Neobanking Market Size Is Anticipated To Reach USD 2,048.53 Billion By 2030: Grand View Research Inc.

 San Francisco, 5 May 2022: The Report Neobanking Market Size, Share & Trends Analysis Report By Account Type (Business, Savings), By Application (Enterprises, Personal), By Region (Asia Pacific, Europe), And Segment Forecasts, 2022 - 2030

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.

Access Research Report of Neobanking Market @ https://www.grandviewresearch.com/industry-analysis/neobanking-market

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

List of Key Players of Neobanking Market

• Atom Bank PLC
• Fidor Bank Ag
• Monzo Bank Ltd.
• Movencorp Inc.
• Mybank
• N26
• Revolut Ltd.
• Simple Finance Technology Corp.
• Ubank Limited
• Webank, Inc.

Access Press Release of Neobanking Market @ https://www.grandviewresearch.com/press-release/global-neobanking-market