Press release
Video Banking Service Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Video Banking Service Market Size
What Is the Projected Growth of the Video Banking Service Market?
The video banking service market has grown rapidly in recent years. It is expected to grow from $107.13 billion in 2024 to $125.84 billion in 2025, at a CAGR of 17.5%. Factors contributing to this growth include rising demand for video banking services, the provision of personalized services to customers, the rapid expansion of digital banking services, a growing need for video services in financial sectors, and the management of virtual workforces.
The video banking service market is forecast to grow to $237.58 billion by 2029, at a CAGR of 17.2%. The rise is driven by the demand for digital transformation in banking, increasing reliance on video banking solutions, higher mobile phone usage, internet penetration, and banking automation. Major trends include advancements in banking technology, improved security and compliance, cloud-based collaboration, and innovative services.
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What Are the Different Video Banking Service Market Segments?
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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What Are the Primary Drivers Shaping the Video Banking Service Market?
The growing use of mobile phones is expected to accelerate the video banking service market. Mobile phones, known for their convenience and multifunctionality, enable easy communication and access to services. According to Uswitch Limited, by March 2022, the UK had 83.25 million active mobile subscriptions, reflecting a 2% growth compared to 2021. The increasing use of mobile phones is driving the expansion of video banking services by providing users with secure and convenient banking solutions.
Which Companies Are Leading in the Video Banking Service Market?
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 Latest Developing Trends in the Video Banking Service Market?
Companies in the video banking service market are enhancing customer engagement by offering video calls with bank representatives for transactions and consultations. This service allows customers to engage face-to-face with bankers remotely. For instance, in August 2023, AU Small Finance Bank Limited launched a 24/7 video banking service in India, providing customers the ability to communicate with bankers at any time, improving accessibility.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Video Banking Service Market?
2. What is the CAGR expected in the Video Banking Service Market?
3. What Are the Key Innovations Transforming the Video Banking Service Industry?
4. Which Region Is Leading the Video Banking Service Market?
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