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Virtual Reality in BFSI Market By Component, By Deployment Mode, By Application, By End User: Global Opportunity Analysis and Industry Forecast, 2022-2031

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    Report

  • 378 Pages
  • September 2023
  • Region: Global
  • Allied Market Research
  • ID: 5751196
UP TO OFF until Nov 15th 2024
Virtual reality (VR) is a digitally produced experience that simulates a three-dimensional environment in the real world. The technology provides viewers with an immersive experience using VR gadgets such as, headsets or glasses, etc. It has revolutionized the gaming and entertainment, healthcare, BFSI sectors by allowing users to immerse themselves in a highly simulated environment. Furthermore, the growing use of this technology in banking and financial organizations, helps and allows banks to create immersive customer experiences, platforms, and applications, which resulted in higher user engagement, seamless banking solutions, and positive brand communication.

There is a rising adoption of virtual reality in BFSI among the end user due to easy access to solutions and the opportunity to carry out whatever activities they want easily from anywhere across globe. Furthermore, as consumer preferences shift, lenders have begun to focus on improving customer service through technology. Additionally, the most important aspect of utilizing virtual reality technologies in the financial sector is the visualization of data. Accordingly, advanced virtual reality-backed stock trading and investing has created a way for participants to track and visualize the financial market with greater depth in a three-dimensional and interactive environment. However, privacy of the users data, is restraining the growth of the virtual reality in BFSI market. A large amount of personal and sensitive data is potentially vulnerable to breaches and can be accessed by malicious entities. Thus, such factors is restraining the growth of the virtual reality in BFSI market. On the contrary growing use of artificial intelligence is helping to boost the virtual reality in BFSI market. Furthermore, it enables banks and financial institution to manage record-level high-speed data to receive valuable insights. Moreover, Artificial Intelligence comprises a broad set of technologies, including, but not limited to, machine learning, natural language processing, expert systems, vision, speech, planning, and robotics, etc. Therefore, adoption of artificial intelligence & machine in the BFSI industry is expected to provide lucrative growth opportunities for the market in the coming years.

The virtual reality in BFSI market is segmented on the basis of component, deployment mode, application, end user, and region. By component, it is segmented into hardware, software and services. By deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, the virtual reality in BFSI market is segmented into virtual assistants, speech recognition, virtual trading, virtual reality payments, and others. By end user, the virtual reality in BFSI market is bifurcated into banks, credit unions, insurance companies, and NBFCs. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The report analyzes the profiles of key players operating in the virtual reality in BFSI market such as Acadecraft.com, AeoLogic, Allerin Tech Pvt Ltd., Blue Label Labs, Designity Inc., Mazer, Nsocial Enriched Experimental Agency, Qodequay Technologies Pvt. Ltd., ServReality.com, Strivr Labs, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the virtual reality in BFSI virtual reality in BFSI industry.

Key Benefits For Stakeholders

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Key Market Segments

By Application

  • Virtual Assistants
  • Speech Recognition
  • Virtual Trading
  • Virtual Reality Payments
  • Others

By Component

  • Hardware
  • Software
  • Services

By End User

  • Banks
  • Credit Unions
  • Insurance Companies
  • NBFCs

By Deployment Mode

  • On-Premise
  • Cloud

By Region

  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
  • Key Market Players
  • AeoLogic
  • Strivr Labs, Inc.
  • Qodequay Technologies Pvt. Ltd.
  • ServReality.com
  • Nsocial Enriched Experimental Agency
  • Designity Inc.
  • Mazer
  • Allerin Tech Pvt. Ltd.
  • Blue Label Labs
  • Acadecraft.com

 

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.3. Porter’s five forces analysis
3.4. Market dynamics
CHAPTER 4: VIRTUAL REALITY IN BFSI MARKET, BY COMPONENT
4.1. Overview
4.2. Hardware
4.3. Software
4.4. Services
CHAPTER 5: VIRTUAL REALITY IN BFSI MARKET, BY DEPLOYMENT MODE
5.1. Overview
5.2. On-Premise
5.3. Cloud
CHAPTER 6: VIRTUAL REALITY IN BFSI MARKET, BY APPLICATION
6.1. Overview
6.2. Virtual Assistants
6.3. Speech Recognition
6.4. Virtual Trading
6.5. Virtual Reality Payments
6.6. Others
CHAPTER 7: VIRTUAL REALITY IN BFSI MARKET, BY END USER
7.1. Overview
7.2. Banks
7.3. Credit Unions
7.4. Insurance Companies
7.5. NBFCs
CHAPTER 8: VIRTUAL REALITY IN BFSI MARKET, BY REGION
8.1. Overview
8.2. North America
8.3. Europe
8.4. Asia-Pacific
8.5. LAMEA
CHAPTER 9: COMPETITIVE LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product mapping of top 10 player
9.4. Competitive dashboard
9.5. Competitive heatmap
9.6. Top player positioning, 2021
CHAPTER 10: COMPANY PROFILES
10.1. Acadecraft.com
10.2. AeoLogic
10.3. Allerin Tech Pvt. Ltd.
10.4. Blue Label Labs
10.5. Designity Inc.
10.6. Mazer
10.7. Nsocial Enriched Experimental Agency
10.8. Qodequay Technologies Pvt. Ltd.
10.9. ServReality.com
10.10. Strivr Labs, Inc.
List of Tables
Table 01. Global Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 02. Virtual Reality in Bfsi Market for Hardware, by Region, 2021-2031 ($ Million)
Table 03. Virtual Reality in Bfsi Market for Software, by Region, 2021-2031 ($ Million)
Table 04. Virtual Reality in Bfsi Market for Services, by Region, 2021-2031 ($ Million)
Table 05. Global Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 06. Virtual Reality in Bfsi Market for On-Premise, by Region, 2021-2031 ($ Million)
Table 07. Virtual Reality in Bfsi Market for Cloud, by Region, 2021-2031 ($ Million)
Table 08. Global Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 09. Virtual Reality in Bfsi Market for Virtual Assistants, by Region, 2021-2031 ($ Million)
Table 10. Virtual Reality in Bfsi Market for Speech Recognition, by Region, 2021-2031 ($ Million)
Table 11. Virtual Reality in Bfsi Market for Virtual Trading, by Region, 2021-2031 ($ Million)
Table 12. Virtual Reality in Bfsi Market for Virtual Reality Payments, by Region, 2021-2031 ($ Million)
Table 13. Virtual Reality in Bfsi Market for Others, by Region, 2021-2031 ($ Million)
Table 14. Global Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 15. Virtual Reality in Bfsi Market for Banks, by Region, 2021-2031 ($ Million)
Table 16. Virtual Reality in Bfsi Market for Credit Unions, by Region, 2021-2031 ($ Million)
Table 17. Virtual Reality in Bfsi Market for Insurance Companies, by Region, 2021-2031 ($ Million)
Table 18. Virtual Reality in Bfsi Market for Nbfcs, by Region, 2021-2031 ($ Million)
Table 19. Virtual Reality in Bfsi Market, by Region, 2021-2031 ($ Million)
Table 20. North America Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 21. North America Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 22. North America Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 23. North America Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 24. North America Virtual Reality in Bfsi Market, by Country, 2021-2031 ($ Million)
Table 25. U.S. Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 26. U.S. Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 27. U.S. Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 28. U.S. Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 29. Canada Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 30. Canada Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 31. Canada Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 32. Canada Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 33. Europe Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 34. Europe Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 35. Europe Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 36. Europe Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 37. Europe Virtual Reality in Bfsi Market, by Country, 2021-2031 ($ Million)
Table 38. UK Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 39. UK Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 40. UK Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 41. UK Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 42. Germany Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 43. Germany Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 44. Germany Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 45. Germany Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 46. France Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 47. France Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 48. France Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 49. France Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 50. Italy Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 51. Italy Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 52. Italy Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 53. Italy Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 54. Spain Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 55. Spain Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 56. Spain Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 57. Spain Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 58. Rest of Europe Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 59. Rest of Europe Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 60. Rest of Europe Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 61. Rest of Europe Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 62. Asia-Pacific Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 63. Asia-Pacific Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 64. Asia-Pacific Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 65. Asia-Pacific Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 66. Asia-Pacific Virtual Reality in Bfsi Market, by Country, 2021-2031 ($ Million)
Table 67. China Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 68. China Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 69. China Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 70. China Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 71. Japan Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 72. Japan Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 73. Japan Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 74. Japan Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 75. India Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 76. India Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 77. India Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 78. India Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 79. Australia Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 80. Australia Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 81. Australia Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 82. Australia Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 83. South Korea Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 84. South Korea Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 85. South Korea Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 86. South Korea Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 87. Rest of Asia-Pacific Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 88. Rest of Asia-Pacific Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 89. Rest of Asia-Pacific Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 90. Rest of Asia-Pacific Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 91. LAMEA Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 92. LAMEA Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 93. LAMEA Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 94. LAMEA Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 95. LAMEA Virtual Reality in Bfsi Market, by Country, 2021-2031 ($ Million)
Table 96. Latin America Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 97. Latin America Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 98. Latin America Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 99. Latin America Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 100. Middle East Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 101. Middle East Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 102. Middle East Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 103. Middle East Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 104. Africa Virtual Reality in Bfsi Market, by Component, 2021-2031 ($ Million)
Table 105. Africa Virtual Reality in Bfsi Market, by Deployment Mode, 2021-2031 ($ Million)
Table 106. Africa Virtual Reality in Bfsi Market, by Application, 2021-2031 ($ Million)
Table 107. Africa Virtual Reality in Bfsi Market, by End-user, 2021-2031 ($ Million)
Table 108. Acadecraft.Com: Key Executives
Table 109. Acadecraft.Com: Company Snapshot
Table 110. Acadecraft.Com: Service Segments
Table 111. Acadecraft.Com: Product Portfolio
Table 112. Aeologic: Key Executives
Table 113. Aeologic: Company Snapshot
Table 114. Aeologic: Service Segments
Table 115. Aeologic: Product Portfolio
Table 116. Allerin Tech Pvt. Ltd.: Key Executives
Table 117. Allerin Tech Pvt. Ltd.: Company Snapshot
Table 118. Allerin Tech Pvt. Ltd.: Service Segments
Table 119. Allerin Tech Pvt. Ltd.: Product Portfolio
Table 120. Blue Label Labs: Key Executives
Table 121. Blue Label Labs: Company Snapshot
Table 122. Blue Label Labs: Service Segments
Table 123. Blue Label Labs: Product Portfolio
Table 124. Designity Inc.: Key Executives
Table 125. Designity Inc.: Company Snapshot
Table 126. Designity Inc.: Product Segments
Table 127. Designity Inc.: Product Portfolio
Table 128. Mazer: Key Executives
Table 129. Mazer: Company Snapshot
Table 130. Mazer: Service Segments
Table 131. Mazer: Product Portfolio
Table 132. Nsocial Enriched Experimental Agency: Key Executives
Table 133. Nsocial Enriched Experimental Agency: Company Snapshot
Table 134. Nsocial Enriched Experimental Agency: Service Segments
Table 135. Nsocial Enriched Experimental Agency: Product Portfolio
Table 136. Qodequay Technologies Pvt. Ltd.: Key Executives
Table 137. Qodequay Technologies Pvt. Ltd.: Company Snapshot
Table 138. Qodequay Technologies Pvt. Ltd.: Service Segments
Table 139. Qodequay Technologies Pvt. Ltd.: Product Portfolio
Table 140. Servreality.Com: Key Executives
Table 141. Servreality.Com: Company Snapshot
Table 142. Servreality.Com: Service Segments
Table 143. Servreality.Com: Product Portfolio
Table 144. Strivr Labs, Inc.: Key Executives
Table 145. Strivr Labs, Inc.: Company Snapshot
Table 146. Strivr Labs, Inc.: Service Segments
Table 147. Strivr Labs, Inc.: Product Portfolio
List of Figures
Figure 01. Virtual Reality in Bfsi Market, 2021-2031
Figure 02. Segmentation of Virtual Reality in Bfsi Market, 2021-2031
Figure 03. Top Impacting Factors in Virtual Reality in Bfsi Market
Figure 04. Top Investment Pockets in Virtual Reality in Bfsi Market (2022-2031)
Figure 05. High Bargaining Power of Suppliers
Figure 06. High Threat of New Entrants
Figure 07. High Threat of Substitutes
Figure 08. High Intensity of Rivalry
Figure 09. High Bargaining Power of Buyers
Figure 10. Global Virtual Reality in Bfsi Market: Drivers, Restraints and Opportunities
Figure 11. Virtual Reality in Bfsi Market, by Component, 2021 and 2031 (%)
Figure 12. Comparative Share Analysis of Virtual Reality in Bfsi Market for Hardware, by Country 2021 and 2031 (%)
Figure 13. Comparative Share Analysis of Virtual Reality in Bfsi Market for Software, by Country 2021 and 2031 (%)
Figure 14. Comparative Share Analysis of Virtual Reality in Bfsi Market for Services, by Country 2021 and 2031 (%)
Figure 15. Virtual Reality in Bfsi Market, by Deployment Mode, 2021 and 2031 (%)
Figure 16. Comparative Share Analysis of Virtual Reality in Bfsi Market for On-Premise, by Country 2021 and 2031 (%)
Figure 17. Comparative Share Analysis of Virtual Reality in Bfsi Market for Cloud, by Country 2021 and 2031 (%)
Figure 18. Virtual Reality in Bfsi Market, by Application, 2021 and 2031 (%)
Figure 19. Comparative Share Analysis of Virtual Reality in Bfsi Market for Virtual Assistants, by Country 2021 and 2031 (%)
Figure 20. Comparative Share Analysis of Virtual Reality in Bfsi Market for Speech Recognition, by Country 2021 and 2031 (%)
Figure 21. Comparative Share Analysis of Virtual Reality in Bfsi Market for Virtual Trading, by Country 2021 and 2031 (%)
Figure 22. Comparative Share Analysis of Virtual Reality in Bfsi Market for Virtual Reality Payments, by Country 2021 and 2031 (%)
Figure 23. Comparative Share Analysis of Virtual Reality in Bfsi Market for Others, by Country 2021 and 2031 (%)
Figure 24. Virtual Reality in Bfsi Market, by End-user, 2021 and 2031 (%)
Figure 25. Comparative Share Analysis of Virtual Reality in Bfsi Market for Banks, by Country 2021 and 2031 (%)
Figure 26. Comparative Share Analysis of Virtual Reality in Bfsi Market for Credit Unions, by Country 2021 and 2031 (%)
Figure 27. Comparative Share Analysis of Virtual Reality in Bfsi Market for Insurance Companies, by Country 2021 and 2031 (%)
Figure 28. Comparative Share Analysis of Virtual Reality in Bfsi Market for Nbfcs, by Country 2021 and 2031 (%)
Figure 29. Virtual Reality in Bfsi Market by Region, 2021 and 2031 (%)
Figure 30. U.S. Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 31. Canada Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 32. UK Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 33. Germany Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 34. France Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 35. Italy Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 36. Spain Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 37. Rest of Europe Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 38. China Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 39. Japan Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 40. India Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 41. Australia Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 42. South Korea Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 43. Rest of Asia-Pacific Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 44. Latin America Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 45. Middle East Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 46. Africa Virtual Reality in Bfsi Market, 2021-2031 ($ Million)
Figure 47. Top Winning Strategies, by Year
Figure 48. Top Winning Strategies, by Development
Figure 49. Top Winning Strategies, by Company
Figure 50. Product Mapping of Top 10 Players
Figure 51. Competitive Dashboard
Figure 52. Competitive Heatmap: Virtual Reality in Bfsi Market
Figure 53. Top Player Positioning, 2021

Executive Summary

According to the report, the virtual reality in bfsi market was valued at $418.68 million in 2021, and is estimated to reach $3.7 billion by 2031, growing at a CAGR of 24.8% from 2022 to 2031.

Virtual reality is a technologically enhanced version of the real world that is achieved through the use of digital visual elements. Virtual reality in BFSI is a digitally created experience that stimulates a three-dimensional environment in the real world. With the help of VR devices such as headsets or glasses, gloves, and bodysuits, the technology provides viewers with an immersive experience.

The most important aspect of utilizing AR and VR technologies in the financial sector is the visualization of data. Accordingly, advanced AR and VR-backed stock trading and investing has created a way for participants to track and visualize the financial market with greater depth in a three-dimensional and interactive environment. Therefore, this is a major factor driving the virtual reality in BFSI market growth. In addition, there is a rising adoption of virtual reality in BFSI among the end user due to the easy access to solutions and the opportunity to carry out whatever activities they want easily from anywhere across globe. Thus, this factor drives the growth of virtual reality in BFSI market size. Furthermore, banking and financial institutions have begun to incorporate augmented reality and virtual reality in BFS market into their operations in order to smoothen banking industry & provide a personalized customer experience. However, the cost of adopting virtual reality in BFSI is high, which led difficulties for the small lenders to adopt the technology. Most of the virtual reality solutions require high initial investments by end-users in the form of supporting infrastructure and licensing requirements, which can drive up adoption costs, especially in smaller businesses and organizations. Therefore, this is a major restraint for the virtual reality in BFSI market. Furthermore, a large amount of personal and sensitive data is potentially vulnerable to breaches and can be accessed by malicious entities. Thus, these are the major factors hampering the virtual reality in BFSI market share.

The market also offers growth opportunities to the key players in the market. There has been a significant increase in the awareness about the importance of virtual reality to the customers. Growing usage of Artificial Intelligence in virtual reality in BFSI market is rising the growth of the market. Furthermore, Artificial Intelligence enables banks to manage record-level high-speed data to receive valuable insights. Moreover, features such as digital payments, AI bots, and biometric fraud detection systems further lead to high-quality services for a broader customer base. Thus, it will provide major lucrative opportunities for the growth of the virtual reality in BFSI market.

The virtual reality in BFSI market is segmented on the basis of component, deployment mode, application and end user, and region. By component, it is segmented into hardware, software and services. By deployment mode, it is bifurcated into on-premise and cloud. By application, it is segmented into virtual assistants, speech recognition, virtual trading, virtual reality payments and others. By end user, it is segmented into banks, credit unions, insurance companies and NBFCs. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

The key players profiled in the study are Acadecraft.com, AeoLogic, Allerin Tech Pvt Ltd., Blue Label Labs, Designity Inc., Mazer, Nsocial Enriched Experimental Agency, Qodequay Technologies Pvt. Ltd., ServReality.com, Strivr Labs, Inc. The players in the market have been actively engaged in the adoption various strategies such as business expansion, product launch, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, PNB MetLife had launched conVRse, a VR-based customer service platform that offers a 3D simulated environment to users. In this environment, customers can interact with a virtual avatar called Khushi. Khushi is a customer service expert who answers customers’ questions and assists in fulfilling life insurance policy servicing requirements. With the help of this product launch the company delivered more personal approach to virtual reality in BFSI that build customer and bank relationship which provided a strategic advantage to the company and virtual reality in BFSI market size.

Key Market Insights

By component, the hardware segment was the highest revenue contributor to the market, with $188.74 billion in 2021, and is estimated to reach $892.72 billion by 2031, with a CAGR of 17.0%.

By deployment mode, the on-premise segment was the highest revenue contributor to the market, and is estimated to reach $1.95 trillion by 2031, with a CAGR of 23.1%. However, the cloud segment is estimated to be the fastest growing segment with the CAGR of 27.0% during the forecast period.

By application, the virtual reality payments segment dominated the global market, and is estimated to reach $1.12 trillion by 2031, with a CAGR of 21.8%. However, the speech recognition segment is expected to be the fastest growing segment during the virtual reality in BFSI market forecast.

Based on end user, the banks segment was the highest revenue contributor to the market, with $196.97 billion in 2021, and is estimated to reach $1.31 trillion by 2031, with a CAGR of 21.2%.

Based on region, North America was the highest revenue contributor, accounting for $151.9 billion in 2021, and is estimated to reach $1.11 trillion by 2031, with a CAGR of 22.4%.

Companies Mentioned

  • AeoLogic
  • Strivr Labs, Inc.
  • Qodequay Technologies Pvt. Ltd.
  • ServReality.com
  • Nsocial Enriched Experimental Agency
  • Designity Inc.
  • Mazer
  • Allerin Tech Pvt. Ltd.
  • Blue Label Labs
  • Acadecraft.com

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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