A virtual teller machine (VTM) is a computerized system that allows customers to conduct transactions, such as checking balances and making deposits, without having to go to a physical bank location. VTMs are often used by banks as an alternative to traditional teller machines (ATMs). They can also be used by businesses to allow employees to conduct transactions without having to leave their workstations. Moreover, it has major function to help customers in carrying out their transactions without going to the bank branch or ATM. VTM solutions are widely used by banks, financial institutions, payment service providers, and retailers for managing cash flows, improving operational efficiency & customer experience along with reducing costs & risks.
Increase in demand for cost-effective and secure solutions and surge in adoption of automation solutions in the banking sector is boosting the growth of the global virtual teller machine (VTM) market. In addition, increase in adoption of multifunctionality features in VTMs is positively impacts growth of the virtual teller machine (VTM) market. However, security issues and privacy concerns and high implementation cost is hampering the virtual teller machine (VTM) market growth. On the contrary, increase in adoption of video banking technology is expected to offer remunerative opportunities for expansion of the virtual teller machine (VTM) market during the forecast period.
The virtual teller machine (VTM) market is segmented on the basis of by offering, deployment, provider, and region. On the basis of offering, the market is categorized into hardware, software and service. On the basis of deployment, the market is fragmented into on-site, off-site, and others. By provider, it is classified into bank and financial institutions and managed service provider. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the virtual teller machine (VTM) market are Huawei Technologies Co., Ltd., Kontron AG, Aurionpro Solutions Ltd, Arman Design, KIOSK Information Systems, REDYREF, Slabb Kiosks, Phoenix Microsystems, NCR Corporation, and Hitachi-Omron Terminal Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Increase in demand for cost-effective and secure solutions and surge in adoption of automation solutions in the banking sector is boosting the growth of the global virtual teller machine (VTM) market. In addition, increase in adoption of multifunctionality features in VTMs is positively impacts growth of the virtual teller machine (VTM) market. However, security issues and privacy concerns and high implementation cost is hampering the virtual teller machine (VTM) market growth. On the contrary, increase in adoption of video banking technology is expected to offer remunerative opportunities for expansion of the virtual teller machine (VTM) market during the forecast period.
The virtual teller machine (VTM) market is segmented on the basis of by offering, deployment, provider, and region. On the basis of offering, the market is categorized into hardware, software and service. On the basis of deployment, the market is fragmented into on-site, off-site, and others. By provider, it is classified into bank and financial institutions and managed service provider. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the virtual teller machine (VTM) market are Huawei Technologies Co., Ltd., Kontron AG, Aurionpro Solutions Ltd, Arman Design, KIOSK Information Systems, REDYREF, Slabb Kiosks, Phoenix Microsystems, NCR Corporation, and Hitachi-Omron Terminal Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global virtual teller machine (VTM) market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global virtual teller machine (VTM) market trend is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential
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Key Market Segments
By Offering
- Hardware
- Software
- Service
By Deployment
- On-site
- Off-site
- Others
By Provider
- Bank and Financial Institutions
- Managed Service Provider
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
- Aurionpro Solutions Ltd
- NCR Corporation
- Kontron AG
- REDYREF
- Hitachi-Omron Terminal Solutions
- Arman Design
- KIOSK Information Systems
- Slabb Kiosks
- Diebold Nixdorf
- Huawei Technologies Co., Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VIRTUAL TELLER MACHINE (VTM) MARKET, BY OFFERING
CHAPTER 5: VIRTUAL TELLER MACHINE (VTM) MARKET, BY DEPLOYMENT
CHAPTER 6: VIRTUAL TELLER MACHINE (VTM) MARKET, BY PROVIDER
CHAPTER 7: VIRTUAL TELLER MACHINE (VTM) MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the virtual teller machine (vtm) market was valued at $1.6 billion in 2022, and is estimated to reach $5 billion by 2032, growing at a CAGR of 12.5% from 2023 to 2032.Virtual Teller Machine (VTM) also known as interactive teller machine is a banking service-oriented device for customers, where they can perform transactions while interacting through video conferencing from other branch locations. As banks and credit unions are focused to shut down many branches to save cost, these virtual tellers are considered cost-efficient to provide customers with face-to-face support. These machineries provide various services such as customer-on-boarding, bill processing, loan processing, cash withdrawal, remote video conference, and other banking operations.
Key factors driving the growth of the virtual teller machine market Increase in demand for cost-effective and secure solutions, surge in adoption of automation solutions in the banking sector and increase in adoption of multifunctionality features in VTMs. With the increasing use of banking services and the increase in demand to deal with the growth in banking-related services and queries, VTMs provide an alternative to such services. VTMs offer a faster way to avail banking facilities and services beyond the normal working hours of a bank. VTMs can perform multiple functions, including both financial as well as non-financial services. For instance, with the help of VTMs, customers can easily withdraw cash at their own convenience in terms of time and place, unlike in banks. Furthermore, VTMs also provide various non-financial services, including balance inquiries, PIN changes, requests for cheque books, and other inquiries. Thus, their multifunctionality has led to an increased demand for VTMs across the world. This has, in turn, resulted in an increase in the number of VTMs globally. Furthermore, technical improvements in banking industry, such as the delivery of customized real-time customer support via smart bots, as well as an increase in the use of mobile devices that allow users to access instant customer help, are propelling market expansion.
The market also offers growth opportunities to the key players in the market. Increase in adoption of technologies such as the cloud, big data and video technology is changing the landscape of banking industry. In addition, the integration of such technologies with the banking process assists in advancing their visualization capabilities, resolving customer queries, and making complicated data usable. Moreover, video banking is an emerging technology in the banking industry where financial institutions such as banks and credit unions can engage their members or customers in face-to-face transactions with the help of remote video collaboration sessions. Moreover, various banks around the world are involved in implementing video technology for ATM, where customers can use high-definition video chat technology to connect with full-service bankers. Furthermore, video banking provides personal assistance without manual interaction with the help of video technology. The live teller will appear on the screen to assist customers regarding cash or cheque deposit, account withdrawals, loan payments and transfers. The machine enabled with the video banking technologies do not require debit card or personal identification number (PIN) one can securely withdraw money from a video teller machine (VTM) as it connects face-to-face with banking representative it can implement the method of security questions and photo identification for personal verification. These technical developments in improved video technology standards will significantly pave numerous opportunities for global market growth.
The Virtual teller machine market is segmented into on the basis of by offering, deployment, provider, and region. On the basis of offering, the market is categorized into hardware, software and service. On the basis of deployment, the market is fragmented into on-site, off-site, and others. By provider, it is classified into bank and financial institutions and managed service provider. Region wise, it is analyzed across North America (the U. S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study Huawei Technologies Co., Ltd., Kontron AG, Aurionpro Solutions Ltd, Arman Design, KIOSK Information Systems, REDYREF, Slabb Kiosks, Phoenix Microsystems, NCR Corporation, and Hitachi-Omron Terminal Solutions. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in February 2023, Huawei launched CloudCampus 3.0 solution to provide intelligent video conference assurance solutions and an easybranch solution. These new offerings speak of Huawei's dedication to helping customers build a simplified campus network with a spectacular experience through its Cloud Campus 3.0 solution.
Key Market Insights
By offering, the hardware segment was the highest revenue contributor to the market, and is estimated to reach $2.88 billion by 2032, with a CAGR of 11.2%. However, the software account segment is estimated to be the fastest growing segment with the CAGR of 15.1% during the forecast period.By deployment, the on-site segment dominated the global market, and is estimated to reach $2.97 billion by 2032, with a CAGR of 11.5%. However, the off-site segment is expected to be the fastest growing segment with the CAGR 14.6% during the virtual teller machine market forecast.
Based on region, North America was the highest revenue contributor, accounting for $589.2 million in 2022, and is estimated to reach $1.24 billion by 2032, with a CAGR of 8.1%
Companies Mentioned
- Aurionpro Solutions Ltd
- NCR Corporation
- Kontron AG
- REDYREF
- Hitachi-Omron Terminal Solutions
- Arman Design
- KIOSK Information Systems
- Slabb Kiosks
- Diebold Nixdorf
- Huawei Technologies Co., Ltd.
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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