Overview and Scope
Video banking service refers to a banking facility that allows customers to interact with bank representatives in real-time through video communication technology, typically from their own devices such as smartphones. This service enables customers to conduct various banking activities remotely, similar to traditional in-branch services but without physically visiting a bank branch.
Sizing and Forecast
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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Segmentation & Regional Insights
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
North America was the largest region in the video banking service market in 2023. 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The video banking service market report table of contents includes:
1. Executive Summary
2. Video Banking Service Market Characteristics
3. Video Banking Service Market Trends And Strategies
4. Video Banking Service Market – Macro Economic Scenario
5. Global Video Banking Service Market Size and Growth
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32. Global Video Banking Service Market Competitive Benchmarking
33. Global Video Banking Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Video Banking Service Market
35. Video Banking Service Market Future Outlook and Potential Analysis
36. Appendix
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