Video Banking Service Global Market Report 2024

Description

Video banking service is a facility provided by banks that allows customers to engage with bank representatives in real-time using video communication technology, typically from their own devices such as smartphones. This service enables customers to perform a wide range of banking activities remotely, akin to traditional in-branch services, but without needing to visit a physical bank location.

The key elements of video banking services encompass both solutions and services. Video banking service solutions entail technology that facilitates customers to execute banking transactions and access tailored financial services through video calls. These solutions can be implemented in on-premise and cloud environments for diverse applications across banks, credit unions, and other financial institutions.

The video banking service research report is one of a series of new reports from The Business Research Company that provides video banking service market statistics, including the video banking service industry's global market size, regional shares, competitors with a video banking service market share, detailed video banking service market segments, market trends and opportunities, and any further data you may need to thrive in the video banking service industry. This video banking service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 observed in the historical period can be credited to several factors, rising demand for video banking services, personalized banking offerings for customers, rapid expansion of digital banking services, increasing reliance on video technology in financial services, and effective management of virtual workforce dynamics.

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%. In the forecast period, growth is anticipated due to increased demand for digital transformation technologies within banking and financial institutions, greater reliance of banks on video banking service solutions, expanding mobile phone usage, rising internet penetration, and accelerated automation in the banking industry. Key trends expected in this period include advancements in banking technology, enhancements in security and compliance for video banking, adoption of advanced technologies, utilization of cloud-based collaboration platforms, and introduction of innovative services.

The rise in mobile phone usage is expected to drive growth in the video banking service market. Mobile phones are increasingly popular due to their convenience, portability, and versatility, enabling easy communication, information access, and on-the-go entertainment. For instance, as of March 2022, the UK had 83.25 million active mobile subscriptions, excluding machine-to-machine connections, marking a 2% increase from the previous year, as reported by Uswitch Limited, a UK-based financial credit company. This surge in mobile phone usage is a key factor propelling the expansion of video banking services.

Leading companies in the video banking service market are focusing on innovative offerings such as face-to-face interactions via video with banking representatives to enhance customer engagement and accessibility. These interactions involve live video calls that simulate in-person meetings for banking transactions and consultations. For example, AU Small Finance Bank Limited launched a 24x7 video banking service in August 2023, allowing customers to engage face-to-face with bankers through video calls anytime, including weekends and holidays. This service aims to provide a seamless and personalized banking experience, particularly beneficial in areas with limited infrastructure and resources.

In June 2022, Eltropy Inc., a US-based company specializing in video banking services, acquired Popio Mobile Video Cloud LLC to bolster its digital communications platform. This acquisition strengthens Eltropy's ability to offer credit unions a comprehensive platform integrating automated, AI-driven text messaging, video banking, secure chat, chatbots, co-browsing, live observation, and screen sharing capabilities. Popio Mobile Video Cloud LLC, based in the US, is known for its advanced video banking service technology.

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

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.

The countries covered in the video banking service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The video banking service market includes revenues earned by entities by providing services such as financial advisory and consultation, transaction assistance, and fraud prevention and resolution. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Video Banking Service Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on video banking service market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for video banking service ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The video banking service market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Component: Solution; Service
2) By Deployment Mode: On-Premise; Cloud
3) By Application: Banks; Credit Unions; Other Applications
Companies Mentioned: Bank of America Corporation; Morgan Stanley; American Express Company; Cisco Systems Inc.; Barclays PLC
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r19258

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

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Video Banking Service Market Size and Growth

5.1. Global Video Banking Service Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Video Banking Service Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Video Banking Service Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Video Banking Service Market Segmentation

6.1. Global Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Solution
Service
6.2. Global Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
On-Premise
Cloud
6.3. Global Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Banks
Credit Unions
Other Applications

7. Video Banking Service Market Regional And Country Analysis

7.1. Global Video Banking Service Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Video Banking Service Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Video Banking Service Market

8.1. Asia-Pacific Video Banking Service Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Video Banking Service Market

9.1. China Video Banking Service Market Overview
9.2. China Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Video Banking Service Market

10.1. India Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Video Banking Service Market

11.1. Japan Video Banking Service Market Overview
11.2. Japan Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Video Banking Service Market

12.1. Australia Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Video Banking Service Market

13.1. Indonesia Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Video Banking Service Market

14.1. South Korea Video Banking Service Market Overview
14.2. South Korea Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Video Banking Service Market

15.1. Western Europe Video Banking Service Market Overview
15.2. Western Europe Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Video Banking Service Market

16.1. UK Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Video Banking Service Market

17.1. Germany Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Video Banking Service Market

18.1. France Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Video Banking Service Market

19.1. Italy Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Video Banking Service Market

20.1. Spain Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Video Banking Service Market

21.1. Eastern Europe Video Banking Service Market Overview
21.2. Eastern Europe Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Video Banking Service Market

22.1. Russia Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Video Banking Service Market

23.1. North America Video Banking Service Market Overview
23.2. North America Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Video Banking Service Market

24.1. USA Video Banking Service Market Overview
24.2. USA Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Video Banking Service Market

25.1. Canada Video Banking Service Market Overview
25.2. Canada Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Video Banking Service Market

26.1. South America Video Banking Service Market Overview
26.2. South America Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Video Banking Service Market

27.1. Brazil Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Video Banking Service Market

28.1. Middle East Video Banking Service Market Overview
28.2. Middle East Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Video Banking Service Market

29.1. Africa Video Banking Service Market Overview
29.2. Africa Video Banking Service Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Video Banking Service Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Video Banking Service Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Video Banking Service Market Competitive Landscape And Company Profiles

30.1. Video Banking Service Market Competitive Landscape
30.2. Video Banking Service Market Company Profiles
- 30.2.1. Bank of America Corporation
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Morgan Stanley
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. American Express Company
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Cisco Systems Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Barclays PLC
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Video Banking Service Market Other Major And Innovative Companies

31.1. U.S. Bank
31.2. MasterCard Inc.
31.3. NatWest Group Plc
31.4. Merrill Lynch & Company Inc.
31.5. Zoom Video Communications Inc.
31.6. Tata Communications Limited
31.7. Guaranty Trust Bank Limited
31.8. AU Small Finance Bank Limited
31.9. Yealink Network Technology Co. Ltd.
31.10. Enghouse Systems
31.11. STAR Financial Bank
31.12. Pexip AS
31.13. Glia Technologies Inc.
31.14. Vidyard
31.15. StonehamBank

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

35.1 Video Banking Service Market In 2028 - Countries Offering Most New Opportunities
35.2 Video Banking Service Market In 2028 - Segments Offering Most New Opportunities
35.3 Video Banking Service Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer