Virtual Teller Machine (VTM) Market By Offering (Hardware, Software, Service), By Deployment (On-site, Off-site, Others), By Provider (Bank and Financial Institutions, Managed Service Provider): Global Opportunity Analysis and Industry Forecast, 2023-2032
A virtual teller machine (VTM) is a computerized system that allows customers to conduct transactions, such as checking balances and making deposits, without having to go to a physical bank location. VTMs are often used by banks as an alternative to traditional teller machines (ATMs). They can also be used by businesses to allow employees to conduct transactions without having to leave their workstations. Moreover, it has major function to help customers in carrying out their transactions without going to the bank branch or ATM. VTM solutions are widely used by banks, financial institutions, payment service providers, and retailers for managing cash flows, improving operational efficiency & customer experience along with reducing costs & risks.
Increase in demand for cost-effective and secure solutions and surge in adoption of automation solutions in the banking sector is boosting the growth of the global virtual teller machine (VTM) market. In addition, increase in adoption of multifunctionality features in VTMs is positively impacts growth of the virtual teller machine (VTM) market. However, security issues and privacy concerns and high implementation cost is hampering the virtual teller machine (VTM) market growth. On the contrary, increase in adoption of video banking technology is expected to offer remunerative opportunities for expansion of the virtual teller machine (VTM) market during the forecast period.
The virtual teller machine (VTM) market is segmented on the basis of by offering, deployment, provider, and region. On the basis of offering, the market is categorized into hardware, software and service. On the basis of deployment, the market is fragmented into on-site, off-site, and others. By provider, it is classified into bank and financial institutions and managed service provider. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the virtual teller machine (VTM) market are Huawei Technologies Co., Ltd., Kontron AG, Aurionpro Solutions Ltd, Arman Design, KIOSK Information Systems, REDYREF, Slabb Kiosks, Phoenix Microsystems, NCR Corporation, and Hitachi-Omron Terminal Solutions. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits for StakeholdersThe study provides an in-depth analysis of the global virtual teller machine (VTM) market forecast along with the current and future trends to explain the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on global virtual teller machine (VTM) market trend is provided in the report.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential
Key Market SegmentsBy OfferingHardware
Software
Service
By DeploymentOn-site
Off-site
Others
By ProviderBank and Financial Institutions
Managed Service Provider
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Aurionpro Solutions Ltd
NCR Corporation
Kontron AG
REDYREF
Hitachi-Omron Terminal Solutions
Arman Design
KIOSK Information Systems
Slabb Kiosks
Diebold Nixdorf
Huawei Technologies Co., Ltd.
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