The Latin America, Middle East and Africa Video Analytics in Banking Market would witness market growth of 30.1% CAGR during the forecast period (2023-2030).
In order to optimize staffing numbers, decrease wait times, and enhance overall customer experience, bank branches can utilize video analytics to monitor client behavior. Banks can spot service bottlenecks and put processes into place by looking at consumer interactions. Video analytics can monitor and improve various operational issues, including cash management, building management, and ATM maintenance. Cost savings, as well as better resource management, may result from this.
Regulations and compliance standards are extremely strict for banks. By monitoring activities and spotting potential violations, video analytics can help ensure that the bank's operations comply with these laws. With video analytics, banks can remotely monitor a number of branches and locations, providing centralized security management and minimizing the need for on-site presence at each location.
With a GDP of over US$ 3 trillion and accounting for half of Latin America's economy, Brazil is the eighth largest economy in the world. With 400 businesses, it also has the largest Fintech sector in the region and ranks fifth globally. According to the International Trade Administration (ITA), investment in Brazilian Fintech startups started at around US$52 million in 2015 and increased to US$ 1.6 billion in 2019.
Growth in the banking sector is also visible in Ethiopia. According to the ITA, thirty banks, with 8,250 branches, currently operate nationwide, serving almost 115 million residents. Deposits totaling over $30 billion and loans totaling over $25 billion are reported in the National Bank of Ethiopia's (NBE) quarterly bulletin, released in October 2022. The banking system's entire capital is thought to be $3.2 billion. Hence, the regional market is expected to experience growth in coming years due to the growth of the regional banking industry and the rise in corporate expenditure in putting cutting-edge technology into use.
The Brazil market dominated the LAMEA 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 $152.3 Million by 2030. The Argentina market is showcasing a CAGR of 30.8% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 29.8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 