RPA and Hyperautomation in Banking is projected to reach $7,127.15 million by 2031, growing at a CAGR of 25.7% from 2023 to 2032.

RPA and Hyperautomation in Banking Market by Component (Solution, Services), by Deployment Mode (On-Premise, Cloud), by Organization Size (Large Enterprises, Small and Medium-sized Enterprises), by Application (Customer Account Management, Fraud Prevention, Report and Invoice Automation, Account Opening and KYC, Auditing and Compliance, Chatbots, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

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According to a new report published by Allied Market Research, titled, "RPA and Hyperautomation in Banking Market," The rpa and hyperautomation in banking market was valued at $745.44 million in 2021, and is estimated to reach $7.1 billion by 2031, growing at a CAGR of 25.7% from 2022 to 2031.

Implementing RPA and hyperautomation in the banking industry gives an excellent opportunity to automate some of the critical banking tasks. One of the time-consuming processes at banks is credit card applications, which typically take several days for validating the customer information before approving the credit card. RPA, on the other hand, can help make quick decisions to approve/disapprove the application with a rule-based approach. Moreover, adopting RPA and hyperautomation brings valuable benefits and competitive advantages for the banks operating in the digital economy. Therefore, these are some of the major RPA and hyperautomation in banking market trends.

Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, In August 2021, Infostretch has collaborated with Automation Anywhere, a global leader in cloud robotic process automation (RPA), to enable customers to achieve higher levels of automation. The alliance brings together Infostretch's proven expertise in implementing automation for enterprises with Automation Anywhere's powerful end-to-end intelligent automation platform, Automation 360, helping customers reduce costs and improve efficiency across their organizations. Which provided a strategic advantage to the company and RPA and hyperautomation in banking market size.

On the basis of deployment mode, the on-premise segment attained the highest growth in 2021. This is attributed to the fact that the on-premise deployment mode is considered widely useful in large banks and institutions, as it involves a significant investment to implement, and organizations need to purchase interconnected servers as well as software to manage the system.

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On the basis of region, North America attained the highest growth in 2021. This is attributed to the RPA and hyperautomation banking has been adopted by the majority of banks and financial institutions in the U.S. as a result of increased financial services efficacy, decreased costs & complexity, and consumer acceptance.

Key findings of the study

By component, the solution segment accounted for the highest RPA and hyperautomation in banking market growth in 2021
By organization size, the large enterprises segment led the RPA and hyperautomation in banking market analysis in terms of revenue in 2021.
By application, the customer account management segment accounted for the highest RPA and hyperautomation in banking market share in 2021.
By region, North America segment accounted for the highest RPA and hyperautomation in banking market share in 2021.

The report analyzes the profiles of key players operating in the RPA and hyperautomation in banking market such as AntWorks, Aspire Systems, Atos SE, Automation Anywhere, Inc., Blue Prism Limited, eccenca GmbH, IBM, Itrex Group, Protiviti Inc. and UiPath. These players have adopted various strategies to increase their market penetration and strengthen their position in the RPA and hyperautomation in banking market.

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