[90 Pages Report] This market research report identifies many companies to watch for which includes Blue Prism, Automation Anywhere, UiPath, Thoughtonomy, WorkFusion etc. in the RPA in Financial Services market. This report also provides a detailed analysis of the market by component (software and services), operation (rule-based and knowledge-based), business functions (Asset Management, Fund and Security Services, Retail and Lending Management, Trading and Financial Management, and Insurance), and region (North America, Europe, Asia Pacific, Middle East and Africa and Latin America).
Overview of the Robotic Process Automation in Financial Services Market
Infoholic’s market research report predicts that 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.
According to the RPA in Financial Services market analysis, North America accounted for the largest share of the RPA in Financial Services market in 2018 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 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.
RPA in Financial Services Market Competitive analysis and key vendors
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 report contains an in-depth analysis of vendor profiles, which include overviews and offerings, and competitive landscape. The confluence of technologies such as AI, cognitive, and NLP are leveraging the capabilities of the RPA software in managing more complex work without supervision.
Some of the RPA in Financial Services Market key vendors in the market are:
- Blue Prism
- Automation Anywhere
Other companies profiled in the report are Redwood Software, Kofax, Kryon Systems, Softomotive, EdgeVerve Systems, Pegasystems, AutomationEdge, Jidoka, and Contextor
Segmentation of component
In 2018, the services contributed the largest share and is expected to have the highest share during the forecast period. 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.
Segmentation of operation
In 2018, the rule-based contributed the largest share and knowledge-based operation is expected to grow at a high CAGR during the forecast period. The rule-based operations are the primary and basic requirements of organizations which RPA 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.
Segmentation of business functions
- Asset Management
- Fund and Security Services
- Retail and Lending Management
- Trading and Financial Management
In 2018, the retail and lending management contributed the largest share and is expected to continue the same trend during the forecast period and asset management is expected to grow at a high CAGR during the forecast period.
RPA in Financial Services Market Benefits
The study offers a comprehensive analysis of the “RPA in Financial Services” market bringing out the complete key insights of the industry, the report also aims to provide an opportunity for companies to understand the latest trends, current market scenarios, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.