The global virtual teller machine (VTM) market is experiencing growth due to several factors, such as an increase in demand for cost-effective and secure solutions, a surge in the adoption of automation solutions in the banking sector, and an increase in the adoption of multifunctionality features in VTMs.
PORTLAND, Ore., Aug. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Virtual Teller Machine (VTM) Market by Offering (Hardware, Software, and Service), Deployment (On-Site, Off-Site, and Others), and Provider (Bank and Financial Institutions, and Managed Service Provider): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global virtual teller machine (VTM) industry was valued at $1.6 billion in 2022 and is estimated to reach $5.0 billion by 2032, exhibiting a CAGR of 12.5% from 2023 to 2032.
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A virtual teller machine (VTM) is a device that allows customers to communicate with a teller remotely via video conference. Customers can use VTMs to carry out a variety of banking transactions, including cash withdrawals and deposits, as well as check balance and account inquiries. The virtual teller can answer questions, provide guidance, and complete transactions on the customer's behalf. Virtual tellers-to-teams (VTEs) are often equipped with sophisticated features such as document scanning and card reading, as well as biometric authentication, for increased security and convenience.
Prime Determinants of Growth-
The global virtual teller machine (VTM) market is experiencing growth due to several factors, such as an increase in demand for cost-effective and secure solutions, a surge in the adoption of automation solutions in the banking sector, and an increase in the adoption of multifunctionality features in VTMs However, security issues and privacy concerns and high implementation cost are hampering the market growth. On the contrary, the increase in the adoption of video banking technology is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1.6 Billion |
Market Size in 2032 | $5.0 Billion |
CAGR | 12.5 % |
No. of Pages in Report | 261 |
Segments Covered | Offering, Deployment, Provider, and Region |
Drivers | Increase in demand for cost-effective and secure solutions |
Surge in adoption of automation solutions in the banking sector | |
Increase in adoption of multifunctionality features in VTMs | |
Opportunities | Increase in the adoption of video banking technology |
Restraints | Security issues and privacy concerns |
High implementation cost |
COVID-19 Scenario:
- The virtual teller machine (VTM) market has witnessed stable growth during the COVID-19 pandemic, due to the stringent restrictions on movement and varying degrees of lockdowns across several countries paralyzed business activities, many people shifted toward digital platforms for banking transactions.
- However, the demand for VTMs has increased post-pandemic, owing to the high demand in rural areas of developing countries such as China and India., which is expected to boost market growth.
The hardware segment to maintain its leadership status throughout the forecast period-
Based on offering, the hardware segment held the highest market share in 2022, accounting for nearly two-thirds of the global virtual teller machine (VTM) market revenue, and is expected to maintain its leadership status throughout the forecast period. Owing to increasing demand for real-time data collecting and helping to complete basic transactions, request banking services, or receive immediate assistance with the help of live video conferencing consultation with a remote bank teller. However, the software segment is projected to manifest the highest CAGR of 15.1% from 2023 to 2032. Owing to the increase in adoption of digital technology across numerous industries and the need to offer better services.
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The on-site segment to maintain its lead position throughout the forecast period-
Based on deployment, the on-site segment held the highest market share in 2022, accounting for nearly two-thirds of the global virtual teller machine (VTM) market revenue, and is expected to maintain its lead position throughout the forecast period. owing to rising online shopping and growing demand for on-demand banking services globally. However, the off-site segment is projected to manifest the highest CAGR of 14.6% from 2023 to 2032, owing to the rise in the adoption of off-site VTMs by various banks to improve their operational efficiency and control various processes.
The bank and financial institutions segment to maintain its lead position during the forecast period-
Based on provider, the bank and financial institutions segment accounted for the largest share in 2022, contributing to more than three-fourths of the global virtual teller machine (VTM) market revenue, and is expected to maintain its lead position during the forecast period. owing to the strong adoption of modern technologies in many end-use industries and the growing need for advanced interactive machines in financial and associated institutions. However, the managed service provider segment would portray the fastest CAGR of 15.0% from 2023 to 2032. Owing to increasing demand for technologies that help financial institutions to increase customer satisfaction and gain a competitive advantage.
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Asia-Pacific to maintain its dominance by 2032-
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global virtual teller machine (VTM) market revenue. Owing to the growing demand for interactive machines and managed services in the financial sector. However, the Asia-Pacific region is expected to maintain its dominance during the forecast period. The same segment would showcase the fastest CAGR of 15.6% during the forecast period. Due to a rise in virtual teller machine (VTM) technology investment in developing nations such as India and China is accounted development of private and rural banking.
Leading Market Players: -
- Huawei Technologies Co., Ltd.
- Kontron AG
- Aurionpro Solutions Ltd.
- Arman Design
- KIOSK Information Systems
- REDYREF
- Slabb Kiosks
- Diebold Nixdorf
- NCR Corporation
- Hitachi-Omron Terminal Solutions
The report provides a detailed analysis of these key players in the global virtual teller machine (VTM) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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