The Asia Pacific Video Analytics in Banking Market would witness market growth of 25.9% CAGR during the forecast period (2023-2030).
The need for video analytics systems has increased recently, as these systems make monitoring the health of operating room personnel easier. For example, during the pandemic, there were more requests for developing a system for observing the social distance between visitors and if a visitor is wearing personal protective equipment. Such demands can be met by new video analysis tools. Computer vision technologies, high-resolution digital cameras, neural network techniques and machine learning, and cloud image processing storage are used to accomplish such tasks in video analytics systems.
Such computer programs may determine whether a visitor to a room is wearing a mask. The entrance door can be locked if a guest hides their identity with a mask. If a visitor doesn't have a mask on, the system will advise using a dispenser to obtain one and carrying out the other steps required to enter a room or specific area. If the visitor doesn't want to enter the area, a bank can provide an ATM so that they can carry out the necessary tasks on their own.
The region has witnessed a surge in banks and branches due to the expansion of the banking industry. According to a recent estimate from the Government of China, 15,591 bank branches were refurbished last year, bringing the total number of bank branches in China's banking sector to 228,000 as of the end of 2019. A report from the China Banking Association states that more than 1 million ATMs have been placed by Chinese banks. By the end of 2018, they had processed transactions totaling 61.85 trillion yuan (approximately $8.8 trillion).
The governments of many nations are also adopting various steps to expand the BFSI industry in the region. For instance, by eliminating the $745 transaction cap and allowing banks to impose their restrictions, the Reserve Bank of India (RBI) has promoted mobile payments, one of the key drivers promoting the banking industry's growth. In addition, many people, especially in rural areas, have opened bank accounts due to the Government of lndia’s Pradhan Mantri Jan Dhan Yojana. Therefore, due to the expansion of the BFSI sector, the Asia Pacific market is bound to increase in the coming years.
The China market dominated the Asia Pacific Video Analytics in Banking Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $642 Million by 2030. The Japan market is registering a CAGR of 25.2% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 26.8% during (2023 - 2030).
Based on Component, the market is segmented into Software, and Services. Based on Application, the market is segmented into Security & Fraud Detection, ATM Monitoring, Customer Behavior Analysis, Queue Management, and Others. Based on Deployment Mode, the market is segmented into On-premise, and Cloud. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Video Analytics in Banking Market is Projected to reach USD 7.5 Billion by 2030, at a CAGR of 24.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Senstar Technologies Ltd., Zhejiang Dahua Technology Co., Ltd, Axis Communications AB (Canon, Inc.), AllGoVision Technologies Pvt. Ltd, IBM Corporation, Wipro Limited, Bosch Security Systems GmbH (Robert Bosch GmbH), Grekkom Technologies, Avigilon Corporation (Motorola Solutions), and Eagle Eye Networks, Inc.
By Component
By Application
By Deployment Mode
By Country
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