According to the report published by Allied Market Research, the global video banking service market generated $71.4 billion in 2021, and is projected to reach $247.9 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Segment review
The video banking service market is segmented on the basis of component, deployment mode, and application. By component, it is segmented into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, it is segmented into banks, credit union and others. By region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the video banking service market such as AU Small Finance Bank Limited, Barclays, Glia Technologies, Inc., Guaranty Trust Bank Limited, NatWest International, Royal Bank of Scotland plc, Star Financial, StonehamBank, U.S. Bank and Ulster Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the video banking service market share.
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The growth in digital banking trends has indeed led to an increasing adoption of mobile phones and internet penetration across the globe. This has paved the way for banks to shift towards digital channels to provide their services, as customers increasingly demand the convenience of accessing banking services from the comfort of their own devices.
To keep pace with these trends and provide an enhanced customer experience, banks are partnering with fintech corporations and other third-party interfaces to create additional customer-centric products and services. Governments are also playing a role in driving the use of digital banking services through various initiatives globally, such as providing incentives for consumers to adopt digital banking and encouraging financial institutions to offer digital services.
One of the biggest concerns for customers when it comes to digital banking is security, and banks are responding by implementing advanced security measures such as machine learning to predict and prevent fraud. This helps to protect customers’ personal and financial information from cyber threats, giving them greater peace of mind when using digital banking services.
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Looking ahead, the incorporation of innovative technologies such as video banking is expected to further enhance the customer experience and drive the growth of digital banking. Video banking allows customers to have face-to-face interactions with bank representatives from anywhere, anytime, providing a more personal touch to digital banking services. As a result, the video banking service market is expected to see significant growth in the coming years.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the video banking service market forecast from 2021 to 2031 to identify the prevailing video banking service market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the video banking service market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global video banking service market trends, key players, market segments, application areas, and market growth strategies.
Video Banking Service Market Report Highlights
| Aspects | Details |
|---|---|
| Market Size By 2031 | USD 247.9 billion |
| Growth Rate | CAGR of 13.6% |
| Forecast period | 2021 – 2031 |
| Report Pages | 182 |
| Component | SolutionService |
| Deployment Mode | On-PremiseCloud |
| Application | BanksCredit UnionsOthers |
| By Region | North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa) |
| Key Market Players | AU Small Finance Bank Limited, Barclays, Glia Technologies, Inc., Guaranty Trust Bank Limited., NatWest International, Star Financial, stonehambank, U.S. Bank, ulster bank, Royal Bank of Scotland plc |
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