The Robotic Process Automation (RPA) in Financial Services Market Revenue to Reach $955 Million by 2023
BANGALORE, India – October 2018: Infoholic Research LLP, a global market research and consulting organization, has published a study titled “RPA in Financial Services Market - Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023” (October 2018).
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According to Infoholic Research, the RPA software is expected to serve financial organizations across regions to reduce the operational expenditure incurred on resources to carry out the business process operations. The large financial organizations that outsource huge business process operations and incur huge sum of money, are expected to benefit largely from the RPA software. The RPA is considered a non-disruptive technology but a transformational technology to revolutionize the BPO sector. However, the high cost of the software and less awareness of the benefits of adopting RPA and altering its entire business process operations executed in their organizations.
The Global RPA in Financial Services market is estimated to grow at a CAGR of 24.5% during the forecast period 2018–2023.
The increasing need to reduce cost and outsourcing of business process operations drive the growth of RPA market. The consulting services is expected to grow as increasing number of finance companies have started planning about implementing RPA that best fits their business. RPA is process-based and proper deployment is crucial in successful operation to meet the business needs. The consulting segment is expected to hold the largest market share during the forecast period since RPA is still a new subject for many organizations and they are learning the benefits of the software.
The business function type includes asset management, fund and security services, retail and lending management, trading and financial management, and insurance. The retail and lending management contributes the major share in the RPA in Financial Services market. This segment processes huge repetitive front-office and back-office activities and thus the major application of RPA in the retail and lending management.
The operations include rule-based and knowledge-based. Most of the current RPA operations are rule-based to carry out the tedious repetitive day-to-day work. Software providers are now focusing on cognitive RPA to deliver knowledge-based operations so that more complex processes are automated.
The regions 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, the Netherlands, Switzerland, China, India, Australia, Japan, Singapore, Israel, United Arab Emirates (UAE), Brazil, and Mexico. The developing economies such as China and India, possess a huge potential due to the presence of large and growing banks and other financial institutions.
“The RPA is expected to create major disruption in the finance industry and currently it is in infancy stage. The Business Process Management (BPM) sector of service providers is expected to witness reduction of BPO activities from the large enterprises and the top outsourcing destinations such as India and Philippines are expected to get affected.” – Swarup Bhowal, Research Analyst at Infoholic Research
The report covers the present scenario and the growth prospects of the RPA in Financial Services market during the forecast period 2018–2023.
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The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report gives details about the RPA in Financial Services market.
- The market is analyzed based on software, services, operations, business functions, and regions.
- The services segment includes consulting, implementation, support and maintenance, and training and education.
- The operations include rule-based and knowledge-based.
- The business function segment includes asset management, fund and security services, retail and lending management, trading and financial management, and insurance.
- The report covers the implementation of RPA software in Financial Services in North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The report covers the evolution of RPA software in financial industry, its features, advantages, and importance.
- The report also covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2018–2023).
- It also contains an analysis of vendor profiles, which include overview and offerings.
The report covers competitive landscape, which includes mergers & acquisitions, joint ventures & collaborations, and competitor comparison analysis.