USD 47.39 Billion
Report ID: SQSG40A2001 | Region: Global | Published Date: June, 2022 | Pages: 157 | Tables: 90 | Figures: 66
The Global Neo Bank Market was valued at USD 47.39 Billion in 2021, and it is expected to reach a value of USD 927.12 Billion by 2028, at a CAGR of 52.93% over the forecast period (2022 - 2028).
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.
Global Market Size
USD 47.39 Billion
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The Global Neo Bank Market is segmented based on the Account Type, Service, Application, and Region. Based on the Account Type, the Neo Bank Market is segmented as Business and Savings. Based on Service, the Neo Bank Market is segmented as Mobile Banking, Payments & Money Transfer, Checking/Savings Accounts, Loans, and Others. Based on the Application, the Neo Bank Market is segmented as Enterprises and Personal. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Account Type
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.
Analysis by Application
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.
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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.
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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.
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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.
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|Market size value in 2021||USD 47.39 Billion|
|Market size value in 2028||USD 927.12 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Neo Bank Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQSG40A2001