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Global SOHO Mobile Banking Market Size, Share, Price, Forecast: By Services: Payment Wallets, Insurance, Trading, Portfolio Management, Loans and Financing; By Platform: Mobile App, Web-Portal, Tele-Services; By End User: Individual, Enterprise; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2023-2028
Global SOHO Mobile Banking Market Outlook
The global SOHO mobile banking market attained a value of nearly USD 670.98 million in 2022. The market is projected to grow at a CAGR of 9.30% between 2023 and 2028 to reach a value of around USD 1,141.79 million by 2028.
Key Trends in the Market
SOHO mobile banking stands for small office and home office mobile banking. This system enables computing devices at homes or remote offices to connect to a centralised corporate network in order to access various shared resources.
- SOHO mobile banking offers convenience and easy operability, due to which its usage for improving work efficiency across businesses is rising.
- Rapid expansion of SOHO firms, supported by the economic growth of emerging countries and technological advancements across corporate institutions, is further fuelling the SOHO mobile banking market growth.
- The rapid adoption of tablets and smartphones is increasing the accessibility to multi-banking applications, which is a crucial trend in the market for SOHO mobile banking.
- SOHO mobile banking is cost-effective as it automates customer service and eliminates labour requirements, which is expected to boost its adoption among enterprises and individuals.
Market Analysis
Based on services, the market is segmented into payment wallets, insurance, trading, portfolio management, and loans and financing. On the basis of platform, the market is classified into mobile app, web-portal, and tele-services. By end user, the market is categorised into individual and enterprise. The major regional markets for SOHO mobile banking include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global SOHO mobile banking market report, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Flywire Corporation
- Fin Technologies, Inc
- Remitly, Inc.
- JPMorgan Chase & Co.
- Robinhood Financial LLC
- Chime Financial, Inc.
- Affirm, Inc.
- Avant, LLC.
- Others
Market Share by Services
Payment wallets are likely to grow at an accelerated rate in the forecast period. This can be attributed to the easy accessibility, easy money loading feature, timely payment assurance, and split bill facility, among other advantages offered by payment wallets. In addition, the heightening adoption of smartphones is accelerating fund transfer processes, surging the demand for payment wallets.
Meanwhile, trading accounts for a considerable share in the SOHO mobile banking market, as it offers complete control of investments.
Market Share by Platform
The Asia Pacific accounts for a significant share of the market for SOHO mobile banking. Growing expansion of offices and mid-sized businesses across emerging economies such as India and China are offering lucrative opportunities to the market.
Meanwhile, North America is likely to witness a steady growth in the forecast period owing to the well-established banking infrastructure across the United States.
Competitive Landscape
Flywire Corporation is a global payments enablement and software company offering solutions to various sectors, including healthcare, travel, and education, among others. It was founded in 2009 and is headquartered in Massachusetts, the United States.
Remitly, Inc. is an online remittance service provider which offers international money transfers to various countries across the globe. It was founded in 2011 and is headquartered in Washington, the United States.
JPMorgan Chase & Co. is a leading multinational financial services company which offers financial solutions to corporations, governments, and institutions, among others. The company was established in 2000 and is headquartered in New York, the United States.
Other market players include Fin Technologies, Inc, Robinhood Financial LLC, Chime Financial, Inc., Affirm, Inc., and Avant, LLC., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Services |
|
| Breakup by Platform |
|
| Breakup by End User |
|
| Breakup by Region |
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| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global SOHO Mobile Banking Market Analysis
8.1 Key Industry Highlights
8.2 Global SOHO Mobile Banking Historical Market (2018-2022)
8.3 Global SOHO Mobile Banking Market Forecast (2023-2028)
8.4 Global SOHO Mobile Banking Market by Services
8.4.1 Payment Wallets
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Insurance
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Trading
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Portfolio Management
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Loans and Financing
8.4.5.1 Historical Trend (2018-2022)
8.4.5.2 Forecast Trend (2023-2028)
8.5 Global SOHO Mobile Banking Market by Platform
8.5.1 Mobile App
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Web-Portal
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Tele-Services
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.6 Global SOHO Mobile Banking Market by End User
8.6.1 Individual
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Enterprise
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global SOHO Mobile Banking Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America SOHO Mobile Banking Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe SOHO Mobile Banking Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific SOHO Mobile Banking Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America SOHO Mobile Banking Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa SOHO Mobile Banking Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirate
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Flywire Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Fin Technologies, Inc
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Remitly, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 JPMorgan Chase & Co.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Robinhood Financial LLC
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Chime Financial, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Affirm, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Avant, LLC.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global SOHO Mobile Banking Market: Key Industry Highlights, 2018 and 2028
2. Global SOHO Mobile Banking Historical Market: Breakup by Services (USD Million), 2018-2022
3. Global SOHO Mobile Banking Market Forecast: Breakup by Services (USD Million), 2023-2028
4. Global SOHO Mobile Banking Historical Market: Breakup by Platform (USD Million), 2018-2022
5. Global SOHO Mobile Banking Market Forecast: Breakup by Platform (USD Million), 2023-2028
6. Global SOHO Mobile Banking Historical Market: Breakup by End User (USD Million), 2018-2022
7. Global SOHO Mobile Banking Market Forecast: Breakup by End User (USD Million), 2023-2028
8. Global SOHO Mobile Banking Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global SOHO Mobile Banking Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America SOHO Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America SOHO Mobile Banking Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe SOHO Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe SOHO Mobile Banking Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific SOHO Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific SOHO Mobile Banking Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America SOHO Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America SOHO Mobile Banking Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa SOHO Mobile Banking Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa SOHO Mobile Banking Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global SOHO Mobile Banking Market Structure
Key Questions Answered in the Report
The market reached a value of nearly USD 670.98 million in 2022.
The market is estimated to grow at a CAGR of 9.30% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach a value of around USD 1,141.79 million by 2028.
The convenience and easy operability offered by SOHO mobile banking and the rapid expansion of SOHO firms, supported by escalated economic growth of emerging countries, are the major drivers of the market.
The key trends in the market include technological advancements across corporate institutions and the rapid adoption of tablets and smartphones in the corporate sector.
Payment wallets, insurance, trading, portfolio management, and loans and financing are the different services offered by SOHO mobile banking.
Mobile app, web-portal, and tele-services are the major platforms of SOHO mobile banking.
Flywire Corporation, Fin Technologies, Inc, Remitly, Inc., JPMorgan Chase & Co., Robinhood Financial LLC, Chime Financial, Inc., Affirm, Inc., and Avant, LLC., among others, are the key SOHO mobile banking market players.
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