The robotic process automation in bfsi global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Robotic Process Automation In BFSI Market, 2024 report by The Business Research
Company offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
The robotic process automation in BFSI market size has grown exponentially in
recent years. It will grow from $1.07 billion in 2023 to $1.48 billion in 2024
at a compound annual growth rate (CAGR) of 39.6%. The growth in the historic period can be
attributed to increasing pressure to reduce operational costs, growing need for
regulatory compliance, rising demand for enhanced customer experience,
streamlining of repetitive and manual tasks, optimization of back-office
processes, improving accuracy and minimizing errors, enhancing productivity and
efficiency.
The robotic process automation in BFSI market size is expected to see
exponential growth in the next few years. It will grow to $5.49 billion in 2028
at a compound annual growth rate (CAGR) of 38.6%. The growth in the forecast period can be
attributed to expansion of RPA adoption across BFSI functions, integration with
artificial intelligence for cognitive automation, demand for scalability and
flexibility in automation solutions, focus on risk management and fraud
detection, emphasis on personalized and tailored financial services. Major
trends in the forecast period include integration with cognitive technologies,
adoption for streamlining operations, expansion in customer service, development
of industry-specific solutions, integration with legacy systems, adoption for
regulatory reporting.
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Scope Of Robotic Process Automation In BFSI Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Robotic Process Automation In BFSI Market Overview
Market Drivers -
The demand for digital transformation is expected to propel robotic process
automation in the BFSI market going forward. Digital transformation in banking,
financial services, and insurance(BFSI) refers to the comprehensive integration
of digital technologies and strategies to fundamentally change how financial
services are delivered, managed, and consumed. RPA software robots streamline
repetitive, rule-based tasks in the BFSI sector, such as data entry,
reconciliation, account opening, and compliance reporting, that achieve
heightened operational efficiency through significant time and effort savings
by automating these processes. For instance, in October 2022, according to the
Bank of England, a UK-based central bank, the use of machine learning in UK
financial services increased, with 72% of firms already using or developing ML
applications. Moreover, over the next three years, firms expect ML applications
to grow 3.5 times, with the insurance and banking sectors leading the way. Therefore,
the increasing demand for digital transformation drives the growth of robotic
process automation in the BFSI market.
Market Trends -
Major companies operating in the robotic process automation (RPA) in BFSI
market are focused on the adoption of technological advancements, such as
business intelligence (BI) platforms to enhance operational efficiency and
decision-making processes in the BFSI sector. It analyzes vast datasets,
providing actionable insights, and aiding informed decision-making for enhanced
financial strategies and risk management. For instance, In January 2023,
Deutsche Bank, a Germany-based financial services provider in collaboration
with its Blue Water Financial Technologies, a US-based financial services
company, launched a robotic process automation (RPA) commercialization program,
featuring a multibank data processing and reconciliation solution as its first
commercial product in China. The solution can process tens of thousands of
financial documents simultaneously, saving up to 60-80 hours of manpower per
month and cutting reconciliation times from 2-3 days to under one hour. The
program adopts a two-step strategy from Proof of Concept (PoC) to
commercialization, focusing on creating a mutually beneficial ecosystem between
banks and enterprises by integrating resources and new technology.
The robotic process automation in BFSI market covered in this report is
segmented –
1) By Type: Software, Services
2) By Deployment: Cloud, On-Premise
3) By Organization: Small And Midsize Enterprises (SMEs), Large Enterprises
4) By Application: Banking, Financial Services And Insurance
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Regional Insights -
North America was the largest region in the robotic process automation in BFSI
market in 2023. Asia-Pacific is expected to be the fastest-growing region in
the forecast period. The regions covered in the robotic process automation in
BFSI market report are Asia-Pacific, Western Europe, Eastern Europe, North
America, South America, Middle East, Africa.
Key Companies -
Major companies operating in the robotic process automation in BFSI market are
International Business Machines Corporation, Salesforce Inc., Atos SE, Xerox
Holdings Corporation, Genpact Limited, NICE Ltd., Pegasystems Inc., Protiviti
Inc., UiPath SRL, Verint Systems Inc., Automation Anywhere Inc.,
AutomationEdge, WorkFusion Inc., Datamatics Global Services Limited, Kofax
Inc., EdgeVerve Systems Limited, AntWorks, FPT Corporation, Softomotive, Kryon
Systems, IPsoft Inc., OnviSource Inc., Daythree Business Services Sdn Bhd,
Signity Solutions
Table of Contents
1. Executive Summary
2. Robotic Process Automation In BFSI Market Report Structure
3. Robotic Process Automation In BFSI Market Trends And Strategies
4. Robotic Process Automation In BFSI Market – Macro Economic Scenario
5. Robotic Process Automation In BFSI Market Size And Growth
…..
27. Robotic Process Automation In BFSI Market Competitor Landscape And Company
Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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