How Has the Robotic Process Automation In BFSI Market Size Evolved in Recent Years?
The robotic process automation in bfsi market has seen considerable growth due to a variety of factors.
• The market size of robotic process automation in BFSI has significantly expanded over the past years. Its growth is projected to increase from $1.48 billion in 2024 to $2.06 billion in 2025, with a compound annual growth rate (CAGR) of 38.9%.
This impressive growth during the historical period is due to various factors which include the urgent need to cut down operational expenses, the growing necessity for regulatory compliance, increasing demand for improved customer service, the rationalization of manual and repetitive tasks, the refinement of back-office processes, better accuracy while reducing mistakes, and boosting productivity and efficiency.
What Are The Predictions for The Robotic Process Automation In BFSI Market in the Coming Years?
The robotic process automation in bfsi market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of robotic process automation in BFSI is projected to experience a significant increase over the forthcoming years, reaching a capacity of $7.61 billion by 2029, with a CAGR of 38.6%.
This rise can be ascribed to factors such as the broadening of RPA deployment within BFSI functionalities, alliance with artificial intelligence for cognitive automation, the increasing need for adaptable and scalable automation solutions, a concentration on managing risks and detecting fraud, and a focus on providing customized financial services. The major trends anticipated during this forecast period comprise integration with cognitive technologies, deploying RPA to streamline operations, enhancing customer service through RPA, creating industry-specific solutions, integration into existing legacy systems, and using RPA for regulatory reporting.
Which Drivers Are Accelerating Growth In The Robotic Process Automation In BFSI Market?
The need for digital transformation is set to spur on robotic process automation (RPA) in the BFSI sector. When we talk about digital transformation in industries such as banking, financial services, and insurance (BFSI), we're referring to the extensive adoption of digital technologies and tactics with the aim of revolutionising the management and delivery of financial services. In the BFSI field, RPA software robots streamline repeated and rule-governed tasks like data entry, reconciliation, creating new accounts, and compliance reporting. This automation leads to increased operational efficiency through significant savings in time and effort. For example, as reported by the Bank of England, a UK-based central bank, in October 2022, there was an increase in the use of machine learning in UK financial services, with 72% of companies currently utilising or developing machine learning applications. Additionally, firms anticipate machine learning applications to increase 3.5 times over the coming three years, predominantly led by the insurance and banking sectors. Consequently, the growing need for digital transformation is pushing the expansion of robotic process automation in the BFSI market.
What Are The Core Segments Of The Global Robotic Process Automation In BFSI Market?
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
Subsegments:
1) By Software: RPA Software Platforms, RPA Development Tools, RPA Analytics and Reporting Tools
2) By Services: RPA Consulting Services, RPA Integration Services, RPA Managed Services, RPA Support and Maintenance Services
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What New Trends Are Influencing The Robotic Process Automation In BFSI Market?
Leading businesses in the Robotic Process Automation (RPA) sector within the Banking, Financial Services, and Insurance (BFSI) market are adopting innovative technologies including business intelligence (BI) platforms in a bid to improve operational efficiency and refine decision-making processes in the BFSI industry. These platforms are capable of analyzing large data sets, offering valuable insights, and supporting informed decision-making to improve financial strategies and risk management. In this context, Deutsche Bank, a financial service provider based in Germany, partnered with Blue Water Financial Technologies, an American financial services company, in January 2023 to start a robotic process automation (RPA) commercialization program, introducing a multi-bank data processing and reconciliation solution as their initial commercial product in China. This solution can handle tens of thousands of financial documents simultaneously, reducing manpower by 60-80 hours monthly and decreasing reconciliation times from 2-3 days to under one hour. The program implements a two-stage strategy from Proof of Concept to commercialization, aiming to create a reciprocal ecosystem between banks and enterprises through the successful integration of resources and emerging technology.
Who Are the Key Players In The Robotic Process Automation In BFSI Market?
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
What Are The Regional Insights Into The Robotic Process Automation In BFSI Market?
North America was the largest region in the robotic process automation in BFSI market in 2024. 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.
