According to a new report published by Allied Market Research, titled, “Virtual Reality in BFSI Market,” The virtual reality in bfsi market was valued at $418.68 million in 2021, and is estimated to reach $3.7 billion by 2031, growing at a CAGR of 24.8% from 2022 to 2031.
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Virtual reality helps banks in creating immersive experiences that improve user engagement. For instance, businesses can educate customers about the stock market and investments using interactive VR apps. Financial services and banking companies can also enhance certain aspects of their user experience. Furthermore, by leveraging virtual reality (VR) in banking and financial services, businesses can deliver immersive experiences in virtual banking, payments and trading, among others. In addition, virtual reality (VR) has seen a monumental rise in applications beyond gaming and entertainment. Many businesses have started using VR in banking and financial services to create immersive experiences for clients and customers. VR technology can help showcase abstract financial data in the simplest way possible. In the ever-changing world of finance, VR can be a game changer for consolidating and presenting complex data in an immersive, aesthetically pleasing manner. VR-based applications and services can be especially useful for customers who are new to handling personal and commercial finance. It can also provide lenders with accurate statements and reports. Moreover, they can manage interest rates and provide the tools for collection automation. Additionally, virtual reality in BFSI market trends 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, virtual 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.
Furthermore, 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 bank is the highest growing segment. This is attributed to the fact that banking institutions provide virtual 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 virtual reality technology. Virtual reality in banks enables companies to create content as well as applications that present complicated financial data in an interactive and visually appealing manner. Moreover, it also helps banks in creating immersive experiences that improve user engagement. These factors drive the growth of the market.
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By region, North America attained the highest growth 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 growth of the virtual reality in BFSI market 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 virtual reality in BFSI industry. Moreover, the global virtual 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, virtual 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 virtual reality technology, which helped to boost the market during pandemic. Therefore, the COVID-19 moderately impacted the virtual reality in BFSI market.
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Key findings of the study
By component, the hardware segment led the virtual reality in BFSI market size in terms of revenue in 2021.
By deployment mode, the on-premises segment accounted for the highest virtual reality in BFSI market growth in 2021.
By application, the virtual reality payments segment accounted for the highest virtual reality in BFSI market share in 2021.
By region, North America generated the highest revenue in 2021.
The key players profiled in the market analysis are Acadecraft.com, AeoLogic, Allerin Tech Pvt Ltd., Blue Label Labs, Designity Inc., Mazer, Nsocial Enriched Experimental Agency, Qodequay Technologies Pvt. Ltd., ServReality.com, Strivr Labs, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.