Virtual reality (VR) is a digitally produced experience that simulates a three-dimensional environment in the real world. The technology provides viewers with an immersive experience using VR gadgets such as, headsets or glasses, etc. It has revolutionized the gaming and entertainment, healthcare, BFSI sectors by allowing users to immerse themselves in a highly simulated environment. Furthermore, the growing use of this technology in banking and financial organizations, helps and allows banks to create immersive customer experiences, platforms, and applications, which resulted in higher user engagement, seamless banking solutions, and positive brand communication.
There is a rising adoption of virtual reality in BFSI among the end user due to easy access to solutions and the opportunity to carry out whatever activities they want easily from anywhere across globe. Furthermore, as consumer preferences shift, lenders have begun to focus on improving customer service through technology. Additionally, the most important aspect of utilizing virtual reality technologies in the financial sector is the visualization of data. Accordingly, advanced virtual reality-backed stock trading and investing has created a way for participants to track and visualize the financial market with greater depth in a three-dimensional and interactive environment. However, privacy of the users data, is restraining the growth of the virtual reality in BFSI market. A large amount of personal and sensitive data is potentially vulnerable to breaches and can be accessed by malicious entities. Thus, such factors is restraining the growth of the virtual reality in BFSI market. On the contrary growing use of artificial intelligence is helping to boost the virtual reality in BFSI market. Furthermore, it enables banks and financial institution to manage record-level high-speed data to receive valuable insights. Moreover, Artificial Intelligence comprises a broad set of technologies, including, but not limited to, machine learning, natural language processing, expert systems, vision, speech, planning, and robotics, etc. Therefore, adoption of artificial intelligence & machine in the BFSI industry is expected to provide lucrative growth opportunities for the market in the coming years.
The virtual reality in BFSI market is segmented on the basis of component, deployment mode, application, end user, and region. By component, it is segmented into hardware, software and services. By deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, the virtual reality in BFSI market is segmented into virtual assistants, speech recognition, virtual trading, virtual reality payments, and others. By end user, the virtual reality in BFSI market is bifurcated into banks, credit unions, insurance companies, and NBFCs. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the virtual reality in BFSI market such as Acadecraft.com, AeoLogic, Allerin Tech Pvt Ltd., Blue Label Labs, Designity Inc., Mazer, Nsocial Enriched Experimental Agency, Qodequay Technologies Pvt. Ltd., ServReality.com, Strivr Labs, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the virtual reality in BFSI virtual reality in BFSI industry.
There is a rising adoption of virtual reality in BFSI among the end user due to easy access to solutions and the opportunity to carry out whatever activities they want easily from anywhere across globe. Furthermore, as consumer preferences shift, lenders have begun to focus on improving customer service through technology. Additionally, the most important aspect of utilizing virtual reality technologies in the financial sector is the visualization of data. Accordingly, advanced virtual reality-backed stock trading and investing has created a way for participants to track and visualize the financial market with greater depth in a three-dimensional and interactive environment. However, privacy of the users data, is restraining the growth of the virtual reality in BFSI market. A large amount of personal and sensitive data is potentially vulnerable to breaches and can be accessed by malicious entities. Thus, such factors is restraining the growth of the virtual reality in BFSI market. On the contrary growing use of artificial intelligence is helping to boost the virtual reality in BFSI market. Furthermore, it enables banks and financial institution to manage record-level high-speed data to receive valuable insights. Moreover, Artificial Intelligence comprises a broad set of technologies, including, but not limited to, machine learning, natural language processing, expert systems, vision, speech, planning, and robotics, etc. Therefore, adoption of artificial intelligence & machine in the BFSI industry is expected to provide lucrative growth opportunities for the market in the coming years.
The virtual reality in BFSI market is segmented on the basis of component, deployment mode, application, end user, and region. By component, it is segmented into hardware, software and services. By deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, the virtual reality in BFSI market is segmented into virtual assistants, speech recognition, virtual trading, virtual reality payments, and others. By end user, the virtual reality in BFSI market is bifurcated into banks, credit unions, insurance companies, and NBFCs. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the virtual reality in BFSI market such as Acadecraft.com, AeoLogic, Allerin Tech Pvt Ltd., Blue Label Labs, Designity Inc., Mazer, Nsocial Enriched Experimental Agency, Qodequay Technologies Pvt. Ltd., ServReality.com, Strivr Labs, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the virtual reality in BFSI virtual reality in BFSI industry.
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Key Market Segments
By Application
- Virtual Assistants
- Speech Recognition
- Virtual Trading
- Virtual Reality Payments
- Others
By Component
- Hardware
- Software
- Services
By End User
- Banks
- Credit Unions
- Insurance Companies
- NBFCs
By Deployment Mode
- On-Premise
- Cloud
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- AeoLogic
- Strivr Labs, Inc.
- Qodequay Technologies Pvt. Ltd.
- ServReality.com
- Nsocial Enriched Experimental Agency
- Designity Inc.
- Mazer
- Allerin Tech Pvt. Ltd.
- Blue Label Labs
- Acadecraft.com
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VIRTUAL REALITY IN BFSI MARKET, BY COMPONENT
CHAPTER 5: VIRTUAL REALITY IN BFSI MARKET, BY DEPLOYMENT MODE
CHAPTER 6: VIRTUAL REALITY IN BFSI MARKET, BY APPLICATION
CHAPTER 7: VIRTUAL REALITY IN BFSI MARKET, BY END USER
CHAPTER 8: VIRTUAL REALITY IN BFSI MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the virtual reality in bfsi market was valued at $418.68 million in 2021, and is estimated to reach $3.7 billion by 2031, growing at a CAGR of 24.8% from 2022 to 2031.Virtual reality is a technologically enhanced version of the real world that is achieved through the use of digital visual elements. Virtual reality in BFSI is a digitally created experience that stimulates 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.
The most important aspect of utilizing AR and VR technologies in the financial sector is the visualization of data. Accordingly, advanced AR and VR-backed stock trading and investing has created a way for participants to track and visualize the financial market with greater depth in a three-dimensional and interactive environment. Therefore, this is a major factor driving the virtual reality in BFSI market growth. In addition, there is a rising adoption of virtual reality in BFSI among the end user due to the easy access to solutions and the opportunity to carry out whatever activities they want easily from anywhere across globe. Thus, this factor drives the growth of virtual reality in BFSI market size. Furthermore, banking and financial institutions have begun to incorporate augmented reality and virtual reality in BFS market into their operations in order to smoothen banking industry & provide a personalized customer experience. However, the cost of adopting virtual reality in BFSI is high, which led difficulties for the small lenders to adopt the technology. Most of the virtual reality solutions require high initial investments by end-users in the form of supporting infrastructure and licensing requirements, which can drive up adoption costs, especially in smaller businesses and organizations. Therefore, this is a major restraint for the virtual reality in BFSI market. Furthermore, a large amount of personal and sensitive data is potentially vulnerable to breaches and can be accessed by malicious entities. Thus, these are the major factors hampering the virtual reality in BFSI market share.
The market also offers growth opportunities to the key players in the market. There has been a significant increase in the awareness about the importance of virtual reality to the customers. Growing usage of Artificial Intelligence in virtual reality in BFSI market is rising the growth of the market. Furthermore, Artificial Intelligence enables banks to manage record-level high-speed data to receive valuable insights. Moreover, features such as digital payments, AI bots, and biometric fraud detection systems further lead to high-quality services for a broader customer base. Thus, it will provide major lucrative opportunities for the growth of the virtual reality in BFSI market.
The virtual reality in BFSI market is segmented on the basis of component, deployment mode, application and end user, and region. By component, it is segmented into hardware, software and services. By deployment mode, it is bifurcated into on-premise and cloud. By application, it is segmented into virtual assistants, speech recognition, virtual trading, virtual reality payments and others. By end user, it is segmented into banks, credit unions, insurance companies and NBFCs. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Acadecraft.com, AeoLogic, Allerin Tech Pvt Ltd., Blue Label Labs, Designity Inc., Mazer, Nsocial Enriched Experimental Agency, Qodequay Technologies Pvt. Ltd., ServReality.com, Strivr Labs, Inc. The players in the market have been actively engaged in the adoption various strategies such as business expansion, product launch, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, PNB MetLife had launched conVRse, a VR-based customer service platform that offers a 3D simulated environment to users. In this environment, customers can interact with a virtual avatar called Khushi. Khushi is a customer service expert who answers customers’ questions and assists in fulfilling life insurance policy servicing requirements. With the help of this product launch the company delivered more personal approach to virtual reality in BFSI that build customer and bank relationship which provided a strategic advantage to the company and virtual reality in BFSI market size.
Key Market Insights
By component, the hardware segment was the highest revenue contributor to the market, with $188.74 billion in 2021, and is estimated to reach $892.72 billion by 2031, with a CAGR of 17.0%.By deployment mode, the on-premise segment was the highest revenue contributor to the market, and is estimated to reach $1.95 trillion by 2031, with a CAGR of 23.1%. However, the cloud segment is estimated to be the fastest growing segment with the CAGR of 27.0% during the forecast period.
By application, the virtual reality payments segment dominated the global market, and is estimated to reach $1.12 trillion by 2031, with a CAGR of 21.8%. However, the speech recognition segment is expected to be the fastest growing segment during the virtual reality in BFSI market forecast.
Based on end user, the banks segment was the highest revenue contributor to the market, with $196.97 billion in 2021, and is estimated to reach $1.31 trillion by 2031, with a CAGR of 21.2%.
Based on region, North America was the highest revenue contributor, accounting for $151.9 billion in 2021, and is estimated to reach $1.11 trillion by 2031, with a CAGR of 22.4%.
Companies Mentioned
- AeoLogic
- Strivr Labs, Inc.
- Qodequay Technologies Pvt. Ltd.
- ServReality.com
- Nsocial Enriched Experimental Agency
- Designity Inc.
- Mazer
- Allerin Tech Pvt. Ltd.
- Blue Label Labs
- Acadecraft.com
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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