Sales of Neobanking Market To Record Stellar Growth During Forecast Period 2022 – 2031 : Fact.MR

ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.

The report offers actionable and valuable market insights of Neobanking. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Neobanking Market across various industries and regions.

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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Neobanking market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Neobanking

This newly published and insightful report sheds light on Market Insights of Neobanking, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Neobanking Market.

Key Takeaways from the Market Study

  • By account type, business account expected to gain more than 50% market share for neobanking market.
  • By application, enterprises expected to hold more than 40% market share for neobanking market.
  • Neobanking industry expected to possess nearly 30% market share throughout Europe.
  • Neobanking industry expected to possess nearly 25% market share throughout Asia Pacific.
  • Global neobanking market expected to be valued at US$ 67 Bn by the end of 2022

“Increasing demand for contactless transactions along with the integration of artificial intelligence and machine learning is fuelling the growth of neobanking.” opines a Fact.MR analyst

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Competitive Landscape
  • In March 2021, Atom bank and credit Kudos partnered to help small businesses bounce back. The companies have taken this initiative to help businesses to help recover losses caused due to the COVID-19 pandemic.
  • Atom Bank PLC, Ubank Limited, Simple Finance Technology Corp., Fidor Bank Ag, Movencorp Inc., Monzo Bank Ltd., Mybank, N26, Revolut Ltd., Webank, Inc are prominent neobanking market players.
Report AttributesValues
Expected Market Value in 2022US$ 67 Bn
Projected Market Value for 2032US$ 2,595 Bn
Global Growth Rate (2022-2032)44.15% CAGR
Key Companies ProfiledAtom Bank PLCUbank LimitedSimple Finance Technology Corp.Fidor Bank AgMovencorp Inc.Monzo Bank Ltd.MybankN26Revolut Ltd.Webank, Inc.

Key Segments Covered in the Neobanking Industry Report

  • By Account Type
    • Neobanking for Business Accounts
    • Neobanking for Savings Account
  • By Application
    • Neobanking for Personal Use
    • Neobanking for Enterprises
    • Neobanking for Other Applications

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Artificial Intelligence and Machine Learning Positively Influencing Demand for Neobanks?

Penetration of smartphones along with a good internet connection is spurring the growth of dependency on technology. This has led to an increase in people depending on neobanks. As neobanks do not have any physical branch present, they offer relief in skipping queues and getting transactions done within no time.

Furthermore, the ease of using neobanks through different devices especially through smartphones is playing a key role in early adoption of neobanks. Moreover, neobanks are focusing on integrating artificial intelligence and machine learning.

This, in turn, will provide 24*7 services to customers irrespective of their geographical locations. Another key reason for increasing use of neobanks is the partnerships and collaborations between neobanks with traditional banks. This has helped customers to gain confidence to use neobanks.

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