Robotic Process Automation In Bfsi Market
Robotic Process Automation in BFSI Market Forecasts to 2030 - Global Analysis By Component (Services and Software), Deployment (On-Premise and Cloud), Organization Size and By Geography
According to Stratistics MRC, the Global Robotic Process Automation in BFSI Market is accounted for $917.36 million in 2024 and is expected to reach $5239.94 million by 2030 growing at a CAGR of 33.7% during the forecast period. Robotic Process Automation (RPA) in the Banking, Financial Services, and Insurance (BFSI) sector refers to the use of software robots or “bots” to automate repetitive, rule-based tasks traditionally performed by humans. These tasks include data entry, transaction processing, compliance checks, and customer onboarding, among others. RPA in BFSI enables faster processing, reduces operational costs, and enhances accuracy by minimizing human error. It also helps improve compliance by ensuring that processes adhere strictly to regulations and standards.
Market Dynamics:
Driver:
Rising focus on core business
As companies streamline operations to focus more on strategic goals, RPA offers a solution to handle repetitive, rule-based tasks with greater efficiency and accuracy. By automating processes such as data entry, transaction processing, and compliance reporting, RPA allows organizations to allocate human resources to higher-value tasks like customer service and innovation. This not only reduces operational costs but also improves process consistency and compliance, crucial in the highly regulated BFSI environment.
Restraint:
Limited process suitability
Limited process suitability significantly hinders the adoption of Robotic Process Automation (RPA) in the Banking, Financial Services, and Insurance (BFSI) sector. RPA is most effective for repetitive, rule-based tasks that do not require human judgment. Many processes within BFSI are complex, involving decision-making, regulatory compliance, and customer interactions that demand human oversight. These processes are often non-standardized and involve exceptions, making them less suitable for automation. The legacy systems commonly used in BFSI may not be fully compatible with RPA technologies, leading to integration challenges.
Opportunity:
Enhanced customer experience
Enhanced customer experience is driving the adoption of Robotic Process Automation (RPA) in the Banking, Financial Services, and Insurance (BFSI) sector by streamlining operations and improving service delivery. By integrating RPA, these institutions can offer faster and more accurate services, reducing errors and operational costs. This automation also allows employees to focus on more value-added tasks, such as personalized customer interactions, thereby enhancing the overall customer experience. Additionally, RPA's ability to operate 24/7 ensures that customer queries and transactions are handled promptly, increasing customer satisfaction and loyalty.
Threat:
Maintenance and scalability issues
As RPA bots are deployed to automate repetitive tasks, they often require ongoing maintenance to handle changes in underlying systems, such as software updates or changes in regulatory requirements. This frequent need for updates can lead to increased costs and operational disruptions. Scalability is a major concern, as expanding RPA across various processes or scaling up in response to increased demand can strain the existing infrastructure. The complexity of integrating RPA with legacy systems further complicates scaling efforts.
Covid-19 Impact:
The COVID-19 pandemic accelerated the adoption of Robotic Process Automation (RPA) in the Banking, Financial Services, and Insurance (BFSI) sector. Faced with unprecedented operational disruptions, organizations sought ways to maintain business continuity and enhance efficiency. With remote work becoming the norm, RPA provided the flexibility to manage these tasks without human intervention, reducing the dependency on physical offices and mitigating the risk of operational delays. However, the pandemic highlighted the need for digital transformation, pushing BFSI companies to invest more in automation technologies to stay competitive.
The Software segment is expected to be the largest during the forecast period
Software segment is expected to be the largest during the forecast period. RPA enables the automation of repetitive and rule-based tasks, such as data entry, transaction processing, compliance reporting, and customer onboarding. Enhanced software solutions are now integrating artificial intelligence (AI) and machine learning (ML) into RPA, allowing for more complex decision-making processes and adaptive learning from data patterns. This is transforming operations within BFSI by improving accuracy, reducing processing times, and minimizing human errors.
The On-Premise segment is expected to have the highest CAGR during the forecast period
On-Premise segment is expected to have the highest CAGR during the forecast period by offering a more secure and customizable solution compared to cloud-based alternatives. By deploying RPA tools on-premises, BFSI institutions can maintain greater control over their data and processes, addressing compliance and security concerns that are critical in this industry. This on-site deployment allows for tailored integration with existing systems, ensuring that automation workflows are closely aligned with the institution’s specific operational requirements.
Region with largest share:
North America region commanded the largest share of the market over the forecast period. By leveraging advanced RPA tools, financial institutions can automate routine compliance tasks, such as monitoring transactions, ensuring data integrity, and reporting regulatory changes. This automation not only reduces the risk of human error but also enhances the accuracy and speed of compliance reporting throughout the region. Improved Compliance Monitoring integrates sophisticated algorithms and real-time analytics to detect and address potential compliance issues promptly, minimizing the risk of regulatory fines and reputational damage across the region.
Region with highest CAGR:
Europe region is poised to hold profitable growth during the projected period. Government regulations are designed to enhance transparency, security, and efficiency in financial operations, aligning with the broader goals of digital transformation and regulatory compliance. By setting clear standards and guidelines for RPA implementation, European regulators are creating a supportive environment that encourages financial institutions to leverage automation for streamlining processes, reducing operational costs, and minimizing human error. Additionally, regulations that promote data protection and privacy, such as GDPR, ensure that RPA solutions are implemented in a way that upholds stringent security measures. These elements are boosting the regional growth.
Key players in the market
Some of the key players in Robotic Process Automation in BFSI market include Accenture plc, Capgemini SE, Cognizant Technology Solutions Corporation, Datamatics Global Services, Genpact, HCL Technologies, Infosys Limited, Microsoft Corporation, Tata Consultancy Services and Tech Mahindra.
Key Developments:
In May 2021, UiPath Inc. launched UiPath Platform 21.4, which uses artificial intelligence to replace human business processes in organizations. The platform offers security safeguards and streamlines data-related business procedures.
In January 2021, Nice System Ltd. launched an AI-based RPA solution to accelerate automation prospects. Even in the face of volatile market conditions, this solution helped organizations to increase organizational effectiveness and streamline current business procedures.
Components Covered:
• Services
• Software
Deployments Covered:
• On-Premise
• Cloud
Organization Sizes Covered:
• Large Enterprises
• Small and Medium-sized Enterprises
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Robotic Process Automation in BFSI Market, By Component
5.1 Introduction
5.2 Services
5.3 Software
6 Global Robotic Process Automation in BFSI Market, By Deployment
6.1 Introduction
6.2 On-Premise
6.3 Cloud
7 Global Robotic Process Automation in BFSI Market, By Organization Size
7.1 Introduction
7.2 Large Enterprises
7.3 Small and Medium-sized Enterprises
8 Global Robotic Process Automation in BFSI Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Accenture plc
10.2 Capgemini SE
10.3 Cognizant Technology Solutions Corporation
10.4 Datamatics Global Services
10.5 Genpact
10.6 HCL Technologies
10.7 Infosys Limited
10.8 Microsoft Corporation
10.9 Tata Consultancy Services
10.10 Tech Mahindra
List of Tables
1 Global Robotic Process Automation in BFSI Market Outlook, By Region (2022-2030) ($MN)
2 Global Robotic Process Automation in BFSI Market Outlook, By Component (2022-2030) ($MN)
3 Global Robotic Process Automation in BFSI Market Outlook, By Services (2022-2030) ($MN)
4 Global Robotic Process Automation in BFSI Market Outlook, By Software (2022-2030) ($MN)
5 Global Robotic Process Automation in BFSI Market Outlook, By Deployment (2022-2030) ($MN)
6 Global Robotic Process Automation in BFSI Market Outlook, By On-Premise (2022-2030) ($MN)
7 Global Robotic Process Automation in BFSI Market Outlook, By Cloud (2022-2030) ($MN)
8 Global Robotic Process Automation in BFSI Market Outlook, By Organization Size (2022-2030) ($MN)
9 Global Robotic Process Automation in BFSI Market Outlook, By Large Enterprises (2022-2030) ($MN)
10 Global Robotic Process Automation in BFSI Market Outlook, By Small and Medium-sized Enterprises (2022-2030) ($MN)
11 North America Robotic Process Automation in BFSI Market Outlook, By Country (2022-2030) ($MN)
12 North America Robotic Process Automation in BFSI Market Outlook, By Component (2022-2030) ($MN)
13 North America Robotic Process Automation in BFSI Market Outlook, By Services (2022-2030) ($MN)
14 North America Robotic Process Automation in BFSI Market Outlook, By Software (2022-2030) ($MN)
15 North America Robotic Process Automation in BFSI Market Outlook, By Deployment (2022-2030) ($MN)
16 North America Robotic Process Automation in BFSI Market Outlook, By On-Premise (2022-2030) ($MN)
17 North America Robotic Process Automation in BFSI Market Outlook, By Cloud (2022-2030) ($MN)
18 North America Robotic Process Automation in BFSI Market Outlook, By Organization Size (2022-2030) ($MN)
19 North America Robotic Process Automation in BFSI Market Outlook, By Large Enterprises (2022-2030) ($MN)
20 North America Robotic Process Automation in BFSI Market Outlook, By Small and Medium-sized Enterprises (2022-2030) ($MN)
21 Europe Robotic Process Automation in BFSI Market Outlook, By Country (2022-2030) ($MN)
22 Europe Robotic Process Automation in BFSI Market Outlook, By Component (2022-2030) ($MN)
23 Europe Robotic Process Automation in BFSI Market Outlook, By Services (2022-2030) ($MN)
24 Europe Robotic Process Automation in BFSI Market Outlook, By Software (2022-2030) ($MN)
25 Europe Robotic Process Automation in BFSI Market Outlook, By Deployment (2022-2030) ($MN)
26 Europe Robotic Process Automation in BFSI Market Outlook, By On-Premise (2022-2030) ($MN)
27 Europe Robotic Process Automation in BFSI Market Outlook, By Cloud (2022-2030) ($MN)
28 Europe Robotic Process Automation in BFSI Market Outlook, By Organization Size (2022-2030) ($MN)
29 Europe Robotic Process Automation in BFSI Market Outlook, By Large Enterprises (2022-2030) ($MN)
30 Europe Robotic Process Automation in BFSI Market Outlook, By Small and Medium-sized Enterprises (2022-2030) ($MN)
31 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By Country (2022-2030) ($MN)
32 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By Component (2022-2030) ($MN)
33 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By Services (2022-2030) ($MN)
34 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By Software (2022-2030) ($MN)
35 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By Deployment (2022-2030) ($MN)
36 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By On-Premise (2022-2030) ($MN)
37 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By Cloud (2022-2030) ($MN)
38 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By Organization Size (2022-2030) ($MN)
39 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By Large Enterprises (2022-2030) ($MN)
40 Asia Pacific Robotic Process Automation in BFSI Market Outlook, By Small and Medium-sized Enterprises (2022-2030) ($MN)
41 South America Robotic Process Automation in BFSI Market Outlook, By Country (2022-2030) ($MN)
42 South America Robotic Process Automation in BFSI Market Outlook, By Component (2022-2030) ($MN)
43 South America Robotic Process Automation in BFSI Market Outlook, By Services (2022-2030) ($MN)
44 South America Robotic Process Automation in BFSI Market Outlook, By Software (2022-2030) ($MN)
45 South America Robotic Process Automation in BFSI Market Outlook, By Deployment (2022-2030) ($MN)
46 South America Robotic Process Automation in BFSI Market Outlook, By On-Premise (2022-2030) ($MN)
47 South America Robotic Process Automation in BFSI Market Outlook, By Cloud (2022-2030) ($MN)
48 South America Robotic Process Automation in BFSI Market Outlook, By Organization Size (2022-2030) ($MN)
49 South America Robotic Process Automation in BFSI Market Outlook, By Large Enterprises (2022-2030) ($MN)
50 South America Robotic Process Automation in BFSI Market Outlook, By Small and Medium-sized Enterprises (2022-2030) ($MN)
51 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By Country (2022-2030) ($MN)
52 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By Component (2022-2030) ($MN)
53 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By Services (2022-2030) ($MN)
54 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By Software (2022-2030) ($MN)
55 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By Deployment (2022-2030) ($MN)
56 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By On-Premise (2022-2030) ($MN)
57 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By Cloud (2022-2030) ($MN)
58 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By Organization Size (2022-2030) ($MN)
59 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By Large Enterprises (2022-2030) ($MN)
60 Middle East & Africa Robotic Process Automation in BFSI Market Outlook, By Small and Medium-sized Enterprises (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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