NeobankingMarket to Reach an Estimate of $3.3 Trillion by 2032, at a Compound Annual Growth Rate (CAGR) of 47.3%: Allied Market Research

The global neobanking market is experiencing substantial growth due tovarious factors, such as the rise in the digitization of banking operations, the rise in demand for digital banking solutions, and the increase in the usage of mobile banking.

Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) — Allied Market Research released a report, titled, “Neobanking Market by Account Type (Savings Account and Business Account), by Service Type (Loans, Mobile Banking, Checking/Saving Accounts, Payments & Money Transfer, and Others), and by Application (Personal and Enterprise): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global neobanking industry is anticipated to gain $ 69 billion in 2022, having witnessed a value of $ 3.3 trillion by 2032, exhibiting a CAGR of 47.3% during the projection period.   

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Prime Factors Influencing Market Growth:   

The global neobanking market is experiencing substantial growth due to various factors, such as the rise in the digitization of banking operations, the rise in demand for digital banking solutions, and the increase in the usage of mobile banking. However, the potential risks associated with security & privacy, and the high cost of implementation impede market growth. Nevertheless, the increase in investments in the fintech industry brought prolific opportunities for the growth of the market in the coming years.   

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 The business account segment to maintain its lead position during the forecast period-   

By account type, the business account segment accounted for the largest market share in 2022, contributing to more than two-thirds of the global neobanking market revenue, and is expected to maintain its lead position during the forecast period. This is due to the increase in the prevalence of neobanking among businesses around the world, making it the preferred method of payment for bulk payments. On the other hand, the savings account segment would cite the fastest CAGR of 49.4% from 2023 to 2032. Due to a surge in the adoption of digitalization of banking activities.   

The mobile banking segment to lead the trail by 2022-   

By service type, the mobile banking segment accounted for the largest share in 2022, holding nearly half of the global neobanking market revenue. Due to the growing demand for customization and personalized services and products. Nonetheless, the loans segment would display the fastest CAGR of 52.6% from 2023 to 2032. A surge in the adoption of neo bank lending platforms due to its advantages, such as improved loan execution, faster decision-making, better compliance with laws and regulations, and enhanced business productivity.   

The personal segment retains its lion’s share during the forecast period-   

By application, the enterprise segment held the major market share in 2022, accounting for nearly three-fourths of the global neobanking market revenue. This is due to the growing prevalence of neo-banking applications that offer enterprise-level services such as credit management, transaction management, and asset management. On the other hand, the personal segment retains its lion’s share during the forecast period. The same segment would also cite the fastest CAGR of 49.6% from 2023 to 2032. This is due to the prevalence of smartphones that have made it possible for customers to widely use neobanking services.   

Europe region garnered the major share in 2032-   

By region, Europe held the largest market share in 2022, garnering nearly two-fifths of the global neobanking market revenue. This is due to the presence of the most prominent neobanking companies in the region. However, the Asia-Pacific region is expected to maintain its dominance throughout the forecast period. The same region is estimated to witness the highest CAGR of 50.7% from 2023 to 2032. This is due to the proliferation of government-sponsored banking initiatives, as well as the growing prevalence of mobile and online users in developing countries like India and China, which has had a significant impact on the growth of private and local banking.   

Industry-Leading Players: -     

• WeBank   
• Starling Bank   
• Revolut Ltd   
• Movencorp Inc., N26,    
• Atom Bank   
• Monzo Bank Limited   
•  Pockit Ltd.  
• PRETA S.A.S.  
• UBank   

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The report provides a detailed analysis of these key players in the global neobanking market. These players have used various strategies, such as new product launches, partnerships, growth initiatives, mergers & acquisitions and more, to gain market share and establish dominant positions in various regions. The report is valuable in highlighting top market segments, product portfolios, business performance, and the strategic actions of market participants to demonstrate the competitive landscape.    

Key Benefits of Stakeholders 

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the neobanking market analysis from 2023 to 2032 to identify the prevailing neobanking market opportunities. 
• The market research is offered along with information related to key drivers, restraints, and opportunities. 
• In-depth analysis of the neobanking market segmentation assists to determine the prevailing market opportunities. 
• Major countries in each region are mapped according to their revenue contribution to the global neobanking market forecast. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
• The report includes the analysis of the regional as well as global neobanking market trends, key players, market segments, application areas, and market growth strategies. 

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Neobanking Market Key Segments:  

By Service Type 

• Loans 
• Others 
• Mobile Banking 
• Payments and Money Transfer 
• Checking/Savings Account 

By Application 

• Enterprise 
• Personal 

By Account Type 

• Business Account 
• Saving Account 

By Region 

• North America  (U.S., Canada) 
• Europe  (UK, Germany, France, Italy, Spain, Rest of Europe) 
• Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) 
• LAMEA  (Latin America, Middle East, Africa) 

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