Press release
SOHO Mobile Banking Market Size, Share, Growth Report and Forecast 2024-2032
According to the report by Expert Market Research (EMR), the global SOHO mobile banking market size reached a value of USD 733.38 million in 2023. Aided by the increasing adoption of digital banking solutions among small businesses and entrepreneurs, the market is projected to further grow at a CAGR of 9.3% between 2024 and 2032 to reach a value of USD 1,629.55 million by 2032.SOHO mobile banking refers to the use of mobile devices, such as smartphones and tablets, to access banking services and manage financial transactions for small office/home office businesses. This segment of mobile banking has gained significant traction due to its convenience, accessibility, and cost-effectiveness, particularly for small businesses and self-employed individuals who require efficient financial management tools.
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The SOHO mobile banking market growth is fuelled by the increasing penetration of smartphones and the internet, coupled with the growing demand for convenient and flexible banking solutions. Small businesses and entrepreneurs are increasingly seeking mobile banking services that offer real-time access to financial information, easy payment processing, and seamless integration with accounting and invoicing tools.
Additionally, technological advancements in mobile banking platforms, such as enhanced security features, user-friendly interfaces, and integration with financial management software, are also driving the adoption of SOHO mobile banking. These innovations are aimed at providing a comprehensive and secure banking experience for small businesses, enabling them to manage their finances effectively and make informed decisions, consequently driving up the SOHO mobile banking market share.
The COVID-19 pandemic has further accelerated the shift towards digital banking solutions, as physical distancing measures and lockdowns have highlighted the importance of remote banking capabilities. SOHO mobile banking has emerged as a vital tool for small businesses to continue their financial operations and access banking services during these challenging times.
North America and Europe contribute significantly to the SOHO mobile banking market demand, attributed to the high adoption of mobile banking solutions, advanced technological infrastructure, and the presence of a large number of small businesses and entrepreneurs. The United States, United Kingdom, Germany, and France are key contributors to the market in these regions.
The Asia Pacific region is witnessing rapid growth in the market, driven by the increasing smartphone penetration and growing digital literacy. The rise in the number of small businesses in countries such as China, India, Japan, and South Korea is leading to the SOHO mobile banking market development.
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Latin America and the Middle East and Africa are also emerging markets for SOHO mobile banking, with growing demand for digital banking solutions among small businesses and the ongoing development of mobile and internet infrastructure.
SOHO Mobile Banking Market Segmentation
The market can be divided based on services, platform, end user, and region.
Market Breakup by Services
Payment Wallets
Insurance
Trading
Portfolio Management
Loans and Financing
Market Breakup by Platform
Mobile App
Web-Portal
Tele-Services
Market Breakup by End User
Individual
Enterprise
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global SOHO mobile banking market. Some of the major players explored in the report by expert market research are as follows:
Flywire Corporation
Fin Technologies, Inc
Remitly, Inc.
JPMorgan Chase & Co.
Robinhood Financial LLC
Chime Financial, Inc.
Affirm, Inc.
Avant, LLC.
Others
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