Market Overview:
The global robotic process automation (RPA) in BFSI market is expected to grow from USD 1.02 billion in 2018 to USD 3.73 billion by 2030, at a CAGR of 18.5% during the forecast period. The growth of the RPA in BFSI market can be attributed to the increasing demand for automation across various industries and growing need for reducing operational costs. Moreover, the RPA software and services are being increasingly adopted by small and medium-sized enterprises (SMEs) and large enterprises owing to their benefits such as improved efficiency, reduced processing time, increased accuracy, scalability, and cost-effectiveness.
Product Definition:
Robotic process automation (RPA) is the application of technology that allows employees in a company to configure computer software or a “robot” to automatically execute certain tasks that would traditionally require human interaction. RPA is used extensively in back-office processes, such as invoice processing, claims adjudication, and customer service inquiries. Its importance in BFSI comes from its ability to help companies automate these time-consuming and often error-prone tasks, freeing up employees’ time for more value-added work.
Software:
Software is an ordered set of instructions that can be processed by a computer to achieve a certain result. In other words, software is the process that allows computers to solve problems by carrying out instructions. The field of study known as software engineering includes the development of such solutions for use in various applications across several industries and sectors.
Services:
Robotic Process Automation (RPA) is a software technology that enables automation of back-office business processes. It can be used for various applications such as accounting, finance, human resource management and others. Services are the glue that binds RPA together and helps it to work seamlessly.
Application Insights:
The large enterprises segment dominated the global robotic process automation in the banking, financial services and insurance (BFSI) industry, accounting for over 60% of the revenue share in 2017. The high penetration is attributable to factors such as extensive legacy systems and paper-based workflows across various departments within a bank. Furthermore, increasing pressure on banks to reduce operational costs while improving customer experience will drive adoption of RPA solutions across large enterprises.
Regional Analysis:
Asia Pacific dominated the global market in 2017. The region is expected to continue its dominance over the forecast period, owing to increasing investments by foreign players and a growing number of startups offering robotic process automation solutions. Robotic process automation has gained significant traction in India as several large enterprises are using it to reduce operational costs and enhance productivity.
The Middle East & Africa (MEA) is projected to be one of the fastest-growing regional markets from 2018 to 2030 due to increasing adoption by small & medium-sized businesses (SMBs). SMBs account for more than 60% of all businesses in Africa; thus, adopting robotic process automation solutions will help them gain an advantage over their competitors and increase their revenue generation capacity.
Growth Factors:
- Increased efficiency and accuracy in processing transactions and handling customer queries through the use of robotics
- Enhanced scalability to meet growing demands with increasing automation of processes
- Improved compliance with regulatory requirements through robotic automation
- Reduced costs and improved profitability with increased operational efficiency
- Increased competitiveness as a result of process improvements leading to faster turnaround times
Scope Of The Report
Report Attributes
Report Details
Report Title
Robotic Process Automation in BFSI Market Research Report
By Type
Software, Services
By Application
Small and Medium-sized Enterprises, Large Enterprises
By Companies
Automation Anywhere, Blue Prism, Kofax, Kryon Systems, NICE, Pegasystems, Thoughtonomy, UiPath, Softomotive, WorkFusion
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
159
Number of Tables & Figures
112
Customization Available
Yes, the report can be customized as per your need.
Global Robotic Process Automation in BFSI Market Report Segments:
The global Robotic Process Automation in BFSI market is segmented on the basis of:
Types
Software, Services
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Small and Medium-sized Enterprises, Large Enterprises
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Automation Anywhere
- Blue Prism
- Kofax
- Kryon Systems
- NICE
- Pegasystems
- Thoughtonomy
- UiPath
- Softomotive
- WorkFusion
Highlights of The Robotic Process Automation in BFSI Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Software
- Services
- By Application:
- Small and Medium-sized Enterprises
- Large Enterprises
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Robotic Process Automation in BFSI Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Robotic process automation (RPA) is a technology that automates certain business processes by using software to carry out tasks that would normally be carried out by human employees. RPA can be used in banking, insurance, retail, and other industries.
Some of the major companies in the robotic process automation in bfsi market are Automation Anywhere, Blue Prism, Kofax, Kryon Systems, NICE, Pegasystems, Thoughtonomy, UiPath, Softomotive, WorkFusion.
The robotic process automation in bfsi market is expected to grow at a compound annual growth rate of 18.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Robotic Process Automation in BFSI Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Robotic Process Automation in BFSI Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Robotic Process Automation in BFSI Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Robotic Process Automation in BFSI Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Robotic Process Automation in BFSI Market Size & Forecast, 2018-2028
4.5.1 Robotic Process Automation in BFSI Market Size and Y-o-Y Growth
4.5.2 Robotic Process Automation in BFSI Market Absolute $ Opportunity
Chapter 5 Global Robotic Process Automation in BFSI Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Robotic Process Automation in BFSI Market Size Forecast by Type
5.2.1 Software
5.2.2 Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Robotic Process Automation in BFSI Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Robotic Process Automation in BFSI Market Size Forecast by Applications
6.2.1 Small and Medium-sized Enterprises
6.2.2 Large Enterprises
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Robotic Process Automation in BFSI Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Robotic Process Automation in BFSI Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Robotic Process Automation in BFSI Analysis and Forecast
9.1 Introduction
9.2 North America Robotic Process Automation in BFSI Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Robotic Process Automation in BFSI Market Size Forecast by Type
9.6.1 Software
9.6.2 Services
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Robotic Process Automation in BFSI Market Size Forecast by Applications
9.10.1 Small and Medium-sized Enterprises
9.10.2 Large Enterprises
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Robotic Process Automation in BFSI Analysis and Forecast
10.1 Introduction
10.2 Europe Robotic Process Automation in BFSI Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Robotic Process Automation in BFSI Market Size Forecast by Type
10.6.1 Software
10.6.2 Services
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Robotic Process Automation in BFSI Market Size Forecast by Applications
10.10.1 Small and Medium-sized Enterprises
10.10.2 Large Enterprises
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Robotic Process Automation in BFSI Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Robotic Process Automation in BFSI Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Robotic Process Automation in BFSI Market Size Forecast by Type
11.6.1 Software
11.6.2 Services
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Robotic Process Automation in BFSI Market Size Forecast by Applications
11.10.1 Small and Medium-sized Enterprises
11.10.2 Large Enterprises
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Robotic Process Automation in BFSI Analysis and Forecast
12.1 Introduction
12.2 Latin America Robotic Process Automation in BFSI Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Robotic Process Automation in BFSI Market Size Forecast by Type
12.6.1 Software
12.6.2 Services
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Robotic Process Automation in BFSI Market Size Forecast by Applications
12.10.1 Small and Medium-sized Enterprises
12.10.2 Large Enterprises
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Robotic Process Automation in BFSI Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Robotic Process Automation in BFSI Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Robotic Process Automation in BFSI Market Size Forecast by Type
13.6.1 Software
13.6.2 Services
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Robotic Process Automation in BFSI Market Size Forecast by Applications
13.10.1 Small and Medium-sized Enterprises
13.10.2 Large Enterprises
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Robotic Process Automation in BFSI Market: Competitive Dashboard
14.2 Global Robotic Process Automation in BFSI Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Automation Anywhere
14.3.2 Blue Prism
14.3.3 Kofax
14.3.4 Kryon Systems
14.3.5 NICE
14.3.6 Pegasystems
14.3.7 Thoughtonomy
14.3.8 UiPath
14.3.9 Softomotive
14.3.10 WorkFusion
