Pune, April 18, 2023 (GLOBE NEWSWIRE) -- A global Information Technology & Telecommunication business consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the “Augmented Reality in BFSI Market”. According to the MMR analysis, the Global Augmented Reality in BFSI Market size was valued at USD 798.25 Million in 2022 and the total Augmented Reality in BFSI revenue is expected to grow at a CAGR of 24.6 percent from 2023 to 2029, reaching USD 3721.90 Million.
Augmented Reality in BFSI Market Report Scope and Research Methodology
| Market Size in 2022 | USD 798.25 Million |
| Market Size in 2029 | USD 3721.90 Million |
| CAGR | 24.6 percent |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 282 |
| No. of Tables | 140 |
| No. of Charts and Figures | 125 |
| Segment Covered | Component, Deployment Mode, Applications, and End User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The Augmented Reality in BFSI Market report provides a comprehensive analysis of the industry, covering emerging trends, growth drivers, market opportunities, and major restraints. It utilizes a bottom-up approach to estimate the global and regional market size and employs data triangulation, including data mining and primary validation by industry experts. The report includes extensive use of secondary sources such as directories, databases, and government associations, as well as company and private websites for data collection. SWOT analysis is conducted for key players to assess the competitive landscape and PESTLE analysis is used to understand the potential impact of microeconomic and macroeconomic factors on the market. The report also includes regional market analysis at global, regional, and national levels to provide insights on market penetration, prominent companies, and growth plans. Overall, the report offers a comprehensive and detailed overview of Augmented Reality in BFSI Market to help readers understand its current status and future prospects.
Augmented Reality in BFSI Market Dynamics
Customers in the BFSI sector are increasingly seeking personalized, immersive, and convenient digital experiences. AR technology offers unique and engaging experiences that can enhance customer interactions, such as virtual banking, virtual financial advisors, and virtual insurance assessments, leading to a growing demand for AR applications in the BFSI sector. In addition, Rapid advancements in AR technology, including hardware, software, cloud computing, data analytics, and connectivity, are increasing the adoption of AR, thereby driving augmented reality in BFSI market growth. These advancements are enabling more sophisticated and immersive AR experiences, making AR a viable solution for various use cases in the BFSI sector.
BFSI companies are constantly seeking ways to optimize their operations, reduce costs, and enhance efficiency. Thus, the adoption of AR is increased as AR applications are utilized for internal processes, such as employee training, risk assessment, and data visualization, to improve decision-making, streamline workflows, and enhance overall operational efficiency. However, high cost and investment, security and privacy concerns, as well as regulatory and compliance challenges, Vendor Ecosystem, and Integration Challenges are expected to be major restraining factors for the growth of Augmented Reality (AR) in the BFSI market.
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Augmented Reality in BFSI Market Regional Insights
Europe is witnessing the growing adoption of AR in the BFSI sector, with countries such as UK, Germany, and France leading the Augmented Reality in BFSI market. The region has a well-established BFSI industry, and AR is being used for applications such as customer engagement, remote assistance, and risk assessment. In addition, the region has a mature technology ecosystem, strong financial institutions, and a high adoption rate of advanced technologies, which has led to significant AR adoption in BFSI for applications such as virtual banking, financial advisory, and insurance claim assessments.
Latin America is also witnessing the gradual adoption of AR in the BFSI sector, with countries like Brazil and Mexico being key markets. BFSI companies in the region are exploring AR for applications such as customer engagement, financial education, and insurance claims.
Augmented Reality in BFSI Market Segmentation
By Deployment Mode
- On-Premise
- Cloud
The cloud segment is expected to offer lucrative growth potentials for augmented reality in BFSI market players during the forecast period. Cost-Effective Implementation, scalability and flexibility, enhanced accessibility, rapid deployment, data security and privacy, and continuous updates and innovation are some of the factors that increased the demand for Cloud AR in BFSI sector, driving the segment growth.
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By Component:
- Hardware
- Software
- Services
By Type:
- On-Premise
- Cloud
By Deployment Mode:
- APIs and SDKs
- Application Delivery Networks (ADNs)
- Content Delivery Networks (CDNs)
- Customer Relationship Management (CRM)
- Others
By Application:
- Banks
- Insurance Companies
- Credit Unions
- NBFCs
Augmented Reality in BFSI Market Key Competitors include:
- Microsoft
- Meta (formerly Facebook Reality Labs)
- Samsung
- IBM
- 3rockAR
- Apple
- PTC
- Qualcomm
- Unity Technologies
- Upskill
- Plain Concepts
- Vuzix, Oracle
- Blippar Group Limited
- VisionLabs
- Magic Leap, Inc.
- Blippar
Key Offerings:
- Past Market Size and Market Competitiveness (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Challenges, and Key Trends by Region
- Market Segmentation – A detailed analysis by Component, Type, Deployment Mode, Type and Region
- Competitive Landscape –A detailed scenario of the competitive environment in the global market
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region based on product Portfolio, End-Users, Revenues, Manufacturing Locations, etc.
- Market Consolidations – Mergers, Acquisitions, Joint Ventures, Partnerships.
- Company Profiles – Business Overview, Financial Overview, Business Strategy, SWOT Analysis, Recent Development.
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Key Takeaways
- Industry Recommendations
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Key questions answered in the Augmented Reality in BFSI Market are:
- What is Augmented Reality in BFSI Market?
- What is the growth potential of Augmented Reality in BFSI Market?
- What was the Augmented Reality in BFSI Market Size in 2022?
- What are the global drives in Augmented Reality in BFSI Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Augmented Reality in BFSI Market?
- How the intervention from regulatory authority is shaping Augmented Reality in BFSI Market?
- What growth strategies are the players considering to increase their global presence in the Augmented Reality in BFSI Market?
- Who are the leading companies in Augmented Reality in BFSI Market?
- What are the major challenges posed by Augmented Reality in BFSI Market?
- Which segment held the largest market share in Augmented Reality in BFSI Market?
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
Augmented Reality Connected Service Market: The Market is expected to reach USD 34.43 Bn. by 2029, at a CAGR of 40 percent throughout the forecast period. Enhanced Customer Experience offered by augmented reality connected services is expected to drive market growth.
Augmented Intelligence Market: The Market value is expected to reach USD 96.61 billion at the end of the forecast period and it is expected to grow at a CAGR of 26.4 percent. The growing adoption of augmented intelligence tools by various industries or sectors to impel productivity, enhance efficiency, and save organizational money and workers' time is a major driving factor for the market.
Augmented Reality in Healthcare Market: The Market is expected to grow at a CAGR of 8 percent during the forecast period. Global Augmented Reality in Healthcare Market is expected to reach USD 3.94 Bn. by 2029. The high private investments and funding driving the market growth during the forecast period.
Augmented Analytics Market: The Market size was valued at USD 11.12 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 28.4 percent from 2022 to 2029, reaching USD 82.20 Bn. Increasing awareness among enterprises of the need to use the growing streams of data from various sources in innovative ways is expected to drive the growth of the global augmented analytics market.
Augmented Reality and Virtual Reality Market: Augmented Reality and Virtual Reality Market size is expected to reach USD 280.06 Bn in the year 2029, at a CAGR of 38.1 percent during the forecast period. Rapid growth in the implementation of tablet computers and smartphones and technological development is expected to be the major growth factors.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
