Strategic Intelligence: Augmented Reality in Financial Services

This report provides an overview and analysis of the current state of the augmented reality (AR) market within financial services. It examines the size of the market on both a global and country level, and highlights some of the most prominent AR providers. In addition, it examines challenges and high-profile failures in this space.

While we forecast that AR adoption will increase across most industries, financial services companies have yet to see tangible benefits from the technology. Insurers are using AR to remotely complete property inspections, while payment companies are exploring integrating digital payments with AR smart glasses. However, banks and wealth managers should avoid AR for the most part. Despite the novel marketing opportunities the technology provides, most AR initiatives within financial services are small scale and provide little tangible value.

Report Scope

• As per the analyst forecasts, the global AR market will exceed $87 billion by 2029, up from nearly $30 billion in 2024 at a compound annual growth rate of 20% over this period.
• Tech-forward banking and payments companies have explored the potential applications of AR across various stages of customer and product lifecycles, ranging from marketing new products to onboarding new customers and boosting the subsequent customer experience.
• The vast majority of banks and wealth managers have stopped their AR initiatives. Insurers are using AR technology to complete remote damage assessments, while payments companies are exploring the integration of AR headsets with payment methods.

Reasons to Buy

• Understand AR as a technology, as well as how financial services firms can use it effectively.
• Learn where FS AR initiatives went wrong in the past, and gain insight as to relevant use cases for this technology.
• Identify the different companies operating within the AR space.