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Robotic Process Automation In BFSI Market 2024 Future Trends, Scope, Industry Analysis And Forecast To 2033
Robotic Process Automation In BFSI Market
As per the report, 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 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%.
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Demand For Digital Transformation Fuels Robotic Process Automation (RPA) Growth In BFSI
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.
Advancements In Robotic Process Automation (RPA) Revolutionize BFSI Operations
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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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
Contents of the report:
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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