Overview and Scope
Robotic process automation (RPA) in the banking, financial services, and insurance (BFSI) sector refers to the application of software robots or artificial intelligence (AI) to automate repetitive and rule-based tasks within various operations and processes in these industries. These tasks typically include data entry, transaction processing, customer account management, compliance reporting, and more. It aims to streamline operations, enhance accuracy, improve compliance, reduce costs, and free up human resources from mundane tasks to focus on more value-added activities such as customer service, analysis, and strategic decision-making.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The robotic process automation in bfsi market report table of contents includes:
1. Executive Summary
2. Robotic Process Automation In BFSI Market Characteristics
3. Robotic Process Automation In BFSI Market Trends And Strategies
4. Robotic Process Automation In BFSI Market - Macro Economic Scenario
5. Global Robotic Process Automation In BFSI Market Size and Growth
....
32. Global Robotic Process Automation In BFSI Market Competitive Benchmarking
33. Global Robotic Process Automation In BFSI Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Robotic Process Automation In BFSI Market
35. Robotic Process Automation In BFSI Market Future Outlook and Potential Analysis
36. Appendix
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The global robotic process automation in BFSI market size is expected to reach USD 1,123.0 million by 2025, and it is anticipated to grow at CAGR of 31.3% from 2019 to 2025, according to a new report by Grand View Research, Inc.
The introduction of Digital 2.0 is driving digital transformation in the banking and financial services sector.
The growing need to provide enhanced user experience and meet the needs & expectations of customers is leading to a surge in digital banking.Request a Free Sample Copy of Robotic Process Automation in BFSI Market Report @ https://www.radiantinsights.com/research/robotic-process-automation-bfsi-market/request-sampleBanking and financial services are highly competitive markets.
These automation solutions cater to two distinct categories; attended & unattended robotic process automation (RPA).
The attended RPA is useful in automation of tasks that require human intervention, such as front-end tasks.
On the contrary, the unattended RPA performs repetitive and deterministic functions in the back end.Robotic process automation has potentially benefited the banking sector by expediting individual case handling processes and meeting regulatory compliances.
