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Robotic Process Automation In BFSI Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033
Robotic Process Automation In BFSI Market Size
According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing pressure to reduce operational costs, growing need for regulatory compliance, rising demand for enhanced customer experience, streamlining of repetitive and manual tasks, optimization of back-office processes, improving accuracy and minimizing errors, enhancing productivity and efficiency.
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%. The growth in the forecast period can be attributed to expansion of RPA adoption across BFSI functions, integration with artificial intelligence for cognitive automation, demand for scalability and flexibility in automation solutions, focus on risk management and fraud detection, emphasis on personalized and tailored financial services. Major trends in the forecast period include integration with cognitive technologies, adoption for streamlining operations, expansion in customer service, development of industry-specific solutions, integration with legacy systems, adoption for regulatory reporting.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Robotic Process Automation In BFSI Market 2024 Key Insights:
• The Robotic Process Automation In BFSI Market is expected to grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 38.6%.
• Demand For Digital Transformation Fuels Robotic Process Automation (RPA) Growth In BFSI
• Advancements In Robotic Process Automation (RPA) Revolutionize BFSI Operations
• North America was the largest region in the robotic process automation in BFSI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the robotic process automation in BFSI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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