According to a new report Global Neobanking Market, published by KBV research, The Global Neobanking Market size is expected to reach $333.4 billion by 2026, rising at a market growth of 47.1% CAGR during the forecast period.
The Business Account market dominated the Global Neobanking Market by Account Type 2019. The savings account segment is anticipated to observe considerable growth over the forecast years. Neobanking websites have a user-friendly platform that is particularly manufactured to prevent cyberattacks and improve the online ecosystem of savings accounts. In addition, neobanks can observe the banking network and simply detect cyberattacks.
Customers can make international transactions more safely, hence making growth possibilities for the segment during the forecast years.
The enterprises segment procured the highest market share in 2019. On the basis of applications, the market has been further classified into enterprises, personal, and others. These platforms provide enterprise-related services like credit management, transaction management, and asset management. Several neobanks provide dashboard solutions to enterprises with highly improved interfaces and valuable insights for services like payable, receivables, payments, and bank statements. The Personal market is estimated to grow at a CAGR of 48.2% during (2020 - 2026).
The European region garnered the highest share of the neobanking market in 2019. This growth can be ascribed to the development of numerous advanced technologies along with the adoption of new technologies in the region.
Moreover, organizations aim at introducing product platforms and establishing collaborations to bolster their market position. The North America market is showcasing a CAGR of 46.2% during (2020 - 2026). Additionally, The Asia Pacific market is poised to grow at the highest CAGR of 49.2% during (2020 - 2026).
Full Report: https://www.kbvresearch.com/neobanking-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Atom Bank PLC, Monzo Bank Ltd., Moven Enterprises, N26 GmbH, Revolut Ltd., Ubank Limited, WeBank Co., Ltd., Banco Bilbao Vizcaya Argentaria SA (Simple Finance Technology), Deutsche Bank AG, and Sopra Steria Group SA (Fidor Solutions AG).
Global Neobanking Market Segmentation
By Account Type
• Business Account
• Savings Account
• Rest of North America
• Rest of Europe
• South Korea
• Rest of Asia Pacific
• Saudi Arabia
• South Africa
• Rest of LAMEA
• Atom Bank PLC
• Monzo Bank Ltd.
• Moven Enterprises
• N26 GmbH
• Revolut Ltd.
• Ubank Limited
• WeBank Co., Ltd.
• Banco Bilbao Vizcaya Argentaria SA (Simple Finance Technology)
• Deutsche Bank AG
• Sopra Steria Group SA (Fidor Solutions AG)