Global Robotic Process Automation in BFSI Market, By Type (Software and Services), Organization (Small and Mid-Size Enterprises (SMEs) and Large Enterprises), Application (Banking Financial Services and Insurance) – Industry Trends and Forecast to 2029.
Robotic Process Automation in BFSI Market Analysis and Size
Organizations in the BFSI sector must improve their business processes to increase productivity, accuracy, and efficiency, necessitating cutting-edge technologies such as robotic process automation and artificial intelligence, which is rapidly increasing demand for RPA.
Data Bridge Market Research analyses that the robotic process automation in BFSI market was valued at USD 382.58 million in 2021 and is expected to reach the value of USD 3,483.74 million by 2029, at a CAGR of 31.80% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Robotic Process Automation in BFSI Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Software and Services), Organization (Small and Mid-Size Enterprises (SMEs) and Large Enterprises), Application (Banking Financial Services and Insurance)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Uipath SRL (U.S.), Automation Anywhere Inc. (U.S.), Nice Systems Ltd. (Israel), Pegasystems Inc. (U.S.), Blue Prism PLC (U.K.), Ipsoft, Inc. (U.S.), Celaton Ltd. (U.K.), Verint System Inc. (U.S.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software (Vietnam), EdgeVerve Systems Limited (India), Daythree Business Services Sdn Bhd (Malaysia), Kryon Systems (Israel), and Genpact Ltd (U.S.)
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Market Opportunities
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Market Definition
Similar to other businesses, banking and financial services are multidimensional service domains with numerous back- and front-end operations. The banking, financial services, and insurance (BFSI) industry could benefit from robotic process automation in a number of areas, including payable accounts, credit card processing, general customer care, account closure, opening accounts and receivables, and mortgage processing (RPA).
Global Robotic Process Automation in BFSI Market Dynamics
Drivers
- High prevalence of advanced technology in BFSI sector
One of the major factors driving the global robotic process automation market is the growing need to boost productivity while also increasing the penetration of advanced technology in the BFSI sector. BFSI organizations are increasingly deploying artificial intelligence and robotic process automation to significantly increase their efficiency in a highly competitive market. A growing need to improve work agility and customer experience will also drive market growth. Robotic process automated bots can perform a variety of tasks across various verticals in organizations to extract information from digital platforms. Furthermore, such services reduce manual intervention while improving the customer experience.
- Growing deployment of robot in various BFSI sectors
RPA has grown in popularity among BFSI organizations in recent years. The integration of RPA into service offerings provided by robot orchestration, Business Process Organizations (BPO), enterprise-level robot deployments, and centralized robot dashboard management has resulted in increased RPA adoption in the BFSI sector.
Furthermore, the need to eliminate time-consuming and repetitive manual tasks has created potential growth opportunities for RPA providers in the BFSI sector. RPA allows banks and financial institutions to stay competitive in the BFSI market.
Opportunity
- Growing adoption of cloud computing services
To enable end-to-end automation, robotic process automation combined with artificial intelligence can provide access to unstructured information such as audio, video, and human chat conversation. Furthermore, the increasing adoption of Platform as a Service (PaaS), Infrastructure as a Service (LaaS), and Software as a Service (SaaS) offerings for cloud computing, customer relationship management, cooperative robot learning, resource management, and network connectivity is expected to drive global market growth.
Restraints
- Security risk
However, the security risk of sensitive customer data and the lower potential for RPA in knowledge-based business processes are expected to limit the growth of the robotic process automation market in the future.
This robotic process automation in BFSI market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the robotic process automation in BFSI market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Robotic Process Automation in BFSI Market
The global epidemic had an impact on both internal and external business operations. Retail, manufacturing, and IT & Telecom all saw a drop in business, while the rising number of Covid-19 cases overburdened healthcare organisations. This one-of-a-kind occurrence had an impact on both back-end and front-end office operations, resulting in, among other things, extended response times, staff fatigue, paperwork backlog, and supply chain delays. As a result, implementing an automated solution was critical in terms of cost reduction, improving customer response time, and streamlining testing and reporting. Furthermore, the pandemic has accelerated the demand for a digital workforce across businesses, creating new opportunities for RPA providers to capture market share. Automation is likely to define employment post-pandemic as businesses undergo structural changes with people working from home. The positive outcome of deploying RPA during a pandemic-induced recession is likely to boost its demand after the epidemic and propel market growth.
Global Robotic Process Automation in BFSI Market Scope
The robotic process automation in BFSI market is segmented on the basis of type, organization, application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Software
- Services
- Training
- Consulting
- Implementation
Organization
- Small and medium sized enterprises
- Large Enterprises
Application
- Banking Financial Services and Insurance (BFSI)
Robotic Process Automation in BFSI Market Regional Analysis/Insights
The robotic process automation in BFSI market is analysed and market size insights and trends are provided by country, type, organization, application as referenced above.
The countries covered in the robotic process automation in BFSI market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America emerged as the dominant region, and this trend is expected to continue over the forecast period. Some of the factors contributing to the region's industry growth include a strong presence of banking and other financial institutions, a strong presence of industry participants, and a high awareness of the need for and use of RPA. The rising complexity of regulatory scrutiny, KYC compliance, and fines, combined with the rising risk of security threats, has prompted many regional banking institutions to implement RPA.
Asia-Pacific region is expected to be the fastest growing during the forecast period due to increased product adoption across the pharma, healthcare, IT and Telecom, retail, and manufacturing industries. Robotic process automation is becoming more popular as a result of increased demand for automation in various organisational activities, as well as advancements in machine learning and artificial intelligence. Furthermore, rising awareness among various industries and SMEs is expected to drive market growth. The growing demand for automation in the Business Process Outsourcing (BPO) industry has also aided regional development.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Robotic Process Automation in BFSI Market Share Analysis
The robotic process automation in BFSI market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to robotic process automation in BFSI market.
Some of the major players operating in the robotic process automation in BFSI market are:
- Uipath SRL (U.S.)
- Automation Anywhere Inc. (U.S.)
- Nice Systems Ltd. (Israel)
- Pegasystems Inc. (U.S.)
- Blue Prism PLC (U.K.)
- Ipsoft, Inc. (U.S.)
- Celaton Ltd. (U.K.)
- Verint System Inc. (U.S.)
- OnviSource, Inc. (U.S.)
- Kofax Inc. (U.S.)
- FPT Software (Vietnam)
- EdgeVerve Systems Limited (India)
- Daythree Business Services Sdn Bhd (Malaysia)
- Kryon Systems (Israel)
- Genpact Ltd (U.S.)
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