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Global Video Banking Service Market Trends, Growth, and Forecast 2024
Video Banking Service Market Trends
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According to The Business Research Company's, The video banking service market size has grown rapidly in recent years. It will grow from $91.42 billion in 2023 to $107.13 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to the increasing demand for video banking services, personalized banking services to customers, rapid growth in digital banking services, growing need for video for financial services, and virtual workforce management.
The video banking service market size is expected to see rapid growth in the next few years. It will grow to $202.79 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to a rise in demand for digital transformation technology in banking and financial institutions, the growing dependency of various banks on video banking service solutions, the growing use of mobile phones, rising internet penetration, rapid development in automation of the banking industry. Major trends in the forecast period include technological advancements in the field of banking, enhancing the security and compliance aspects of video banking, adopting various advanced technologies, cloud-based collaboration platforms, and innovative services.
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Market Drivers and Trends:
The growing use of mobile phones is expected to propel the video banking service market forward. The use of mobile phones is increasing due to their convenience, portability, and multifunctional capabilities, which enable easy communication, access to information, and entertainment on the go. For instance, in February 2024, according to Uswitch Limited, a UK-based financial credit company, as of the end of March 2022, the total number of active UK mobile subscriptions, excluding machine-to-machine (M2M) connections, stood at 83.25 million, reflecting a growth of approximately 2% compared to March 2021. Therefore, the growing use of mobile phones is driving the growth of the video banking service market.
Major companies operating in the video banking service market are focused on innovative services, such as face-to-face interactions with video bankers, to enhance customer engagement and accessibility. Face-to-face interactions with video banking services refer to live video calls where customers can communicate directly with bank representatives, simulating an in-person meeting for banking transactions and consultations. For instance, in August 2023, AU Small Finance Bank Limited, an India-based financial services provider, launched a 24x7 video banking service that allows customers to have face-to-face interactions with bankers through video calls at any time and on all days, including weekends and holidays. This service aims to provide a seamless and personalized banking experience to customers, especially those in areas with limited infrastructure and resources.
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Major Key Players of the Market:
Bank of America Corporation, Morgan Stanley, American Express Company, Cisco Systems Inc., Barclays PLC, U.S. Bank, MasterCard Inc., NatWest Group Plc, Merrill Lynch & Company Inc., Zoom Video Communications Inc., Tata Communications Limited, Guaranty Trust Bank Limited, AU Small Finance Bank Limited, Yealink Network Technology Co. Ltd., Enghouse Systems, STAR Financial Bank, Pexip AS, Glia Technologies Inc., Vidyard, StonehamBank, TrueConf LLC, Sirma Group
Video Banking Service Market 2024 Key Insights:
• The video banking service market size is expected to see rapid growth in the next few years. It will grow to $202.79 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%.
• Mobile Phones Fueling Growth In The Video Banking Service Market
• Innovative Video Banking Services Transforming Customer Experience
• North America was the largest region in the video banking service market in 2023
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