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Virtual Teller Machine (VTM) Market By Offering (Solution and Service), Application (Loan Processing, Cash Withdrawal, Video Conference, Cheque Deposit Automation, and Fund Transfer), and End User (Banking, Financial Services, and Public Utilities): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Sep 2020 | 88 Views
 
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Virtual Teller Machine (VTM) Market Outlook – 2027 

The virtual teller machine market size is growing subsequently and is expected to grow during the forecast period, owing to rise in shift toward branchless banking. 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 machinery provide various services such as customer-on-boarding, bill processing, loan processing, cash withdrawal, remote video conference, and other banking operations.

The global virtual teller machine (VTM) market is segmented on the basis of offering, application, end user, and region. Based on offering, the market is bifurcated into solution and service. In terms of application, the market is categorized into loan processing, cash withdrawal, video conference, cheque deposit automation, and fund transfer. On the basis of end user, the market is divided into banking, financial services, and public utilities. 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 teller machine industry include AURIONPRO, Huawei Technologies Co., Ltd., Arman Design, KIOSK Information Systems, Phoenix Kiosk Inc., REDYREF, Kontron AG, Inspur, and Slabb Inc. 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 teller machine market. 

Top Impacting Factors

The key factors for that drive the VTM industry include increase in adoption of advanced technologies among banks and rise in focus of customers for faster, reliable, secure, and convenient ways to access cash. However, lack of awareness towards VTMs and growing penetration of digital banking are hindering the VTM market growth. Furthermore, rise in digitization of ATM machinery in emerging countries such as Indonesia, the UAE and Saudi Arabia offers the industry with great opportunities.

New Improvements to Flourish the Market

Arman Design, a leading VTM provider, is known for its innovations in the industry. When card readers are installed into kiosks, priority tickets can be provided to customers based on type of cards. Aurionpro's VTM announced an alternative for opening a branch that provides self-service convenience while retaining users informal communicated for all banking operations such as loan processing, cash withdrawal, bill payments, account opening, and various other services. In India, Sampath Bank launched availability of a branch-in-a kiosk solution that enables them to provide customers with 24/7 banking services.

Surge in Need For Advanced Banking Technologies

Presently, the future of retail banking is influenced by VTMs, which are commonly used in Far East nations such as Hong Kong, South Korea, and Japan. It can be observed that robots and artificial intelligence have revolutionized the banking sector in recent years. Moreover, banks have also been investing in this technology, owing to its user-friendly interface. 

As a result, this virtual bank configuration enhances customer experience. Moreover, over past decades, the global banking sector has witnessed many technological developments such as integration of IoT data analysis, digital convergence, and biometrics & cyber security, which indicates need for automated banking technology in the banking sector.

Key Benefits of the Report

  • This study presents the analytical depiction of the global VTM market along with the current virtual teller machine market 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 teller machine market share. 
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the virtual teller machine market growth scenario.     
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed virtual teller machine market analysis based on the present and future competitive intensity of the market. 

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available For Years

2019-2027

Base Year Considered

2019

Forecast Period

2020-2027

Forecast Units

Value ($)

Segments Covered

Offering, Application, End User, and Region

Regions Covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

Companies Covered

AURIONPRO, Huawei Technologies Co., Ltd., Arman Design, KIOSK Information Systems, Phoenix Kiosk Inc., REDYREF, Kontron AG, Inspur, and Slabb Inc.

 

COVID-19 Scenario Analysis

  • During the COVID-19 pandemic, VTM has recorded increased demand in various countries.
  • Demand for on-site teller machinery from banks and credit unions has increased to follow social distancing and lockdown regulations.
  • Most banks have launched in-bank interactive teller machine branches in the U.S.; however these machines rarely meet planned rates of use or cost savings.

Virtual Teller Machine (VTM) Market Key Segments

Segments

Sub-Segments

Offering

  • Solution
  • Service

Application

  • Loan Processing
  • Cash Withdrawal
  • Video Conference
  • Cheque Deposit Automation
  • Fund Transfer

End User

  • Banking
  • Financial services
  • Public utilities

 

Questions Answered in the Virtual Teller Machine (VTM) Market Research Report

  • Who are the leading market players active in the global virtual teller machine market?
  • What would be the detailed impact of COVID-19 on global VTM market?
  • How current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global VTM market?
  • What are the projections for the future that would help in taking further strategic steps? 
 
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