Press release
Video Banking Service Market Trends and Forecast 2023-2029: Shaping the Future of Digital Banking
Video Banking Service Market
The global Video Banking Service Market, valued at USD 82.27 Billion in 2022, is poised for remarkable growth, projecting to reach USD 235.49 Billion by 2029 at a robust CAGR of 16.21%, according to the latest market report by Maximize Market Research. The surge is fueled by a paradigm shift in consumer banking preferences, technological advancements, and the transformative impact of the COVID-19 pandemic.
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Video Banking: Redefining Customer Engagement
Video banking, characterized by virtual interactions between customers and bank representatives, is reshaping the financial landscape globally. Banks, spanning the US, Canada, China, France, and beyond, are adopting video kiosks to serve customers remotely, reducing rental costs and waiting times. This innovation becomes a lifeline for communities with limited access to physical bank branches, especially during times when travel is constrained.
Video Banking Service Market Report Scope and Research Methodology:
The global Video Banking Service market report published by Maximize Market Research is a comprehensive analysis of the market, based on both primary and secondary research. The qualitative and quantitative data in the report is expected to help decision-makers identify the market segments and variables that are driving growth.
The bottom-up approach was used to estimate the global Video Banking Service market size. SWOT analysis provides insights into the strengths, weaknesses, opportunities, and threats of the key players in the Video Banking Service industry. The report also includes a PESTLE analysis, which can help investors develop strategies for the Video Banking Service industry. Political factors can help investors understand how much a government is expected to influence the Video Banking Service market during the forecast period. Economic factors can help investors analyze the economic performance drivers that have an impact on the Video Banking Service market. Legal factors can help investors understand the impact of the surrounding environment and the influence of environmental concerns on the Video Banking Service market.
Ensuring Security and Compliance
Governments worldwide have implemented stringent regulations to ensure the security of video communication in the financial services sector. These measures safeguard customer privacy and prevent potential breaches. Financial institutions are tasked with continuous oversight, due diligence, and robust anti-fraud procedures, establishing a secure environment for customer transactions.
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Video Banking Service Market Segment Analysis:
by Component
1. Solution
2. Service
During the forecast period, the service segment is anticipated to grow at the highest CAGR of 16.55% among all the components. However, the solution segment accounted for nearly two thirds of the market for video banking services in 2022 and is predicted to continue leading the market from 2023 to 2029.
by Deployment Mode
1. On-Premise
2. Cloud
In terms of deployment mode, the on-premise segment held the largest revenue share in the video banking service market in 2022. Nonetheless, over the course of the forecast period, the cloud segment is anticipated to record the highest CAGR of 17.3%.
by Application
1. Banks
2. Credit Unions
3. Others
Major Players are:
1. AU Small Finance Bank Limited,
2. Barclays
3. Glia Technologies, Inc.
4. Guaranty Trust Bank Limited.
5. NatWest International
6. Star Financial
7.stonehambank
8. U.S. Bank
9. ulster bank
10. Royal Bank of Scotland plc
11. Zoom
12. POPio
13. TrueConf
14. Enghouse
15. Pexip
16. Software Mind
17. Cisco
18. Vidyard
19. Yealink
20. Branddocs
21. DialTM
22. 24sessions
23. Sirma
Key Questions answered in the Video Banking Service Market Report are:
• What is Video Banking Service?
• What is the expected CAGR of the Video Banking Service market during the forecast period?
• What is the expected Video Banking Service market size by the end of the forecast period?
• What are the Video Banking Service market segments?
• Which segment in the Video Banking Service market is expected to grow rapidly during the forecast period?
• Which factors are majorly driving the Video Banking Service market growth?
• Which factors are restraining the Video Banking Service market growth?
• Which are the prominent players in the Video Banking Service market?
• Which region dominated the global Video Banking Service market in 2022?
• Which regional market is expected to grow at a high rate during the forecast period?
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Regional Insights:
North America holds the largest market share at 36.4%, followed by Europe and APAC. The APAC region is poised for the fastest CAGR of 17.5% during the forecast period, driven by the growing need for video communication and virtual workforce management.
Contact Maximize Market Research:
3rd Floor, Navale IT Park, Phase 2
Pune Banglore Highway, Narhe,
Pune, Maharashtra 411041, India
sales@maximizemarketresearch.com
+91 96071 95908, +91 9607365656
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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