USD 98.35 billion
Report ID:
SQSG40A2001 |
Region:
Global |
Published Date: January, 2025
Pages:
157
|Tables:
90
|Figures:
76
Global Neo Bank Market size was valued at USD 98.35 billion in 2023 and is poised to grow from USD 146.05 billion in 2024 to USD 3453.92 billion by 2032, growing at a CAGR of 48.5% during the forecast period (2025-2032).
Neobanks provide banking services without the use of physical branches or offices. They assist users in real-time validation of their service offerings via online channels and mobile sites. Furthermore, the increasing global adoption of smartphones and the internet for online banking is expected to fuel demand for neobank platforms. The rising demand for accessibility among banking customers is expected to drive Neo Bank Market growth.
US Neo Bank Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 98.35 billion
Largest Segment
Business
Fastest Growth
Business
Growth Rate
48.5% CAGR
To get more reports on the above market click here to Buy The Report
Global Neo Bank Market is segmented by Account Type, Service, Target Audience, Technology, Application and region. Based on Account Type, the market is segmented into Personal and Business. Based on Service, the market is segmented into Savings/Checking Accounts, Payments & Money Transfers, Mobile Banking, Loans/Insurance/Investments and Others. Based on Target Audience, the market is segmented into Mass affluent individuals, Small and medium-sized businesses (SMBs), Freelancers and gig workers and Unbanked and underbanked populations. Based on Technology, the market is segmented into Artificial intelligence (AI), Machine learning (ML), Cloud computing, Application programming interfaces (APIs) and Biometric authentication. Based on Application, the market is segmented into Enterprises, Personal and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The Neo Bank Market has been classified into two types of accounts: Business and Savings. In 2021, the business account sector led the Neo Bank Market, contributing to more than 65% of total revenue. Neobanking is becoming the favored method of payment for large settlements in a variety of industries around the world. Furthermore, the potential of neobank platforms to give vendors and other stakeholders simplicity and ease of processes in disbursals by decreasing human participation is projected to fuel the segment's growth. Over the projected period, the savings account segment is expected to grow at the fastest rate.
In 2021, the enterprise segment led the market, accounting for more than 52% of global revenue. Credit management, transaction management, and asset management are just a few of the enterprise-related services available on these platforms. Various neobank service providers for SMEs are working to expand their product portfolio through acquisitions to better serve their customers. The services are provided using mobile app interfaces, which also allow for money transfers and payments. Over the projected period, the convenience of opening and operating accounts effectively is expected to drive the use of neo banking in this market.
To get detailed analysis on other segments, Request For Free Sample Report
In 2021, the Europe region led the global Neo Bank Market, accounting for more than 30% of global revenue. The development of many innovative technologies and the early adoption of new technologies can be credited to the regional market's growth. Furthermore, corporations are concentrating their efforts on creating product platforms and forming alliances to increase their Neo Bank Market position. Over the forecast years, Asia Pacific is expected to be the fastest-growing regional Neo Bank Market. The increased use of smartphones, together with the expanding use of internet services, is likely to accelerate Neo Bank Market growth. Furthermore, factors such as accessible and convenient banking services, as well as the expansion of digital-only banks in countries such as Japan, India, and China, are likely to contribute to the Asia Pacific regional Neo Bank Market growth over the forecast period.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Request Free Customization of this report to help us to meet your business objectives.
Major banks have been slower to adapt to new technologies and changing client needs; nevertheless, start-up digital banks have amassed a substantial user base that is actively using their services. Furthermore, many start-ups are concentrating on creating services that are simple to integrate into company processes. With their tailored insights, cheaper costs, user-friendly interfaces, predictive intelligence, quick accessibility, and simplified processes, neobanks are challenging the universal banking paradigm.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Neo Bank Market Analysis, By 2028, the savings account segment is expected to command a sizable market share. To compete with the incumbent traditional bank industry, neobank platforms have unveiled and improved their products. The personal application segment is expected to grow significantly between 2022 and 2028. Customers prefer neo banking services due to their convenience and ease of use, thanks to the widespread use of smartphones.
To get free trial access to our platform which is a one-stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the Neo Bank Market, and megatrends that are influencing the dynamics in the Neo Bank Market. Also, get access to a detailed SkyQuest exclusive matrix.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 98.35 billion |
Market size value in 2032 | USD 3453.92 billion |
Growth Rate | 48.5% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Neo Bank Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Neo Bank Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Neo Bank Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Neo Bank Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Feedback From Our Clients
Report ID: SQSG40A2001
[email protected]
USA +1 351-333-4748