GlobalData Plc

Augmented Reality Adoption in Banking Driven by Rising Need to Enhance Customer Experience, Predicts GlobalData


London, UK -- (SBWIRE) -- 10/07/2022 -- The latest market analysis report titled Augmented Reality (AR) in Banking – Thematic Research has been added to the GlobalData Plc report store. As per the estimates by GlobalData, the augmented reality market size valued worth USD 7 billion in 2020, and the AR market share is projected to witness an accelerating growth momentum with a CAGR of over 35% during the projected period.

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The augmented reality market growth in the banking sector is predominantly driven by the digital transformation fintech companies are going through to stay relevant among their consumers. Furthermore, banks and fintech giants are integrating AR solutions and services with existing products to enhance customer experience. Various stakeholders from the banking sector are leveraging AR for aiding robot advisors in formulating more intuitive visuals of cash flow forecasts, or what-if analysis when running through investment options. As a result, it can be stated that the role of AR in training is already well established, and the metaverse will provide an interactive platform for this to continue.

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Augmented Reality Market in Banking Highlights

- The report classifies the market vendors distributed as specialist AR vendors and leading adopters of AR in the banking sector across AR value chain components including Semiconductors, Components, Devices, Platforms, and Apps & content.
- AR has been influential in solving various challenges faced by stakeholders in the banking sector. Many financial institutions have developed AR and VR apps to improve the customer experience. For example, BNP Paribas launched a virtual reality app allowing retail banking users to access their account activity and transaction records in a VR environment.
- The use of augmented reality in advertising campaigns has been another way in which banks have personalized customer experiences. In addition, embedded finance has intriguing applications in AR. CommBank and BNP Paribas were among the earliest examples of banks using AR for property viewings. Augmented payments also have embedded payment capabilities. Examples include everyday actions such as in-app purchases like Fortnite's VBucks system and purchases on NFT marketplaces like Opensea
- Over the past decade, and accelerated by the COVID-19 pandemic, more people have been using the internet to find properties online. BBVA, Spain's second-largest bank, recognized the need to digitize its services to achieve organic client growth and gain a competitive advantage in banking. In 2018, BBVA launched its mobile application, Valora View. The application is the first in European banking to use augmented reality to help prospective buyers or renters find a home.
- KB Kookmin Bank, one of the leading financial institutions in South Korea, recently developed the KB Metaverse VR Branch Testbed, enabling customers to access banking services virtually in the metaverse. KB partnered with Sharebox, a VR content startup, to develop a user interface and interaction based on head-mounted display (HMD) devices.
- J.P. Morgan announced the opening of a lounge in Decentraland, a 3D virtual world on a browser-based platform, becoming the first lender and major bank to enter the metaverse. Banks are already being disrupted by DeFi and taking the initiative to enter the metaverse will put J.P. Morgan in an advantageous position to reap the benefits of facilitating virtual property transactions.

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AR Market Segmentation Highlights

The report classifies the market into key segments including -

By Platforms
- AR software
- Enterprise AR software
- Other consumer AR apps
- AR games
- AR hardware
- AR headsets
- AR smart glasses

By End-user
- Enterprises
- Consumer

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AR Market Competitive Landscape

M&A activity in the AR market is intensifying, with access to technology being the principal rationale for most deals. Providers of 3D visualization, collaboration solutions, and hardware makers are prime acquisition targets as the industry pursues more engaging and immersive experiences. While most acquirers targeted AR software providers over the past two years, big players like Snap, Google, Meta, and Apple have also bought hardware vendors to develop new devices.

The main themes that drove M&A activity across the banking sector in 2021 were fintech, blockchain, digitalization, and e-commerce. Fintech covers everything from digital payments to big data applications in banking and even robo-advice. Financial institutions have been implementing technology across their value chain. Many larger firms are looking toward acquisitions and partnerships to strengthen their offerings in this space. Stakeholders in the banking sector are partnering or collaborating with AR vendors, or they are using existing AR content development platforms to create their own content.

Top AR Market Players in Banking Sector

Leading AR adopters in banking
- Axis Bank
- BNP Paribas
- Citibank
- CommBank
- Desjardins Group
- Deutsche Bank
- Mastercard
- Visa
- Westpac Banking

Leading AR vendors
- Alibaba
- Alphabet
- Amazon
- Apple
- ByteDance
- Magic Leap
- Meta
- Microsoft
- Niantic
- Qualcomm
- Samsung Electronics
- Snap
- Tencent
- Unity
- Vuzix

Specialist AR vendors in banking
- 3rockAR
- Blippar
- Plain Concepts
- Sharebox
- Strivr
- VisionLabs

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