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LONDON, GREATER LONDON, UNITED KINGDOM, November 14, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The neobanking market has surged, projected to grow from $118.57 billion in 2023 to $176.6 billion in 2024 at a CAGR of 48.9%. Key drivers include demand for convenience, regulatory adaptability, globalization, cross-border financial solutions, and the leverage of big data for financial inclusivity.
What Is the Future Market Size of the Global Neobanking Market and Its Yearly Growth Rate?
The neobanking market, forecasted to reach $836.11 billion by 2028 with a 47.5% CAGR, will grow through open banking, embedded finance, and expanded services. Trends involve open banking platform integration, fintech partnerships, AI-driven finance, and contactless banking innovations.
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What Are The Primary Growth Drivers Of The Neobanking Market?
The neobanking global market is expanding as global banking institutions increasingly adopt digitalization. Digital banking replaces physical bank locations with a continuous online presence, automating traditional financial services. Neobanks enable online banking operations without physical branches, offering digitalized banking services with AI, automation, and cloud computing to provide personalized services at lower costs.
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Who Are The Top Market Players Contributing To The Growth Of The Neobanking Market?
Major companies operating in the market report are Wells Fargo & Company, U.S. Bancorp, TD Ameritrade Holding Corporation, Webank Inc., Nubank, Chime Financial Inc., SoFi Technologies Inc., Green Dot Corporation, Robinhood Markets Inc., Revolut Ltd., Upgrade Inc., Monzo Bank Ltd., Aspiration Inc., Tangerine Bank, N26 GmbH, Starling Bank Ltd., Personal Capital LLC, Radius Financial LLC, Ubank Limited, Betterment LLC, Bunq BV.
What Emerging Trends Are Affecting The Size Of The Neobanking Market?
Key players in the neobanking industry are introducing innovative neobanking products to expand their customer reach, boost sales, and drive revenue growth. Neobanking products encompass financial services provided by digital-only or online-based banks, known as neobanks.
How Is the Global Neobanking Market Segmented?
1) By Account Type: Business Account, Savings Account
2) By Service: Mobile Banking, Payments And Money Transfer, Checking/Savings Account, Loans, Other Services
3) By Application: Enterprises, Personal, Other Application
Geographical Analysis: Western Europe Emerges as the Neobanking Market Leader
Western Europe was the largest region in the neobanking market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition And Overview Of The Neobanking Market?
Neobanking refers to digital banks without physical locations that cater to tech-savvy customers by offering a wide range of financial services, including payments, debit cards, money transfers, and lending, with a strong emphasis on mobile and digital solutions.
The Neobanking Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Neobanking Market Report: Trends, Opportunities, Strategies, and More
The Neobanking Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into neobanking market size, neobanking market drivers and trends, neobanking global market major players, neobanking competitors' revenues, neobanking global market positioning, and neobanking market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company
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