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2022
Virtual Reality In Bfsi Market

Virtual Reality in BFSI Market by Component (Hardware [Sensors, Semiconductor Components, Displays & Projectors, Position Trackers, Cameras and Others] and Software [Software Development Kits, Cloud-Based Services, and VR Content Creation]), Type (Contactless Virtual Cards, Digital Wallets, Pockets, and Others) and End-User (Banks, Financial Institutions, Credit Unions, Insurance Firms and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

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Feb 2022 | 119 Views
   
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Virtual Reality (VR) is a digitally created experience that simulates 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. Technology has revolutionized the gaming and entertainment industries by allowing users to immerse themselves in virtual worlds.

Furthermore, emerging technologies like augmented reality (AR) and virtual reality (VR) have been a boon and a significant contributor to the future of the banking sector as well, by allowing banks to create immersive customer experiences, platforms, and applications, which resulted in higher user engagement, seamless banking solutions, and positive brand communication.

In banking, the use of augmented and virtual reality has improved not only the efficiency of certain operations but also the overall user experience. Therefore, the rise in demand for virtual reality in BFSI market to keep the customers engaged with the organizations enables personalized attention to their customers boosting the growth of virtual reality in BFSI market in the upcoming period.

"The Global Virtual Reality in BFSI market is segmented on the basis of Component, Type, End-User and region. Based on type, the market is divided into Contactless Virtual Cards, Digital Wallets, Pockets. In terms of Component, the market is categorized into Hardware [Sensors, Semiconductor Components, Displays & Projectors, Position Trackers, Cameras. On the basis of End-User, the market is divided into Contactless Virtual Cards, Digital Wallets, Pockets. 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 virtual reality in BFSI industry include Google LLC, Sony Corporation, Lenovo, Pico interactive inc., Axis Bank, Westpac Banking 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 virtual reality in BFSI market."

Market Scope and Structure Analysis:

Report Metric

Details

 Market size available for years

  2020–2030

 Base year considered

  2020

  Forecast period

  2021–2030

  Forecast units

  Value ($)

  Segments covered

Component, Type, End-User and Region

  Companies covered

Major players analyzed include Google LLC, Sony Corporation, Lenovo, Pico interactive inc., Axis Bank, Westpac Banking Corporation, Citigroup Inc., Commonwealth Bank of Australia, Standard Chartered and Deutsche Bank AG

 

COVID-19 Scenario Analysis

  • COVID-19 has completely changed the way firms interact and do business in a variety of industries. A significant reduction in in-person interactions using low-touch or no-touch digital technologies that are in sync with post-COVID behavior is an important part of this.
  • During the outbreak of COVID-19, the firms have provided image-based product overviews and prices, AR-enabled financial apps, which have encouraged digital payments. Furthermore, the investigation is one of the most important steps in a property insurance claim. When it comes to investigating claimed losses, remote property assessment can be done in real-time using AR and VR technology.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Growing demand for 5G connectivity and increased adoption of VR in BFSI sector is driving the growth of the market. In addition, rise in demand for VR setup for training across various end-user segments is propelling the growth of the market. However, the requirement of high speed & computation power might hamper the growth of the market. Contrarily, implementation of VR as a part of marketing strategy is expected to provide lucrative opportunities to the market in the upcoming years.

The global virtual reality in BFSI market trends are as follows:

Growing Demand for 5G Connectivity:

The widespread adoption of the 5G network is boosting virtual technology adoption. High bandwidth and ultra-low latency are features of 5G services. This encourages people to use the technology for a variety of purposes, including entertainment, training, simulation, and more. Furthermore, companies will be able to increase their revenue scale, due to 5G connectivity. The network connects various industry verticals, among which BFSI is the one, to provide new advanced solutions. The firms are focusing on deploying 5G capabilities in order to bring about significant changes and enhance user experience. As a result, 5G is expected to boost the virtual reality in BFSI market growth during the forecast period.

Increased Adoption of VR in BFSI Sector:

Banking and financial institutions have begun to incorporate augmented reality and virtual reality in BFSI market into their operations in order to smoothen banking industry & provide a personalized customer experience.

With virtual assistance, AR/VR are creating a virtual digital bank branch where customers can be engaged and given more information & personalized attention. It provides customers with a 360-degree view of their current situation, various request statuses, new offerings, and much more. Furthermore, payments and account management will be simplified as well. Customers nowadays make online payments using digital methods such as accounts, debit/credit cards, and digital wallets.

But in a few years, purchases will soon be possible with a flick of the wrist, a blink of the eye, or even the sound of the voice, due to the mobile applications. Therefore, the increased adoption of VR in BFSI sector is set to lead the growth of the market during the forecast period.

Key Benefits of the Report:

  • This study presents analytical depiction of the global virtual reality in BFSI market size 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 virtual reality in BFSI market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global virtual reality in BFSI market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the virtual reality in BFSI market analysis.    
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the virtual reality in BFSI market forecast.

Questions Answered in the Virtual Reality in BFSI Market Research Report:    

  • Which are the leading players active in the global digital mortgage software market?
  • What would be the detailed impact of COVID-19 on the global virtual reality in BFSI market?
  • What are current trends that would influence the virtual reality in BFSI market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global virtual reality in BFSI market?
  • What are the projections for the future that would help in taking further strategic steps in virtual reality in BFSI market?

Key Market Segments

Segments Sub-segments
Component
  • Hardware
    • Sensors
    • Semiconductor Components
    • Displays and Projectors
    • Position Trackers
    • Cameras
    • Others
  • Software
  • Software Development Kits
  • Cloud-Based Services
  • VR Content Creation
Type
  • Contactless Virtual Cards
  • Digital Wallets
  • Pockets
  • Others
End-User
  • Banks
  • Financial Institutions
  • Credit Unions
  • Insurance Firms
  • Others
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 
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