Augmented Reality in BFSI Market Outlook - 2030

Augmented Reality (AR) is a technologically enhanced version of the real world that is achieved through the use of digital visual elements, sound, or other sensory stimuli. It is a growing trend among businesses that deal with mobile computing and business applications. The rising demand for remote assistance and collaboration from businesses that help with workflow management and optimization is expected to drive market expansion. Apps based on augmented reality (AR) are being used by businesses to track, identify, and resolve technical issues. With virtual assistance, AR/VR can create a virtual digital bank branch where customers can be engaged and given more information and personalized attention.

It can provide customers with a 360-degree view of their current situation, various request statuses, new offerings, and much more. Moreover, AR has been a benefit to the banking industry by allowing banks to create immersive customer experiences by providing virtual platforms & applications that result in higher user engagement and positive brand communication. In banking, using augmented reality can improve not only the efficiency of certain operations but also the overall user experience. Therefore, surge in demand for augmented reality in BFSI market is witnessing growth since the past few years, and is expected to further boost the growth of the market in future.

The global augmented reality in BFSI market is segmented on the basis of component, device type, deployment, enterprise size and region. Based on component, the market is divided into hardware, software and service. On the basis of deployment, the market is divided into cloud and on-premise. In terms of device type, the market is categorized into head mounted display, heads-up display, hand-held devices, stationary AR systems, smart glasses and others. On the basis of enterprise size, the market is divided into large enterprise and small & medium enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global augmented reality in BFSI industry include Google LLC, Microsoft Corporation, Samsung, Magic Leap Inc., Sony Corporation, Blippar Ltd., Niantic Inc., Zappar Ltd., Wikitude GmbH, and Vuzix Corporation. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global augmented reality in BFSI market.

Market Scope and Structure Analysis

COVID-19 Impact Analysis

• During the COVID-19 outbreak, the pandemic had a significant impact on global industries. Travel restrictions, social distance, fewer on-site staff, a lack of training tools, and other issues resulted in negative impact on various markets. However, augmented reality technology can provide significant assistance during the crisis while also boosting market potential. Augmented Reality (AR) has been used by many financial institutions to provide virtual experiences to their customers.  
• The usage of AR in BFSI sector has witnessed a sharp rise during the pandemic as there has been an increased adoption of technology across various sectors and among customers as well. In banking, augmented reality (AR) can quickly help one to locate nearby ATMs and bank branches in any area with the help of a mobile app. It also provides info related to payment gateways, budgeting, data visualization, and account management.

Top Impacting Factors

Increasing adoption of AR technology, access to easier payments, and improved training & quality of education with AR drive the growth of the market. However, long-term impacts of augmented reality on mental health may impede the growth of the market. Contrarily, rise in demand for AR devices across different sectors is expected to provide lucrative opportunities to the market in the coming years.

Access to Easier Payments

Virtual reality apps make it easier to buy goods and services by simplifying the payment process. The financial institutions can appeal to a broader audience by describing the advantages of more manageable payments. They can target different segments by considering the customers' needs and by involving them in the process. In the VR world, digital assistants come in handy as they can provide tips and hints. The institutions will further have super satisfied clients who rave about their service by improving the user experience.

Furthermore, AR is helping the BFSI market by providing customers with greater visualization of its respective functions. New systems will appear to enable better tacking of the workflow process. With AR application, one can literally see how their funds are being transferred to other account. Therefore, increased accessing of easier payments is expected to foster the growth of the global augmented reality in BFSI market during the forecast period.

Improved Training and Quality of Education with AR

Immersive learning is becoming increasingly popular across all industries. Companies are actively using new technologies to provide better learning experiences for employees and partners as new technologies become more affordable. AR tools allow to project digital objects into real-world settings. VR software further allows users to explore and discover a whole new world. The users can touch the objects, request any information, and analyze data in an easier, entertaining, & fun format. Moreover, increased importance of augmented reality for protecting the banking systems and making the customers keep up with the pace of IT development & technological advances in the financial sector are expected to foster the market growth during the forecast period.

Key Segments Covered

Key Benefits of the Report

• This study presents analytical depiction of the global augmented reality in BFSI market along with the current trends and future estimations to determine the imminent investment pockets.      
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the augmented reality in BFSI market share.     
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the global augmented reality in BFSI market growth scenario.            
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed augmented reality in BFSI market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Augmented Reality in BFSI Market Research Report  

• Which are the leading players active in the global augmented reality in BFSI market size?
• What are the detailed impacts of COVID-19 on the augmented reality in BFSI market forecast?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the augmented reality in BFSI market trends?
• What future projections would help in taking further strategic steps?