobanks to offer a faster and more transparent
model and their low-cost structure are the key factors influencing the
market growth
- The growing adoption of mobile and digital banking as a mode of
payment by Small-&-Medium-sized Enterprises (SMEs) and large
enterprises is expected to propel the growth of the business account
segment over the forecast period
- The personal application segment is estimated to register the
fastest CAGR from 2022 to 2030
- Factors, such as reduced reloading fees, zero withdrawal expenses
and monthly fees, and low cost of transactions, are expected to contribute
to the segment growth
- Europe dominated the market in 2021 and is expected to retain its
position over the forecast period owing to the entry of a large number of
new vendors in the regional market
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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