What is the global market size of Neo Bank Market?

Global Neo Bank Market size was valued at USD 45.18 Billion in 2021 and is poised to grow from USD 72.47 Billion in 2022 to USD 2168.31 Billion by 2030, at a CAGR of 52.93% during the forecast period (2023-2030).

Neo Bank Market Size, Share, Growth Analysis, By Account Type(Business, Savings), By Service(Mobile Banking, Payments & Money Transfer, Checking/Savings Account, Loans), By Application(Enterprises, Personal), By Region - Industry Forecast 2024-2031

Report ID: SQSG40A2001 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 90 | Figures: 76

Neo Bank Market Regional Insights

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.

Neo Bank Market Report Snapshots

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Neo Bank Market size was valued at USD 45.18 Billion in 2019 and is poised to grow from USD 72.47 Billion in 2023 to USD 2168.31 Billion by 2031, at a CAGR of 52.93% during the forecast period (2024-2031).

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. 'N26 (Germany)', 'Revolut (UK)', 'Chime (US)', 'Monzo (UK)', 'Starling Bank (UK)', 'Varo Money (US)', 'Atom Bank (UK)', 'Monese (UK)', 'Marcus by Goldman Sachs (US)', 'Tandem Bank (UK)', 'Dave (US)', 'Qapital (US)', 'Aspiration (US)', 'Chime (US)', 'Koho (Canada)', 'Nubank (Brazil)', 'Simple (US)', 'Moven (US)', 'Ally Bank (US)', 'Bunq (Netherlands)'

The Neo Bank Market is also growing due to the increasing number of partnerships between banks and organizations to create neo banking platforms. Such collaborations strive to provide a better client experience as well as increased safety and stability. Financial service providers may now offer customers fresh digital offerings thanks to technological improvements and a significant increase in internet access around the world.

Low real estate and distribution costs, less complex IT systems, and streamlined operating models drive its cost-efficiency. Investors in venture capital and equity are focusing on Neo Bank Market opportunities and investing in neobanks. To meet the growing demand for the product, numerous health tech companies are forming alliances with fintech firms to develop and launch new products and services.

In 2021, the Europe region led the Neo Bank Market, accounting for more than 30% of 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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Neo Bank Market Size, Share, Growth Analysis, By Account Type(Business, Savings), By Service(Mobile Banking, Payments & Money Transfer, Checking/Savings Account, Loans), By Application(Enterprises, Personal), By Region - Industry Forecast 2024-2031

Neo Bank Market Regional Insights

Neo Bank Market Report Snapshots

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