Virtual reality (VR) is a digitally produced experience that simulates a three-dimensional environment in the real world. The technology provides viewers with an immersive experience using VR gadgets such as, headsets or glasses, etc. It has revolutionized the gaming and entertainment, healthcare, BFSI sectors by allowing users to immerse themselves in a highly simulated environment. Furthermore, the growing use of this technology in banking and financial organizations, helps and allows banks to create immersive customer experiences, platforms, and applications, which resulted in higher user engagement, seamless banking solutions, and positive brand communication.
There is a rising adoption of virtual reality in BFSI among the end user due to easy access to solutions and the opportunity to carry out whatever activities they want easily from anywhere across globe. Furthermore, as consumer preferences shift, lenders have begun to focus on improving customer service through technology. Additionally, the most important aspect of utilizing virtual reality technologies in the financial sector is the visualization of data. Accordingly, advanced virtual reality-backed stock trading and investing has created a way for participants to track and visualize the financial market with greater depth in a three-dimensional and interactive environment. However, privacy of the users data, is restraining the growth of the virtual reality in BFSI market. A large amount of personal and sensitive data is potentially vulnerable to breaches and can be accessed by malicious entities. Thus, such factors is restraining the growth of the virtual reality in BFSI market. On the contrary growing use of artificial intelligence is helping to boost the virtual reality in BFSI market. Furthermore, it enables banks and financial institution to manage record-level high-speed data to receive valuable insights. Moreover, Artificial Intelligence comprises a broad set of technologies, including, but not limited to, machine learning, natural language processing, expert systems, vision, speech, planning, and robotics, etc. Therefore, adoption of artificial intelligence & machine in the BFSI industry is expected to provide lucrative growth opportunities for the market in the coming years.
The virtual reality in BFSI market is segmented on the basis of component, deployment mode, application, end user, and region. By component, it is segmented into hardware, software and services. By deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, the virtual reality in BFSI market is segmented into virtual assistants, speech recognition, virtual trading, virtual reality payments, and others. By end user, the virtual reality in BFSI market is bifurcated into banks, credit unions, insurance companies, and NBFCs. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the virtual reality in BFSI market such as Acadecraft.com, AeoLogic, Allerin Tech Pvt Ltd., Blue Label Labs, Designity Inc., Mazer, Nsocial Enriched Experimental Agency, Qodequay Technologies Pvt. Ltd., ServReality.com, Strivr Labs, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the virtual reality in BFSI virtual reality in BFSI industry.

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KEY MARKET SEGMENTS

By Application
- Virtual Assistants
- Speech Recognition
- Virtual Trading
- Virtual Reality Payments
- Others
By Component
- Hardware
- Software
- Services

By End Users
- Banks
- Credit Unions
- Insurance Companies
- NBFCs
By Deployment Mode
- On-Premise
- Cloud

By Region
- North 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
- AeoLogic
- Strivr Labs, Inc.
- Qodequay Technologies Pvt. Ltd.
- ServReality.com
- Nsocial Enriched Experimental Agency
- Designity Inc.
- Mazer
- Allerin Tech Pvt. Ltd.
- Blue Label Labs
- Acadecraft.com