Video Banking Service Market Report 2024

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.

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 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 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.


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