Robotic Process Automation in BFSI Market Is Likely to Experience a Tremendous Growth in Near Future


New York, United States Report Ocean published the latest research report on the Robotic Process Automation in BFSI market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Robotic Process Automation in BFSI market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

The global Robotic Process Automation in BFSI market size is expected to reach USD 3,457.8 million by 2026 according to a new study.

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The report “Robotic Process Automation in BFSI Market Share, Size, Trends, Industry Analysis Report By Type (Software and Services);

By Services (consulting, implementation, training);

By Organization Size (SME, Large Enterprises);

By Application (Banking, Financial Services & Insurance);

By Regions, Segments & Forecast, 2019 – 2026″ gives a detailed insight into current market dynamics and provides analysis on future market growth.

Inherent benefits offered by robotic process automation (RPA) such as process transparency, enhanced customer service, on-boarding optimization of processes, highest degree of data integrity, shorter lifecycles, and ability to effectively comply with regulations of various enforcement agencies combined with the data driven nature of the overall banking and financial sector are some of the factors proving beneficial for the overall RPA in BFSI market growth. In addition, ability of RPA to help clients to capitalize and gain from growth opportunities thus providing a competitive edge is another factor responsible for the overall market growth.

Banking sector is characterized by the presence of a large number of players thus resulting in a high industrial rivalry. Due to such competitive environment, companies are trying to implement cost effective solutions that may help them to stay ahead of the competition. RPA is one such preferred solution. It automates the otherwise tedious manual operations thus saving precious man hours, results in client satisfaction thus ultimately catering to client loyalty, and provides better quality control through its operating procedures. Such factors have resulted in the overall Robotic Process Automation in BFSI growth in the past and this scenario is expected to continue till 2026.

Robotic Process Automation is used in a variety of applications such as entry of a new account across various platforms and networks, duplicating of accounts and account reconciliation, extraction of forms, VAT reporting, cleaning and updating of account, credit card processing, loan processing among others. These processes are directly related to customer experience and hence, companies are automating these processes through RPA to provide better and enhanced customer experience in order to gain more market share. Such trends are benefitting the Robotic Process Automation in BFSI market growth.

In 2020, the COVID-19 epidemic had a negative impact on ICT investment. The traditional hardware market took a hit as a result of the COVID-19 outbreak. On the other hand, traditional software is a huge contributor to productivity and is a big benefit of ICT spending. Cloud computing and mobile devices are emerging as new platforms for delivering the most up-to-date software tools and applications.

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North American region is expected to maintain its dominance over the market for the next eight years. High demand particularly from the US market is a key contributor to this scenario. Presence of highly sophisticated and advanced banking and financial infrastructure in the country, strong presence of industry participants, coupled with high demand for enhanced customer experience are some of the factors driving the market growth in the region. Countries such as China, Japan and South Korea are primarily driving the growth in Asia Pacific region, which is anticipated to witness high growth rate till 2026.

Some of the major industry participants include WorkFusion, Inc., UiPath, Thoughtonomy, Softomotive, Kryon Systems, Pegasystems Inc., NICE, Blue Prism, Kofax Inc. and Automation Anywhere Inc., among others. Companies are trying to provide one stop solutions to all the needs of their clients and are constantly developing new solutions to cater to the customized needs of the clients.

The RPA in BFSI market has been segmented on the basis of type, service, organization, application, and region

RPA in BFSI Type Outlook (Revenue, USD Million, 2015 – 2026)

software
service
RPA in BFSI Service Outlook (Revenue, USD Million, 2015 – 2026)

Consulting
training
implementation
RPA in BFSI Organization Size Outlook (Revenue, USD Million, 2015 – 2026)

SME
Large scale
RPA in BFSI Application Outlook (Revenue, USD Million, 2015 – 2026)

banking
Financial services & institutions

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RPA in BFSI Regional Outlook (Revenue, USD Million, 2015 – 2026)

NorthAmerica
U.S
Canada
Europe
France
Germany
UK
Asia Pacific
Japan
south korea
China
India
Latin America
Brazil
Mexico
Middle East & Africa

What is the goal of the report?

  • The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
  • During the forecast period, the report analyzes the growth rate, market size, and market valuation.
  • The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
  • The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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