Dublin, July 14, 2023 (GLOBE NEWSWIRE) -- The "Robotic Process Automation In BFSI Global Market, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global robotic process automation in BFSI market size is expected to reach USD 8.79 billion by 2030 and expand at a CAGR of 39.4% from 2023 to 2030, according to the new reports of the publisher.
The introduction of Digital 2.0 is driving digital transformation in the banking and financial services sector. Some of the key technologies used in the Banking, Financial Services, and Insurance (BFSI) sector include Artificial Intelligence (AI) & machine learning, robotic process automation, blockchain, Internet of Things (IoT), and open banking platforms.
The growing need to provide enhanced user experience and meet the needs & expectations of customers is leading to a surge in digital banking. This is expected to boost the demand for robotic process automation in BFSI market.
Banking and financial services are highly competitive markets. The BFSI sector requires documents for various banking processes, along with numerous legacy systems for paperwork. For instance, though loan applications can be processed online, supplementary documents and other pieces of information still require manual intervention.
In such cases, robotic process automation bots can work across different legacy systems to retrieve information available on digital platforms. These automation solutions cater to two distinct categories; attended & unattended Robotic Process Automation (RPA). The attended RPA is useful in the automation of tasks that require human intervention, such as front-end tasks. On the contrary, the unattended RPA performs repetitive and deterministic functions in the back end.
Robotic process automation has potentially benefited the banking sector by expediting individual case-handling processes and meeting regulatory compliances. In the insurance sector, robotic process automation has enabled a reduction in time spent on inbound calls by digitizing the process, thereby optimizing the turnarounds. The financial industry handles many complex manual processes and often faces issues owing to human error. In such scenarios, robotic process automation has enabled organizations to eliminate manual errors while improving the overall process quality.
The banking sector is one of the largest consumers of IT services and products. Various industries across the globe have been influenced by digital transformation. The banking sector has also increased its IT spending significantly over the past few years.
Although the level of investment has increased, where new services and products are being introduced continuously to automate banking processes, there is still a considerable amount of repetitive and manual work that continues to drive down productivity. Robotic process automation offers flexibility, is easy to implement, and has a shorter payback period.
These advantages make it a better alternative as compared to traditional IT solutions. However, there is no standard RPA solution available to address the needs of every sector. Companies experiment with the potential of these solutions and optimize robotic process automation accordingly to gain a competitive edge.
Companies Mentioned
- Antworks
- Atos SE
- Automation Anywhere, Inc.
- Blue Prism Limited
- EdgeVerve Systems Ltd.
- FPT Software
- IBM
- Kofax Inc.
- Microsoft (Softomotive)
- NICE
- Nintex UK Ltd. (Kryon Systems)
- Pegasystems Inc.
- Protiviti Inc.
- UiPath
- WorkFusion, Inc.
Robotic Process Automation In BFSI Market Report Highlights
- The service segment accounts for the largest market share of over 62.3% in 2022 and is anticipated to maintain its dominance over the forecast period owing to the growing opportunities for automation across various organizational processes, along with the need to assist in organizing the development of an appropriate solution, selecting the best vendors, and testing solution concepts to ensure their viability
- The implementing segment is expected to observe the highest CAGR of 41.9% during the forecast period. The growing adoption of implementing services segment for robotic process automation solutions across the BFSI sector is owing to its benefits of reducing operational costs by automating repetitive and manual tasks, thereby enhancing the productivity and efficiency of the resources
- The cloud segment is expected to observe the highest CAGR of 42.1% during the forecast period. Cloud-based RPA platforms typically offer flexible pricing models, allowing organizations to pay for the resources they consume. This is expected to propel the demand for cloud-based robotic process automation in BFSI market
- The SME segment is anticipated to witness exceptional CAGR 41.4% during the forecast period. SMEs operating in the BFSI industry are becoming more aware of the benefits of using RPA services and solutions to remove tedious operations. In addition, the need for RPA in SMEs is projected to be driven by the increased need to automate manual operations
- The financial services and insurance segment is anticipated to register considerable CAGR of 41.1% over the forecast period and is expected to maintain its dominance over the forecast period. Using RPA in finance and insurance is a very low-cost, high-productivity approach, as implementing it would reshape the old processes and enhance results
- The North American regional market is expected to account for the largest market share of over 37.2% in 2022 and is expected to retain its position over the forecast period. The high presence of key players such as Microsoft (Softomotive) and UiPath, among others, coupled with the rise in the need to automate financial processes, is driving the demand for sales enablement platforms in the region
- Key market players in the robotic process automation in BFSI market have an extended operating history, a large customer base, and significant competitive strengths. In addition to the inorganic growth strategies, vendors emphasize improving after-sale service offerings to ensure periodic maintenance of installed products
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Robotic Process Automation in BFSI Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint/Challenge Analysis
3.3.3. Market Opportunity Analysis
3.4. Business Environment Analysis Tools
3.4.1. Porter's Five Forces Analysis
3.4.2. PEST Analysis
3.5. COVID-19 Impact Analysis
Chapter 4. Robotic Process Automation in BFSI Market Type Outlook
Chapter 5. Robotic Process Automation in BFSI Market Deployment Outlook
Chapter 6. Robotic Process Automation in BFSI Market Organization Outlook
Chapter 7. Robotic Process Automation in BFSI Market Application Outlook
Chapter 8. Robotic Process Automation in BFSI Market: Regional Outlook
Chapter 9. Competitive Landscape
9.1. Company Categorization (Mature Players, Emerging Players)
9.2. Company Ranking/Share Analysis, 2022
9.3. Heat Map Analysis, 2022
9.4. Strategy Mapping
9.5. Company Profiles (Overview, Financial Performance, Product Overview, Strategic Initiatives)
For more information about this report visit https://www.researchandmarkets.com/r/splnw9
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