Virtual Teller Machine Market Size is Valued at USD 1.94 Billion in 2023, and is Projected to Reach USD 5.73 Billion by 2032, Growing at a CAGR of 12.78% From 2024-2032.

The Virtual Teller Machine, or VTM, is a "branch box" system that uses touch screen and video technology to provide a virtual version of the personalized banking experience This is an ATM with a live video chat feature. Customers can walk into VTM, click the start button, and start a video chat with a live operator anywhere in the world. This role works like a bank teller in a traditional bank and can perform various tasks for a customer. VTMs can completely replace traditional cash registers or be housed next to a larger physical office with live employees handling more complex requests. Some banks prefer to keep VTM running outside regular banking hours to give customers greater flexibility. According to a report released by NCR, three-quarters of financial institutions that already offer video banking report positive results, with 97% saying they have at least an NPS score of video banking is as good as other channels, if not better, with 77 % believing their sales closing is as good or on par with other channels. 90 % of bank customers who have used in-branch video banking say they would do so again. The growing popularity of VTM among banks and consumers supports the growth of the market during the forecast period.

Key Players in Virtual Teller Machine (VTM) market:

·        AURIONPRO

·        Huawei Technologies Co. Ltd

·        Arman Design

·        KIOSK Information Systems

·        Phoenix Kiosk Inc

·        REDYREF

·        Kontron AG

·        Inspur

·        Slabb Inc.

·        KIOSK Information Systems

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Our study also discusses the complete Virtual Teller Machine market ecosystem, explaining the various market stakeholders, their functions and interdependencies between them. Further, with an emphasis on comprehensive segmentation analysis and geographical coverage, the study enables a profound understanding of regional trends. Moreover, we explore external factors providing a comprehensive view of the market dynamics.

A very important area of this report is the in-depth company profiles and competitive analysis, offering invaluable insights into market players' overview, market role, operating business segments & Products, and financial performance. By evaluating crucial metrics like production volume, sales volume, and sales margin, we provide a comprehensive understanding of their market position.

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Market Dynamics:

Drivers:

Branch staff is a huge asset, and if financial institutions want to take full advantage of their branch networks, they need to optimize how they use branch staff. This means that branch staff need to spend more time making important connections that add customer value and simplify and automate the rest. Instead of using VTM, branch staff can focus on complex customer tasks, while VTM handles day-to-day tasks.

Opportunities:

VTM has very specific applications and is great for niche situations. It is anticipated that more VTMs will be used in areas where real estate is very limited and where an entire branch is not required but a hybrid solution can be used. While credit cards, digital wallets and local payment methods are becoming increasingly popular among brick and mortar customers, cash is still king

Market segments:

by Type:       

·        Solutions

·        Service

by Application:

·        Banking

·        Financial Services

·        Public Utilities

Regional Insights:

During the forecast period, the European region is expected to account for the largest share of the VTM market. According to Statista, European countries jointly have the highest number of ATMs per 100,000 population. San Marino, Austria, Portugal, Russia and Croatia have 191.6, 172, 169.9, 165.5 and 156.7 ATMs per 100,000 population respectively.

The VTM market in Asia-Pacific is expected to grow at the highest CAGR owing to the growing number of banks. China, India, Japan, South Korea, Indonesia and Thailand are the major countries contributing to the growth of the VTM market in this region.

The VTM market in the North America region is anticipated to grow significantly during the forecast period. Canada and the United States have 191.6 ATMs, 174 per 100,000 population. Technological advancements are widely accepted by technologically savvy people in this segment, thus providing opportunities for market players.

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Frequently Asked Questions:

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·        What are the segments of Virtual Teller Machine (VTM) market?

·        What is the Virtual Teller Machine (VTM)?

·        What is driving the Virtual Teller Machine (VTM) market?

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