The latest market report published by Credence Research, Inc. “Global Video Banking Service Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Video Banking Service Market generated revenue of around USD 71.9 billion in 2022 and is anticipated to grow a CAGR of over 13.30% during the forecast period from 2023 to 2030 to reach around USD 172.32 billion in 2030.
The demand for video banking services is increasing, owing to rapid development in automation of the banking industry. By eliminating repetitive and laborious tasks, banking institutions allow their employees to work more efficiently and focus on other core tasks with the help of automation. In addition, personalized banking services to customers and rapid growth in digital banking services are driving the market's growth. However, video banking requires strong internet connectivity and video conferencing and security and privacy concerns have emerged as key industry problems. On the contrary, technological advancements in banking further give major opportunities for the video banking service market growth.
The global video banking service market is bifurcated into Components, Deployment Mode, Application and Geography. Based on components, the market is categorized into solutions and services. On the basis of deployment mode, the global market is segmented into on-premise and cloud. On the basis of application, the global market is segmented into banks, credit unions, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2021, North America dominated the global video banking service market and accounted for a major market revenue share in value. The growing requirement for video communication, virtual workforce management, and cloud-based collaboration platforms are some of the major factors driving the market growth for video banking services. Additionally, companies and banks are adopting video collaboration technologies to make decisions more quickly and reduce the high costs associated with travel.
Video banking services are becoming increasingly popular as consumers seek out more convenient and efficient ways to bank. However, there are some major challenges that need to be addressed in order for this market to continue to grow.
One of the biggest challenges is security. While video banking services are typically very secure, there have been some instances of hacking and fraud. This has led to some consumers being hesitant to use these services. Banks need to ensure that their systems are secure and that consumers feel confident using them.
Why Buy This Report-
· The report provides a qualitative and quantitative analysis of the global video banking service market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2017-2021, base year- 2022, and forecast period 2023-2030.
· The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level.
· In-depth analysis of the global video banking service market segmentation based on component, deployment mode, and application.
· The global video banking service market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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