Global Robotic Process Automation in BFSI Market 2023-2030

Global Robotic Process Automation in BFSI Market 2023-2030

Global Robotic Process Automation in BFSI Market Size, Share & Trends Analysis Report by Type (Software, and Services), by Organization (Small and Mid-Size Enterprises (SMEs), and Large Enterprises), by Component (Consulting, Platform, and Training), and by Application (Banking, Financial Services and Insurance) Forecast Period (2023-2030)

The global robotic process automation in BFSI market is anticipated to grow at a CAGR of 31.5% during the forecast period (2023-2030). Robotic process automation in BFSI can help to achieve organizations operational efficiency such as reduced manual errors, faster processing times, improved compliance, and enhanced customer experience. The growing adoption of advanced technology such as Artificial intelligence (AI)-powered technology and automation tools is the key factor supporting the growth of the market globally. this factor empowers banks to prevent fraud, reduce risk, enhance customer satisfaction, and cut costs. For Instance, In February 2023, Kofax Limited declared the contemporary automation software a policy for Intelligent Automation. The new elements included Total Agility 7.11 and enhanced Intelligent Document Processing, contemporary low code design features, and enhanced DevSecOps capabilities.

According to Auxiliobits Inc., RPA in BFSI continues to grow as organizations recognize its potential for cost savings, process optimization, and competitive advantage. BFSI organizations deal with large volumes of data, including customer information, transactions, and financial records and here RPA can automate tasks by extracting data from various sources, validating it against predefined rules, and populating it into target systems. For instance, AutomationEdge RPA solution made the process a lot simpler and helped the banking staff bring down the time spent on a loan application from 40 minutes to 20 minutes.

Process of AutomationEdge RPA Solution

Source: Company’s website
 
Segmental Outlook

The global robotic process automation in BFSI market is segmented on the type, organization, Component, and Application. Based on the type, the market is sub-segmented into Software and Services. Based on the organization, the market is sub-segmented into Small and mid-Size Enterprises (SMEs), and large enterprises. Based on the component, the market is sub-segmented into consulting, platform and training. Further, on the basis of application, the market is sub-segmented into banking, and, financial services and insurance. Among the type, software sub-segment is anticipated to hold a considerable share of the market owing to large number of software solutions available that be used to automate repetitive and rule-based tasks.

The Large Enterprises Sub-Segment is Anticipated to Hold a Considerable Share of the Global Robotic Process Automation in BFSI Market

Among the organization, the large enterprises sub-segment is expected to hold a considerable share of the global robotic process automation in BFSI market. The segmental growth is attributed to the larger budgets and resources to invest in RPA and high Data Processing software. Large-scale enterprises have a rising need for processes, software, and practices that will streamline and optimize their overall operations. For Instance, in January 2023, Deutsche Bank and its Blue Water Fintech Lab recently launched a Robotic Process Automation (RPA) commercialization program by introducing a multibank Data Processing and Reconciliation Solution, This RPA tool aims to help corporate treasurers automate and streamline complex processes, making it easier for them to provide management with real-time data and actionable insights for decisive strategies.

Regional Outlook

The global robotic process automation in BFSI market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, to the expanding financial sector, rising customer expectations, and growing focus on digitalization are Hold a Considerable Share.

Global Robotic Process Automation in BFSI Market Growth, by Region 2023-2030

Source: OMR Analysis

The North America Region is Expected to Grow at a Significant CAGR in the Global Robotic Process Automation in BFSI Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to major financial hubs like the US and Canada have significant implementation of RPA solutions in various banking and insurance processes and market players are focusing to deploy RPA and related technologies in the banking sector. For instance, NITCO Inc offers multiple services, which support the implementation requirements of RPA and other related technologies in the BFSI industry across developing economies like US and Canada. The company has a long track record of managing implementation efforts in the finance and accounting industries by streamlining repetitive processes.

Market Players Outlook

The major companies serving the robotic process automation in BFSI market include AntWorks, BlackLine Inc., Blue Prism Ltd, Celonis, Datamatics Global Services Ltd and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. In December 2022, Automation Anywhere Inc. announced a partnership with N-iX, a software services company. The partner designation is proof that N-iX follows best practices for implementing RPA and offers high-caliber RPA services via the Automation Anywhere platform.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global robotic process automation in BFSI market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.