What Is The Definition Of The Global Robotic Process Automation In Finance Market?
Robotic process automation in finance refers to the application of robotic processes to enhance or replace human tasks within the financial sector. This automation enables banks and accounting departments to automate repetitive manual processes, enabling employees to concentrate on more crucial tasks and providing the firm with a competitive edge.
Robotic Process Automation In Finance Global Market Report 2024 provides data on the global robotic process automation in finance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Robotic Process Automation In Finance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Robotic Process Automation In Finance Market Size And Growth Rates Projected To Evolve?
The robotic process automation in finance market size has grown exponentially in recent years. It will grow from $7.87 billion in 2023 to $9.82 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The growth in the historic period can be attributed to cost reduction, regulatory compliance, data accuracy, competitive advantage, and enhanced customer experience. The robotic process automation in finance market size is expected to see exponential growth in the next few years. It will grow to $24.12 billion in 2028 at a compound annual growth rate (CAGR) of 25.2%. The growth in the forecast period can be attributed to automation of regulatory reporting and compliance tasks, integration capabilities, digital transformation initiatives, improved customer experience, and integration of RPA with advanced analytics. Major trends in the forecast period include integration with AI and ML, shift towards cloud-based RPA solutions, adoption of cognitive automation, human-automation collaboration, and enhanced security features.
What Are The Essential Drivers Behind The Growth Of The Robotic Process Automation In Finance Market?
The rising adoption of cloud-based solutions is expected to propel the growth of robotic process automation in the finance market going forward. A cloud-based solution is a software or service hosted, managed, and accessed remotely over the internet, typically through a provider's servers. Cloud-based solutions allow businesses to scale their resources up or down based on demand, providing flexibility to accommodate growth or fluctuations in usage. Cloud-based RPA enables financial institutions to implement automation solutions quickly and efficiently while simplifying maintenance and updates. For instance, in January 2023, according to Google Cloud, a US-based software development organization, in 2022, 26% of individuals indicated using multiple public cloud-based solutions, an increase from 21% in 2021. Therefore, the rising adoption of cloud-based solutions is driving the growth of robotic process automation in the finance market in 2023, 2024, and projected to continue into 2028.
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How Is The Global Robotic Process Automation In Finance Market Divided Into Key Segments?
The robotic process automation in finance market covered in this report is segmented –
1) By Product: Software, Hardware, Services
2) By Organization Size: Small And Medium Enterprises, Large Enterprises
3) By Application: Asset Management, Fund And Security Services, Retail And Lending Management, Trading And Financial Management, Insurance, Other Applications
What Trends Are Reshaping The Future Of The Robotic Process Automation In Finance Market?
Major players in the robotic process automation (RPA) sector for finance are concentrating on creating end-to-end automation solutions to streamline operations, cut costs, minimize errors, and boost overall efficiency in financial processes. End-to-end automation revolutionizes traditional financial operations by enhancing efficiency, accuracy, transparency, and compliance, while reducing manual effort and operational expenses. For example, in July 2023, SMA Technologies, a US-based software firm, launched OpCon RPA, incorporating Robotic Process Automation (RPA) into its automation platform tailored for financial services. This feature enables clients to automate user-interface specific workflows on Windows or the web, improving operational efficiency and reducing manual intervention in financial processes. OpCon RPA by SMA Technologies is customized for the unique workflows of banks, credit unions, and other financial institutions, offering a specialized solution within a diverse RPA market.
What Is The Fastest Growing Region In The Robotic Process Automation In Finance Market?
North America was the largest region in the robotic process automation in finance market in 2023. The regions covered in the robotic process automation in finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
