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Robotic Process Automation Market in BFSI Size Estimated to Observe Significant Growth by 2025 - Top Leading Players of the Industry Profiled Nice Systems Ltd., Automation Anywhere Inc., Pegasystems Inc., Blue Prism Limited, IPsoft Inc.,Celaton Ltd., Xero
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What is Robotic process automation (RPA)?
Robotic process automation (RPA) is a software-based approach, which replicates user actions to reduce or eliminate human intervention in repetitive, mundane, and manually intensive processes. By automating these manual processes BFSI industry can improve efficiency and accuracy. In addition, virtual workers can be deployed 24/7 by reducing latency and driving higher levels of productivity.
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Growth in adoption of RPA technology by organizations to enhance their performance, capabilities, and reduce operational costs drives the market. In addition, ease in business processes, increased efficiency and cost-effective and highly profitable operation provided by RPA propels the growth of the market. However, data insecurity risk and less potential for RPA in knowledge-based business processes limits the growth of this market. Furthermore, integration of new technologies with robotic process automation is expected to provide numerous opportunities for the market.
The robotic process automation market in BFSI is segmented on the basis of tools, organization size, solution, and region. Based on tools, the market is bifurcated into model-based and process-based tools. Based on organization size, the market is segmented into small and medium size enterprises and large enterprises. On the basis of solutions, the market is divided into automated, interaction, and decision & management support. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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