In-Depth Exploration of the Video Banking Service Market: Enriching Industry Understanding, Envisioning Trends, Evaluating Growth Catalysts, and Forecasting Advancements from 2023 to 2030.
Report Ocean has recently released a comprehensive research report on the global Video Banking Service Market. The report offers a detailed analysis of various market characteristics, such as size, growth, segmentation, regional and country breakdowns, competitive environment, market shares, trends, and strategies. It also provides insights into the impact of the COVID-19 pandemic on the market.
Global Video Banking Service Market is valued at approximately USD 71.4 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 13.6% over the forecast period 2022-2029.
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Video Banking Service refers to remote banking services offered by the bank and financial institutions via video connectivity. These facilities can be accessed by customers by visiting the bank’s website and application. Moreover, there are benefits associated with video banking services such as convenient and personal experience for customers, and low operations cost for the banks and financial institutions. The outbreak of COVID-19 forced banks and financial institutions to roll out virtual banking services, making a positive impact on the growth of the Global Video Banking Service Market. The increasing demand for personalized banking services and growing expansion of the BFSI Industry as well as strategic initiatives from leading market players are key factors accelerating the market growth.
The rising expansion of the global banking, finance, and insurance sector is contributing to the growth of the Global Video Banking Service Market. For instance, according to Statista – as of 2022, the revenue in the US Banking, Finance & Insurance sector is valued at USD 3.72 trillion in 2022, and the BFSI sector is projected to grow at an annual growth rate of 2.47% between 2022-2025 period to reach to USD 4 trillion by 2025. Moreover, in February 2022, the Ministry of Finance, Government of India announced the establishment of 75 digital banking units (DBUs( across 75 districts across India. In addition, under this plan in October 2022, ICICI Bank and Kotak Mahindra Bank have opened their DBUs in Kohima, Nagaland, and Mehsana, Gujrat. Also, the rapid growth of digital banking services and increasing investment from authorities in remote banking would create a lucrative growth prospectus for the market over the forecast period. However, security and privacy concerns and limited availability of high-speed internet services stifle the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Video Banking Service Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the increasing introduction of Video Banking Services from leading banks and the availability of high-speed internet infrastructure in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising adoption of smartphones, and favourable initiatives from government authorities to promote digital banking services coupled with the growth of high-speed internet services in the region.
Major market players included in this report are:
- AU Small Finance Bank Limited
- Barclays
- Glia Technologies, Inc.
- Guaranty Trust Bank Limited.
- NatWest International
- Star Financial Bank
- Stonehambank
- U.S. Bank
- ulster bank
- Royal Bank of Scotland plc
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Component
Solution
Service
By Deployment Mode
On-Premise
Cloud
By Application
Banks
Credit Unions
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
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Key Questions Addressed
- Growth Potential: Our report delves into the potential for growth in the Video Banking Service market, highlighting the promising opportunities that lie ahead.
- Product Dominance: We analyze the product segments within the market to identify which one is likely to dominate, shedding light on its potential trajectory.
- Regional Leadership: The report examines regional markets to predict which one is poised to emerge as a frontrunner in the future, backed by insightful data and analysis.
- Application Growth: We identify the application segment that is expected to experience strong growth, helping stakeholders direct their focus effectively.
- Growth Opportunities: The report pinpoints potential growth opportunities within the Video Banking Service industry, enabling market participants to strategize for expansion.
- Challenges Ahead: By highlighting major challenges, we offer a holistic view of potential obstacles that the Video Banking Service market may face in the future.
- Leading Companies: Our analysis presents leading companies within the Video Banking Service market, offering an overview of their strategies, sales volume, and revenue performance.
- Positive Trends: We identify key trends that are positively impacting market growth, aiding stakeholders in understanding shifting dynamics.
- Growth Strategies: The report sheds light on growth strategies considered by market players to sustain their positions, fostering a competitive edge.
Research Methodology and Structure
Our robust research methodology ensures the accuracy and reliability of the information presented in this report. As you navigate through its chapters, you will find:
- Introduction and Overview: An in-depth introduction sets the stage for our comprehensive industry analysis, offering readers a comprehensive perspective.
- Chapter-wise Guidance: Our report offers chapter-wise guidance, allowing you to navigate specific areas of interest seamlessly.
- In-depth Analysis: Over 200 pages of in-depth analysis encompass the latest research findings and insights, providing a comprehensive understanding of the market.
- Regional Insights: An updated regional analysis, presented graphically, showcases market size, share, and emerging trends within each region.
- List of Tables and Figures: A comprehensive list of tables and figures supports the information presented, enhancing the clarity of the report.
- Top Market Players: We extensively analyze the leading market players, offering insights into their business strategies, sales volume, and revenue analysis.
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