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Leading Growth Driver in the Video Banking Service Market in 2025: Mobile Phones Fueling Growth In The Video Banking Service Market Driver's Influence
Video Banking Service Market Size
The dramatic expansion of the video banking service market in recent years is impossible to ignore. By 2025, it is forecasted to escalate from $107.13 billion in 2024 to $125.84 billion, boasting a compound annual growth rate (CAGR) of 17.5%. The historical growth surge is a result of factors such as the surging demand for video banking services, tailored banking services for clients, the rapid ascent of digital banking services, increased necessity for video in the financial sector, and management of a virtual workforce.
Expectations have been set for a swift augmentation of the video banking service market size in the coming years, with prospects of reaching a value of $237.58 billion by 2029 at a compound annual growth rate (CAGR) of 17.2%. The predicted growth over the forecasted period could be a direct consequence of the increasing demand for digital transformation technologies in banking and financial institutions, a growing reliance of banks on video banking service solutions, a rising trend of mobile phone usage, increased internet penetration, and quick advancements in the banking industry's automation. Noteworthy trends for the forecast period incorporate technological evolution in banking, improvements in security and compliance facets of video banking, the adoption of advanced technologies, cooperation via cloud-based platforms, and imaginative services.
What Is Contributing to the Growth of the Video Banking Service Market?
The surge in mobile phone usage is predicted to drive the advancement of the video banking service market. This rise in mobile phone usage can be attributed to their convenience, portability, and multi-function capabilities which facilitate easy communication, information accessibility, and entertainment anytime and anywhere. For example, Uswitch Limited, a financial credit firm from the UK, reported in February 2024 that the total number of active mobile subscriptions in the UK, not including machine-to-machine (M2M) connections, reached 83.25 million at the end of March 2022. This represents roughly a 2% increase compared to March 2021. Therefore, the escalating adoption of mobile phones is fueling the expansion of the video banking service market.
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Which Key Market Leaders Are Driving Video Banking Service Industry Growth?
Major companies operating in the video banking service market are 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
What Are the Emerging Trends in the Video Banking Service Industry?
Key players in the video banking service market, such as AU Small Finance Bank Limited, are adopting an innovation-centric approach. They are prioritizing services like live video interactions with banking professionals, to amplify customer engagement and accessibility. Essentially, these live video interactions that simulate physical meetings enable customers to engage directly with bank staff for transactions and consultation services. To illustrate, AU Small Finance Bank Limited, a finance service company in India, launched its video banking service in August 2023. This round-the-clock service offers customers the opportunity to engage with bankers face-to-face via video calls whenever they want, including weekends and holidays. This service is directed towards delivering personalized and effortless banking experiences, in particular to customers based in areas with scarce resources and inadequate infrastructure.
What Are the Main Segments in the Video Banking Service Market?
The video banking service market covered in this report is segmented -
1) By Component: Solution, Service
2) By Deployment Mode: On-Premise, Cloud
3) By Application: Banks, Credit Unions, Other Applications
Subsegments:
1) By Solution: Video Banking Software, Video Conferencing Platform, Video Authentication Tools, Video Collaboration Systems
2) By Service: Consultation And Support Services, Installation And Integration Services, Managed Services, Training And Maintenance Services
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Which Geographic Area Leads the Video Banking Service Market?
North America was the largest region in the video banking service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video banking service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Video Banking Service Global Market Report?
- Market Size Analysis: Analyze the Video Banking Service Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Video Banking Service Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Video Banking Service Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Video Banking Service Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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