Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.The current market is quantitatively analyzed from 2020 to 2027 to highlight the virtual teller machine market growth scenario.The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the virtual teller machine market share.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.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. Moreover, banks have also been investing in this technology, owing to its user-friendly interface.Īs a result, this virtual bank configuration enhances customer experience. It can be observed that robots and artificial intelligence have revolutionized the banking sector in recent years. 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.
Surge in Need For Advanced Banking Technologies In India, Sampath Bank launched availability of a branch-in-a kiosk solution that enables them to provide customers with 24/7 banking services. 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. When card readers are installed into kiosks, priority tickets can be provided to customers based on type of cards. New Improvements to Flourish the MarketĪrman Design, a leading VTM provider, is known for its innovations in the industry. Furthermore, rise in digitization of ATM machinery in emerging countries such as Indonesia, the UAE and Saudi Arabia offers the industry with great opportunities. However, lack of awareness towards VTMs and growing penetration of digital banking are hindering the VTM market growth. 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. 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. 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. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA). On the basis of end user, the market is divided into banking, financial services, and public utilities. In terms of application, the market is categorized into loan processing, cash withdrawal, video conference, cheque deposit automation, and fund transfer. Based on offering, the market is bifurcated into solution and service. The global virtual teller machine (VTM) market is segmented on the basis of offering, application, end user, and region. These machinery provide various services such as customer-on-boarding, bill processing, loan processing, cash withdrawal, remote video conference, and other banking operations. 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.Īs 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. 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.
Virtual Teller Machine (VTM) Market Outlook – 2027
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