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Mobile Phones Fueling Growth In The Video Banking Service Market: Core Growth Enabler in the Video Banking Service Market, 2025
Video Banking Service
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What Will the Video Banking Service Industry Market Size Be by 2025?_x000D_
The market size of the video banking service has seen a swift escalation in the past few years. Its growth is projected to rise from $107.13 billion in 2024 to $125.84 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 17.5%. The expansion observed in the historic period can be traced back to the escalating demand for video banking services, the rise in personalized banking offerings to customers, the exponential growth in digital banking services, the increasing requirement for video in financial services, and the management of a virtual workforce._x000D_
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What's the Long-Term Growth Forecast for the Video Banking Service Market Size Through 2029?_x000D_
The market for video banking services is anticipated to experience a swift expansion in the coming years, reaching a total of $237.58 billion by 2029, with an impressive compound annual growth rate (CAGR) of 17.2%. Several factors are driving the growth during the forecast period, including an increased interest in advancing digital technology within financial and banking institutions, the increased reliance of numerous banks on video banking services, the widespread use of mobile phones, the surge in internet access, and fast-paced advancements in banking industry automation. Key trending factors during this forecast period include technological progression within banking, fortifying security and compliance features for video banking, the adoption of various cutting-edge technologies, platforms for cloud-based collaboration, and innovative services._x000D_
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What Are the Key Growth Drivers Fueling the Video Banking Service Market Expansion?_x000D_
The advancement in the usage of mobile phones is set to boost the video banking service market. The surge in mobile phones usage can be attributed to the factors like convenience, portability and versatility in its functionality, thereby facilitating easy communication, access to information, and entertainment on the move. For example, Uswitch Limited, a financial credit firm situated in the UK, stated in February 2024 that by March 2022, the total count of active mobile subscriptions in the UK, excluding machine-to-machine (M2M) connections, reached 83.25 million. This represents a nearly 2% growth when compared to March 2021. Hence, the increased usage of mobile phones serves as a catalyst for the video banking service market's expansion._x000D_
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What Are the Key Trends Driving Video Banking Service Market Growth?_x000D_
Top companies in the video banking service market are concentrating on the creation of innovative services, like face-to-face communication with video bankers, to boost customer connectivity and reach. The term 'face-to-face interactions with video banking services' refers to real-time video conversations allowing customers to interact directly with bank officials, mirroring a physical meeting for banking dealings and advice. For example, AU Small Finance Bank Limited, a finance service provider from India, in August 2023, unveiled a 24x7 video banking service. This service enables clients to connect directly with bankers via video calls at any hour and on any day, inclusive of weekends and holidays. The objective of this service is to offer an uninterrupted, customized banking experience to clients, especially those located in regions with scarce infrastructure and resources._x000D_
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How Is the Video Banking Service Market Segmented?_x000D_
The video banking service market covered in this report is segmented - _x000D_
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1) By Component: Solution, Service_x000D_
2) By Deployment Mode: On-Premise, Cloud_x000D_
3) By Application: Banks, Credit Unions, Other Applications_x000D_
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Subsegments:_x000D_
1) By Solution: Video Banking Software, Video Conferencing Platform, Video Authentication Tools, Video Collaboration Systems _x000D_
2) By Service: Consultation And Support Services, Installation And Integration Services, Managed Services, Training And Maintenance Services_x000D_
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Which Companies Are Leading the Charge in Video Banking Service Market Innovation?_x000D_
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 _x000D_
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Which Regions Are Leading the Global Video Banking Service Market in Revenue?_x000D_
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._x000D_
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