Press release
Global Video Banking Service Market to Reach $237.58 Billion by 2029, Growing at 17.2% CAGR
Video Banking Service
The growing use of mobile phones is expected to drive the video banking service market. Mobile phones have become essential tools for communication, entertainment, and accessing services, including banking. With increasing mobile phone subscriptions, the demand for mobile banking services, including video banking, has also risen. Video banking services allow customers to access personalized banking services remotely, which is convenient for those seeking a more streamlined, user-friendly banking experience. For example, in 2022, there were 83.25 million active mobile subscriptions in the UK, reflecting a 2% increase compared to the previous year. This increase in mobile phone usage drives the growth of video banking services as consumers increasingly seek secure and convenient financial services.
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What Is the projected market size and growth rate for the video banking service market?
The video banking service market has experienced rapid growth, reaching $125.84 billion in 2025 from $107.13 billion in 2024, at a CAGR of 17.5%. This growth is fueled by increasing demand for personalized banking services, the rapid expansion of digital banking, growing reliance on video for financial services, and the adoption of virtual workforce management solutions.
The video banking service market size is expected to grow rapidly, reaching $237.58 billion in 2029 with a CAGR of 17.2%. This expansion is attributed to a rising demand for digital transformation technology in the banking and financial sectors, increasing reliance on video banking service solutions by banks, the growing use of mobile phones, increasing internet penetration, and the rapid automation of the banking industry. Key trends in the forecast period include technological advancements in banking, enhanced security and compliance for video banking, the adoption of advanced technologies, cloud-based collaboration platforms, and the introduction of innovative services.
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What new trends are reshaping the video banking service market and its opportunities?
In the video banking service market, companies are introducing innovative services like face-to-face video interactions to enhance customer engagement. AU Small Finance Bank Limited launched a 24x7 video banking service in August 2023, allowing customers to have live video calls with bank representatives at any time. This service offers a personalized banking experience, especially for customers in areas with limited infrastructure.
What major market segments define the scope and growth of 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 region dominates 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.
Which key market leaders are driving the 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
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What Is Covered In The Video Banking Service Global Market Report?
•Market Size Forecast: Examine the video banking service market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the video banking service market for a structured understanding.
•Key Players Overview: Analyze major players in the video banking service market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the video banking service market.
•Segment Contributions: Evaluate how different segments drive overall growth in the video banking service market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the video banking service market.
•Industry Challenges: Identify potential risks and obstacles affecting the video banking service market.
•Competitive Landscape: Review strategic developments in the video banking service market, including expansions, agreements, and new product launches.
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