With the help of Machine learning (ML), Artificial Intelligence, Cloud Services, Virtual Reality in BFSI helps to make banking and financial work in more enhanced and simplified environment.
PORTLAND, Ore., Jan. 31, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Virtual reality in BFSI market by Component (Hardware, Software, and Services), Deployment Mode (On-Premise and Cloud), Application (Virtual Assistants, Speech Recognition, Virtual Trading, Virtual Reality Payments, and Others), and End User (Banks, Credit Unions, Insurance Companies, and NBFCs), And Region (North America, Europe, Asia-Pacificand LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2031″ According to the report, the global virtual reality in bfsi market was valued at $418.7 million in 2021, and is projected to reach $3.7 billion by 2031, growing at a CAGR of 24.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Enhanced data visualization using virtual reality (VR), surge in demand for virtual reality technology, and increased adoption of virtual reality (VR) in BFSI sector drive the growth of the global virtual reality in BFSI market. On the other hand, privacy concerns of the users data and expensive installation of virtual reality in BFSI sector impede the growth to some extent. However, growing usage of artificial intelligence in virtual reality in BFSI market is expected to create lucrative opportunities in the industry.
- The COVID-19 pandemic has had a significant impact on the virtual reality (VR) market in the banking, financial services, and insurance (BFSI) sector. The widespread shift to remote work and online services has accelerated the adoption of VR technology for training, customer service, and remote collaboration. VR-based training has become particularly popular for financial institutions as it enables employees to learn and practice new skills in a safe and controlled environment without the need for in-person training.
- In addition, VR is being used to provide remote customer service and improve the customer experience. The use of VR in BFSI is expected to continue to grow as the industry looks for ways to improve efficiency and adapt to the new normal.
The hardware segment to rule the market in 2021-
By component, the hardware segment held the major share in 2021, garnering around half of the global virtual reality in BFSI market revenue. The hardware devices using this Virtual reality technology will interpret images and videos using image location, surroundings, and appearance. This means by using devices such as a camera but also along with other distinctive technologies like artificial intelligence, big data, and a vision processing unit. However, the software segment would showcase the fastest CAGR of 30.4% during the forecast period. The virtual reality software segment is attributed to the ability of the software to generate proper feedback, analyze incoming data, and manage input/output devices.
The on-premise segment to maintain its dominance during the forecast period-
By deployment mode, the on-premise segment contributed to the highest share in 2021, accounting for around two-fifths of the global virtual reality in BFSI market revenue. This is attributed to the fact that on-premise-based solutions are known for better maintenance of servers, and continuous system facilitates the implementation of these virtual reality in BFSI. Moreover, the on-premise deployment mode is considered widely useful in large banks and institutions, as it involves a significant investment to implement, and organizations need to purchase interconnected servers as well as software to manage the system. The cloud segment would showcase the fastest CAGR of 27.0% throughout the forecast period. This is due to increase in adoption of cloud-based applications by banks to enhance their productivity and efficiency. In addition, the cloud-based virtual reality in banking is gaining popularity among the investors as it ensures the effective automation of processes and data maintenance along with cost-friendly management.
The virtual reality payments segment to dominate by 2031-
By application, the virtual reality payments segment accounted for nearly two-thirds of the global virtual reality in BFSI market share in 2021. This is due to the fact that as the internet has matured and technology has made more advancements, the customer experience of buying online has outstripped the experience of payment. With the help of virtual reality, the payments for any shopping are now becoming quicker, easier and less stressful. However, the virtual trading segment would display the fastest CAGR of 30.9% throughout the forecast period. This is influenced by the ongoing trend of virtual reality in BFSI markets which allows customers to view the stock market live as well as trade in real time with the help of applications like virtual trading.
The bank segment to dominate by 2031-
By end user, the bank segment accounted for nearly two-thirds of the global virtual reality in BFSI market share in 2021. This is due to the fact that banking institutions provide virtual reality which generally involves advice and execution of transactions on behalf of affluent clients . Moreover, banks also help with financial planning, manage client portfolios, and perform a variety of other financial services in relation to a client’s private financing choices with the help of virtual reality technology. However, the NBFCs segment would display the fastest CAGR of 29.0% throughout the forecast period. This is attributed to the fact that with the advancement of technology, NBFC’s have adopted the use of virtual banking to provide a great customer experience.
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Europe garnered the major share in 2021-
By region, Europe garnered the highest share in 2021, holding nearly one-third of the global virtual reality in BFSI market revenue in 2021. This is attributed to the financial firms in various European countries including the UK, Germanyoath France are using virtual reality technology, owing to offering effective solutions for facilitating faster banking operations between counterparties and driving operational efficiencies. However, the Asia-Pacific region would portray the fastest CAGR of 28.3% during the forecast period. With globalization and online banking services’ growing popularity in Asia-Pacific, banking and financial processes are rapidly becoming digital. This is one of the most important factors influencing the use of virtual reality in the banking, financial services, and insurance (BFSI) industry for better decisions, better customer experiences, and significant cost savings.
Leading Market Players-
- Allerin Tech Pvt Ltd
- Blue Label Labs
- Designity Inc.
- Nsocial Enriched Experimental Agency
- Godequay Technologies Pvt. Ltd.
- Strivr Labs, Inc.
The report analyzes these key players in the global virtual reality in the BFSI market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of each market player.
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