ResearchAndMarkets.com reports that Robotic Process Automation (RPA) in Financial Services market revenue was $319.6 million in 2018 and is anticipated to reach $955.2 million by 2023, growing at a CAGR of 24.5% during the period 2018-2023. In fact, RPA is changing back-office activities including data entry and on-boarding processes among others. A professional business process outsourcing company would also invest in RPA solutions to stay competitive and meet the changing requirements of their client businesses. Generally, RPA was designed to function as rule-based operations, but with the entry of artificial intelligence (AI) and machine learning (ML), the RPA bots are empowered with decision-making abilities with knowledge-based programming. The services include consulting, implementation, training and education. The consulting segment is expected to grow at the highest CAGR during this period. Service providers help companies adopt RPA. The RPA software dealers are extending its partner ecosystem with capabilities in integration, consulting, reseller and geographical reach to improve the service offerings.
The RPA market is at a budding stage and is anticipated to grow with more understanding of the features and cost-effectiveness of the software among industries, enhancing the consulting market of RPA currently. Based on the region, the adoption of RPA in Financial Services is the highest in North America due to strong economic conditions in the region and presence of many headquarters of large banks in the US. The Asia Pacific region holds a huge possibility for the dealers and is predicted to grow at the highest CAGR by 2023.
RPA operations can be rule-based and knowledge-based. The rule-based solutions were expected to hold significant market share during 2018; knowledge-based operations are anticipated to grow at a higher CAGR during the forecast period. The rule-based operations are the primary requirements which greatly reduce repetitive tasks. Many organizations are using RPA software to increase the bottom-line margin and reduce recruiting too many HR and back-office professionals.
The major drivers behind this growth are faster business process execution, automation of multiple processes requiring less manual intervention and reduced fraud activities. Major restraints include lack of awareness and reluctance of organizations to transform operations, and organizations are looking for solutions with proven use cases. Opportunities include application of AI and machine learning in better identifying the potential of financial threats and risks and growing GDPR concerns across regions to compel financial institutions to adopt regulatory software to ease out processes. The companies profiled in the report are Automation Anywhere, AutomationEdge, Blue Prism, Contextor, EdgeVerve Systems, Jidoka, Kofax, Kryon Systems, NICE, Pegasystems, Redwood Software, Softomotive, Thoughtonomy, UiPath and WorkFusion.
This study offers a comprehensive analysis of the “RPA in Financial Services” market bringing out the complete key insights of the industry. This report intends to provide an opportunity for organizations and the business process outsourcing companies that assist them to understand the latest trends, current market scenarios, government initiatives, and technologies related to the market. It helps venture capitalists understand the companies better and take informed decisions. Nowadays, many BPO providers are automating the back office processes. RPA systems are used to automate basic and repetitive office tasks. However, many companies still rely on manual processes. Back office outsourcing services of a professional BPO company helps handle your routine back office tasks thereby reducing the costs and allowing you to focus on your core competencies.