DUBLIN--(BUSINESS WIRE)--The "Robotic Process Automation (RPA) in Financial Services Market" report has been added to ResearchAndMarkets.com's offering.
RPA is transforming the back-office activities with data entry, onboarding processes, among others. Primarily RPA was designed to function as rule-based operations, however with the influx of AI and ML, the RPA bots are empowered with decision-making abilities with knowledge-based programming.
RPA software showcases huge potential for growth, however the adoption across industries is slow but is expected to gain market with more success of the software for different functions at enterprise level.
Market Revenue and Segmentation Analysis
The RPA in Financial Services market revenue is estimated to be $319.6 million in 2018 and is expected to reach $955.2 million by 2023, growing at a CAGR of 24.5% during the forecast period 2018-2023. The services include consulting, implementation, and training and education. The consulting segment is expected to grow at the highest CAGR during the forecast period.
These services help organizations to adopt RPA. The RPA software vendors are extending its partner ecosystem with capabilities in integration, consulting, reseller, and geographical reach to enhance the service offerings.
The RPA market is at a nascent stage and is expected to grow with more understanding of the software features and cost-effectiveness of the software among industries enhancing the consulting market of RPA currently.
The adoption of RPA in Financial Services is the highest in North America owing to strong economic conditions in the region and presence of many headquarters of large banks in the US. The cloud deployment mode offers enterprises to opt for SaaS on a subscription basis as per usage rather than incurring costs on hardware and infrastructure.
The Asia Pacific region holds a huge potential for the vendors and is expected to grow at the highest CAGR during the forecast period 2018-2023. The Asia Pacific region is expected to witness growth in RPA due to presence of few emerging countries and financial hubs in Hong Kong, Singapore, and India.
The operations include rule-based and knowledge-based. The rule-based is estimated to hold significant market share in 2018, however, knowledge-based operations are expected to grow at higher CAGR. The rule-based operations are the primary and basic requirements which significantly reduces repetitive tasks. The organizations are deploying RPA software to increase the bottom-line margin and reduce employing too many human resources business process and back-office activities.
Region Analysis
The countries covered in the report are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The countries covered are the US, Canada, Germany, the UK, France, Netherlands, Switzerland, China, India, Australia, Japan, Singapore, Israel, United Arab Emirates (UAE), Brazil, and Mexico.
Market Dynamics
Drivers
- Faster business process execution
- Automation of multiple process requiring less manual intervention
- Reduce fraud activities
Restraints
- Lack of awareness and reluctance of organizations to transform operations
- Organizations are looking for solutions with proven use cases
Opportunities
- Application of AI and machine learning in better identifying the potential of financial threats and risks
- Growing GDPR concerns across regions to compel financial institutions to adopt regulatory software to ease out processes
- Automation Anywhere
- AutomationEdge
- Blue Prism
- Contextor
- EdgeVerve Systems
- Jidoka
- Kofax
- Kryon Systems
- NICE
- Pegasystems
- Redwood Software
- Softomotive
- Thoughtonomy
- UiPath
- WorkFusion
Key Topics Covered
1 Industry Outlook
2 Report Outline
3 Market Snapshot
4 Market Outlook
5 Market Characteristics
6 Component: Market Size & Analysis
7 Operation: Market Size & Analysis
8 Business Function: Market Size & Analysis
9 Region: Market Size & Analysis
10 Companies to Watch for
11 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/5pgk55/robotic_process?w=4
