Robotic Process Automation in BFSI Market Size, Share, Growth Report 2032

Robotic Process Automation in BFSI Market

Robotic Process Automation in BFSI Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026

Category: Technology & Media Report Format : PDF Report Code: ZMR-6445 Status : Upcoming

North America accounts for the largest share in the robotic process automation in bfsi market,growing adoption of these solutions in the banking sector in the region.

Robotic Process Automation in BFSI Market

Description

Global Robotic Process Automation in BFSI Market: Overview

Robotic process automation is a technology useful in automating routine business practices with the help of software bots to copy human actions for achieving repetitive tasks across all the organizations. Its utilization ranges from banking to accounting, telecom to retail, healthcare to HR, and several others. It helps organizations in communicating with other digital systems, manipulating data, triggering responses, and processing different transactions. The adoption of robotic process automation offers several benefits like reducing costs, improved internal processes, lower operational risks, better customer experience, and improved efficiency.

Global Robotic Process Automation in BFSI Market: Growth Factors

Banking and several financial institutes are indulged in multidimensional service areas and essentially need the robotic process automation at the front end as well as backend. Different functions in banking & financial services and the insurance sector that require robotic process automation solutions are mortgage processing, opening account & receivables, account closure process, overall customer service, credit card processing, payable accounts, and several others. The surging need for enhancing productivity along with boosting the penetration of advanced technology in the BFSI sector is one of the major factors driving the growth of the global robotic process automation. The BFSI organizations are increasingly deploying artificial intelligence and robotic process automation to significantly escalate their efficiency in a highly competitive market. Also, a surging need for improving the agility of work and customer experience will further drive market growth. The robotic process automated bots can perform several tasks across different verticals in the organizations to extract information available on digital platforms. For example, bank customers can log in to their account and check balance, set up an automatic bill payment, process KYC verification, and several other functions with the help of internet services. Furthermore, such services lower the manual intervention and improve the customer experience.

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Global Robotic Process Automation in BFSI Market: Segmentation

The global robotic process automation can be segmented into application, organization, service, type, and region.

By application, the market can be segmented into financial services & insurance and banking. The banking statement accounts for the largest share in the global robotic process automation owing to the fact that lack of skilled resources and growing personal cost poses a huge requirement to adopt robotic process automation in the banking organizations. The surging market pressure is also inducing banks to find alternative opportunities to maximize efficiency, reduce operational costs, and accelerate productivity gains.

By organization, the market can be segmented into large enterprises and small-medium enterprises. The large enterprise segment holds the largest share in the global robotic process automation due to the growing awareness among the organizations regarding the benefits offered by robotic process automation services and solutions. Large enterprises require a number of tasks to be optimized in order to achieve greater compliance and profit margins.

By services, the market can be segmented into training, implementation, and consulting.

By type, the market can be segmented into services and software. The consulting segment dominates the global market as a large number of organizations are adopting robotic process automation, thereby needing consulting services to understand how to use these solutions to offer enhanced services to customers.

Global Robotic Process Automation in BFSI Market: Regional analysis

North America accounts for the largest share in the global market due to the growing adoption of these solutions in the banking sector in the region. Moreover, the surging cost of KYC and other compilations like financial fraud, terrorist financing, money laundering, and several others led to the increase in the adoption of robotic process automation services in the region.

Asia Pacific is expected to witness steady growth in the forthcoming years due to the increasing advancements in the field of robotics.

Global Robotic Process Automation in BFSI Market: Competitive Players

Some of the significant players in the global robotic process automation in the BFSI Market are WorkFusion, Inc., UiPath, Pegasystems Inc., NICE Ltd., Kofax Inc., IPsoft Inc., International Business Machines Corporation, EdgeVerve Systems Limited, Blue Prism, and Automation Anywhere, Inc.

Global Robotic Process Automation in BFSI Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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FrequentlyAsked Questions

Banking and several financial institutes are indulged in multidimensional service areas and essentially need the robotic process automation at the front end as well as backend. Different functions in banking & financial services and the insurance sector that require robotic process automation solutions are mortgage processing, opening account & receivables, account closure process, overall customer service, credit card processing, payable accounts, and several others.

Some of the significant players in the global robotic process automation in the BFSI Market are WorkFusion, Inc., UiPath, Pegasystems Inc., NICE Ltd., Kofax Inc., IPsoft Inc., International Business Machines Corporation, EdgeVerve Systems Limited, Blue Prism, and Automation Anywhere, Inc.

North America accounts for the largest share in the global market due to the growing adoption of these solutions in the banking sector in the region. Moreover, the surging cost of KYC and other compilations like financial fraud, terrorist financing, money laundering, and several others led to the increase in the adoption of robotic process automation services in the region.

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