Pune, 16, Dec, 2022: MMR, has published a report on Video Banking Service market. As per the “Global Video Banking Service Market report” the total market for Video Banking Service was USD 70.8 Bn. in 2021 and is expected to reach USD 235.5 Bn. by 2029 with APAC region expected to grow at a CAGR of 17.5%.
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Video Banking Service Market Scope and Research Methodology
The objective of the report is to provide comprehensive analysis in simple language. The Maximize Market Research report provides local, regional and global level analysis of the Video Banking Service Market. The research methodology used to estimate and forecast the video banking service market began with analysing the data of revenues of key players. Regional analysis is a highly comprehensive part of the research and analysis study of the global market for video banking service presented in report.
The data in the report is collected by using both the research methods that are primary and secondary to obtain accurate inferences. The video banking service adoption rate and Video Banking Service pricing by key players, which were then verified through primary research by conducting extensive interviews with key industry personnel, such as Vice Presidents (VPs), directors, and related executives in the market. The market size of individual segments was determined through various secondary sources including white papers, industry associations and journals.
The bottom-up approach was employed to estimate the market size. In the report, the market is divided into segments for easy understanding. Vendor offerings were also taken into consideration to determine the market segmentation. The segments are component, deployment mode and application. These segments are further divided into sub-segments. Data triangulation and market breakdown procedures were used to complete the overall market engineering process and arrive at the exact statistics for all segments and sub segments. The report also provides PORTER analysis, PESTEL analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the future. SWOT analysis provides strengths and weaknesses of the Video Banking Service Market which makes it a guide for investors.
Video Banking Service Market Overview
A communication between bank employee and customer through video conferencing is known as video banking. Banks in many countries have started installing video kiosks to serve their customers easily which reduces efforts of customers of waiting in a big line. This saves the time of customers and bank employees which increases their productivity. When customers are unable to travel vast distances, the video banking services in big communities gives them access to banking services. Thus, video banking services benefits banks greatly. As video banking service is an online service it requires anti-fraud procedures and general risk management to protect customer data.
Video Banking Service Market Dynamics
The expansion of the use of internet and mobile devices across the globe is fuelling the growth of the Video Banking Service Market. To enhance new consumer-centric goods and services, banks are collaborating with fintech companies and other third-party platforms which improves experience of customers. Digital banking services have been launched and promoted by the government led programmes. One of the major drivers of the growth of Video Banking Service Market is implementation of artificial intelligence and blockchain in banking sector.
Video Banking Service Market Regional Insights
By holding the highest market share of 36.4%, the North America region dominates the Video Banking Service Market across the world. During the forecast period APAC region is anticipated to grow at a CAGR of 17.5%. The region is followed by the Europe region and Asia Pacific region. In these regions, the rising need for the virtual workforce management, video communication and cloud based platforms are the major factors to drive the growth of Video Banking Service Market. Banks and companies are adopting video collaboration technologies to make fast decisions and reduce travel costs.
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Video Banking Service Market Segmentation
By Deployment Mode
- Credit Unions
Video Banking Service Market Key Competitors:
- AU Small Finance Bank Limited,
- Glia Technologies, Inc.
- Guaranty Trust Bank Limited.
- NatWest International
- Star Financial
- U.S. Bank
- ulster bank
- Royal Bank of Scotland plc
- Software Mind
Key questions answered in the Video Banking Service Market are:
- What is Video Banking Service?
- What is the growth rate of Video Banking Service Market?
- Who are the key players in the Video Banking Service Market?
- Who are the market leaders in Video Banking Service industry in Europe?
- Who are the market leaders in Video Banking Service industry?
- Who are the market leaders in Video Banking Service Market in APAC?
- What are the factors affecting growth in the Video Banking Service Market?
- Who held the largest market share in Video Banking Service Market?
- What are the factors for the growth of Asia-Pacific region in Video Banking Service Market?
- What are the factors for the growth of North America region in Video Banking Service Market?
- What are the factors for the growth of Europe region in Video Banking Service Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Component, Deployment Mode and Application
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
Core Banking Software Market – The Core Banking Software Market size is expected to reach USD 19.44 billion by 2029 at a CAGR of 8.2 percent during the forecast period. The Core Banking Software Market is expected to be driven by increasing interest to access digital banking.
Banking System Software Market – The Banking System Software Market size is expected to reach USD 45.02 billion by 2029 at a CAGR of 5.98 percent during the forecast period. The Banking System Software is expected to be driven by increasing implementation of online banking and mobile banking by customers which appearances high level of inclination towards accessing their account details and perform financial actions by digital platform
Digital Banking Platforms Market – The Digital Banking Platforms Market size is expected to reach USD 19.17 billion by 2029 at a CAGR of 11.20 percent during the forecast period. The Digital Banking Platforms Market is expected to be driven by growing demand among banks to deliver improved customer experience
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