Robotic Process Automation ( RPA ) in Financial Services Market Forecasts up to 2023
- October, 2018
- Domain: ICT - Software & Services,digital technologies
Pages:
90
Tables:
47
Charts:
54
Regions/Countries:
5/16
Companies:
16
Enquiry Hours:
10
- Get Free 10% Customization in this Report
[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
- UiPath
- Thoughtonomy
- WorkFusion
Other companies profiled in the report are Redwood Software, Kofax, Kryon Systems, Softomotive, EdgeVerve Systems, Pegasystems, AutomationEdge, Jidoka, and Contextor
Segmentation of component
- Software
- Services
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
- Rule-based
- Knowledge-based
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
- Insurance
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.
1 Industry Outlook
1.1 Industry Overview
1.2 Industry Trends
1.3 PEST Analysis
2 Report Outline
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 Market Snapshot
3.1 Total Addressable Market
3.2 Segmented Addressable Market
3.3 Related Markets
4 Market Outlook
4.1 Overview
4.2 Porter 5 (Five) Forces
5 Market Characteristics
5.1 Evolution
5.2 Market Segmentation
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Faster business process execution
5.3.1.2 Automation of multiple process requiring less manual intervention
5.3.1.3 Reduce fraud activities
5.3.2 Restraints
5.3.2.1 Lack of awareness and reluctance of organizations to transform operations
5.3.2.2 Organizations are looking for solutions with proven use cases
5.3.3 Opportunities
5.3.3.1 Application of AI and machine learning in better identifying the potential of financial threats and risks 24
5.3.3.2 Growing GDPR concerns across regions to compel financial institutions to adopt regulatory software to ease out processes
5.3.4 DRO – Impact Analysis
6 Component: Market Size & Analysis
6.1 Overview
6.2 Software
6.3 Services
6.3.1 Consulting
6.3.2 Implementation
6.3.3 Support and Maintenance
6.3.4 Training and Education
7 Operation: Market Size & Analysis
7.1 Overview
7.2 Rule-based
7.3 Knowledge-based
8 Business Function: Market Size & Analysis
8.1 Asset Management
8.2 Fund and Security Services
8.3 Retail and Lending Management
8.4 Trading and Financial Management
8.5 Insurance
9 Region: Market Size & Analysis
9.1 Overview
9.1.1 Market Size and Analysis
9.2 North America
9.2.1 US
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Netherlands
9.3.5 Switzerland
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Australia
9.4.4 Japan
9.4.5 Singapore
9.4.6 Rest of Asia Pacific
9.5 Middle East & Africa
9.5.1 Israel
9.5.2 United Arab Emirates (UAE)
9.5.3 REST of MEA
9.6 Latin America
9.6.1 Brazil
9.6.2 Mexico
9.6.3 Rest of Latin America
10 Companies to Watch for
10.1 Blue Prism
10.1.1 Overview
10.1.2 Offerings
10.2 Automation Anywhere
10.2.1 Overview
10.2.2 Offerings
10.3 UiPath
10.3.1 Overview
10.3.2 Offerings
10.4 Thoughtonomy
10.4.1 Overview
10.4.2 Offerings
10.5 NICE
10.5.1 Overview
10.5.2 Offerings
10.6 WorkFusion
10.6.1 Overview
10.6.2 Offerings
10.7 Redwood Software
10.7.1 Overview
10.7.2 Offerings
10.8 Kofax
10.8.1 Overview
10.8.2 Offerings
10.9 Kryon Systems
10.9.1 Overview
10.9.2 Offerings
10.10 Softomotive
10.10.1 Overview
10.10.2 Offerings
10.11 EdgeVerve Systems
10.11.1 Overview
10.11.2 Offerings
10.12 Pegasystems
10.12.1 Overview
10.12.2 Offerings
10.13 AutomationEdge
10.13.1 Overview
10.13.2 Offerings
10.14 Jidoka
10.14.1 Overview
10.14.2 Offerings
10.15 Contextor
10.15.1 Overview
10.15.2 Offerings
10.16 Another Monday
10.16.1 Overview
10.16.2 Offerings
11 Competitive Landscape
11.1 Competitive Comparison Analysis
Annexure
Abbreviations
TABLE 1 GLOBAL RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 26
TABLE 2 GLOBAL RPA IN FINANCIAL SERVICES MARKET GROWTH BY COMPONENT, 2017–2023, (Y-O-Y, %) 27
TABLE 3 SOFTWARE MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 28
TABLE 4 GLOBAL RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 29
TABLE 5 GLOBAL RPA IN FINANCIALMARKET GROWTH BY SERVICES, 2017–2023, (Y-O-Y, %) 30
TABLE 6 CONSULTING MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 31
TABLE 7 IMPLEMENTATION MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 32
TABLE 8 SUPPORT AND MAINTENANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 33
TABLE 9 TRAINING AND EDUCATION MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 34
TABLE 10 GLOBAL RPA MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 36
TABLE 11 GLOBAL RPA IN FINANCIAL SERVICES MARKET GROWTH BY OPERATION, 2017–2023 (Y-O-Y, %) 37
TABLE 12 RULE-BASED MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 38
TABLE 13 KNOWLEDGE-BASED MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 39
TABLE 14 GLOBAL RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 40
TABLE 15 GLOBAL RPA IN FINANCIAL SERVICES MARKET GROWTH BY BUSINESS FUNCTIONS, 2017–2023 (Y-O-Y, %) 41
TABLE 16 ASSET MANAGEMENT MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 42
TABLE 17 FUND AND SECURITY SERVICES MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 43
TABLE 18 RETAIL AND LENDING MANAGEMENT MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 44
TABLE 19 TRADING AND FINANCIAL MANAGEMENT MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 45
TABLE 20 INSURANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 47
TABLE 21 GLOBAL RPA IN FINANCIAL SERVICES MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 49
TABLE 22 GLOBAL RPA IN FINANCIAL SERVICES MARKET GROWTH BY REGION, 2017–2023 (Y-O-Y, %) 49
TABLE 23 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 50
TABLE 24 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 51
TABLE 25 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 51
TABLE 26 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 52
TABLE 27 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 52
TABLE 28 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 54
TABLE 29 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 55
TABLE 30 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 55
TABLE 31 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 56
TABLE 32 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 56
TABLE 33 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 60
TABLE 34 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 61
TABLE 35 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 61
TABLE 36 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 62
TABLE 37 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 62
TABLE 38 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 66
TABLE 39 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 67
TABLE 40 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 67
TABLE 41 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 67
TABLE 42 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 68
TABLE 43 LATIN AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 70
TABLE 44 LATIN AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 71
TABLE 45 LATIN AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 71
TABLE 46 LATIN AMERICA RPA IN FINACIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 72
TABLE 47 LATIN AMERICA RPA IN FINACIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 72
Research Framework
Infoholic Research works on a holistic 360° approach in order to deliver high quality, validated and reliable information in our market reports. The Market estimation and forecasting involves following steps:
- Data Collation (Primary & Secondary)
- In-house Estimation (Based on proprietary data bases and Models)
- Market Triangulation
- Forecasting
Market related information is congregated from both primary and secondary sources.
Primary sources
Involved participants from all global stakeholders such as Solution providers, service providers, Industry associations, thought leaders etc. across levels such as CXOs, VPs and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.
Secondary sources
Include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications along with paid sources such as Factiva, OneSource, Bloomberg among others.
