At a time when most businesses have automated alternatives to assist the daily and tedious tasks of many departments, loan management has its own set of options. An augmented reality in BFSI helps to sort out the repayments that are coming in. But it also helps do more. There are modular, scalable, and customizable components that organizations can use for complete automation. Moreover, loan management systems help to automate the entire loan lifecycle. Depending on requirements, these programs can assist in part or whole. The software can help with processing customer information, create new loans, and more. It can also provide lenders with accurate statements and reports. Moreover, they can manage interest rates and provide the tools for collection automation. Additionally, Augmented reality in BFSI has a positive impact on many aspects of the business and it helps overcome the manual processes that are prone to human error. Such software also offers speed and efficiency on all levels, Augmented reality in BFSI optimizes profitability however saves time and money. In addition, it is a well-placed investment to improve the working conditions of the company’s team and the overall performance of the business.
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The augmented reality in bfsi market was valued at $763.23 million in 2021, and is estimated to reach $5.9 billion by 2031, growing at a CAGR of 23.2% from 2022 to 2031.
Major market players have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, J.P. Morgan has unveiled an Onyx lounge in the Metaverse, a virtual lounge in the blockchain-based world. With the help of this lounge, the bank gets the power to facilitate cross-border payments, foreign exchange, financial assets creation, trading and safekeeping. Onyx is a blockchain-based platform for wholesale payments transactions.
On the basis of end user, the banks segment acquired the highest share in augmented reality in BFSI market in 2021. This is attributed to the fact that banking institutions provide augmented reality which generally involves advice and execution of transactions on behalf of affluent clients. Moreover, banks also help with financial planning, manage client portfolios, and performs a variety of other financial services in relation to a client’s private financing choices with the help of augmented reality technology. Augmented reality in banks enables companies to create content as well as applications that present complicated financial data in an interactive and visually appealing manner. This factor notably fuels the growth of augmented reality in BFSI market trends. Moreover, it also helps banks in creating immersive experiences that improve user engagement. These factors drive the growth of augmented reality in BFSI market.
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By region, North America attained the highest augmented reality in BFSI market size in 2021. This is attributed to the fact that this region has always remained at the forefront of technology adoption. Moreover, rapid advancement in financial industry, due to modern technologies such as machine learning, blockchain, big data, cloud services and artificial intelligence contributes toward the augmented reality in BFSI market growth in this region. In addition, increase in use of technology among the bank and financial institutions and surge in partnership of FinTech companies with regulatory bodies are the major factors that boost the growth of market in this region.
The COVID-19 pandemic had a moderate economic impact on the augmented reality in BFSI industry. Moreover, the global augmented reality in BFSI market has witnessed rise in growth during the COVID-19 pandemic, owing to the dramatically increased digital penetration during the period of COVID-19-induced lockdowns and stringent social distancing policies, which further fueled the demand for remote operational tools. In addition, the unexpected social and financial disruption caused by the pandemic has forced individuals and businesses all around the world to rely on technology and IT services like, cloud services, SaaS for documentation, wide-ranging set of account centric business operations, cash, and electronic payments, and to follow social distance, etc. Furthermore, augmented reality in BFSI help the financial industry to reinvent the customer relationships by identifying personalized needs and engaging with customers through hyper-personalized one-to-one contacts. Moreover, many banking and finance organizations offers the widest set of solutions through augmented reality technology, which helped to boost the market during pandemic. Therefore, the COVID-19 moderately impacted the augmented reality in BFSI market.
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Key findings of the study
By component, the hardware segment led the augmented reality in BFSI market in terms of revenue in 2021.
By deployment mode, the on-premises segment accounted for the highest augmented reality in BFSI market share in 2021.
By region, North America generated the highest revenue of augmented reality in BFSI market in 2021.
The key players profiled in the augmented reality in BFSI market analysis are Microsoft, Samsung, Oracle, IBM, Magic Leap, Inc., Blippar Group Limited, 3rockAR, Plain Concepts, VisionLabs, and Vuzix. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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