Portland, OR, Nov. 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global video banking service market generated $71.4 billion in 2021, and is projected to reach $247.9 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $71.4 billion |
| Market Size in 2031 | $247.9 billion |
| CAGR | 13.6% |
| No. of Pages in Report | 182 |
| Segments Covered | Component, Deployment Mode, Application, and Region. |
| Drivers | Rapid breakthroughs in automation of the banking sector. |
| Opportunities | Video banking services helps in offering personalized banking solutions to customers. |
| Restraints | Video banking requires strong internet connectivity and video conferencing. |
| Growing privacy & security concerns. |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had favorably impacted the growth of the global video banking service market, owing to rapid acceptance of digitization in the banking sector during the pandemic period.
- However, the COVID-19 pandemic has led to massive use of online banking services due to remote working and strict social distancing norms.
- During the COVID-19 pandemic, a large number of banks & fintech institutions lauched attrative business strategies for helping SMEs and consumers accept video banking services, thereby expanding the growth of the global market.
The report offers a detailed segmentation of the global video banking service market based on component, deployment mode, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.
Based on component, the solution segment held the major market share in 2021, holding nearly two-thirds of the global video banking service market share, and is expected to maintain its leadership status during the forecast period. However, the service segment, is expected to cite the fastest CAGR of 16.4% during the forecast period.
On the basis of deployment mode, the on-premise segment held the largest market share in 2021, accounting for nearly three-fifths of the global video banking service market share, and is expected to maintain its leadership status during the forecast period. Nevertheless, the cloud segment, is expected to cite the highest CAGR of 15.3% during the forecast period.
In terms of application, the banks segment held the largest market share in 2021, accounting for nearly three-fifths of the global video banking service market share, and is expected to maintain its leadership status during the forecast period. Nevertheless, the others segment, is expected to cite the highest CAGR of 16.2% during the forecast period. The report also contents segment such as credit unions.
Region-wise, the North American region held the major market share in 2021, grabbing more than one-third of the global video banking service market share. However, the Asia-Pacific market is slated to dominate the global market share during the forecast period. However, the Asia-Pacific region is expected to cite the fastest CAGR of 16.5% during the forecast period. The report also analyses other regions such as Europe and LAMEA.
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The key players analyzed in the global video banking service market report include AU Small Finance Bank Limited, Barclays, Glia Technologies, Inc., Guaranty Trust Bank Limited, NatWest International, Royal Bank of Scotland plc, Star Financial, Stoneham Bank, U.S. Bank, and Ulster Bank Royal Bank of Scotland plc,
The report analyzes these key players in the global video banking service market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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