Robotic Process Automation in BFSI Market Size Worth $8,172.95 Million By 2032 | CAGR: 31.70%

The global robotic process automation in BFSI market size is expected to reach USD 8,172.95 million by 2032, according to a new study by Polaris Market Research. The report “Robotic Process Automation in BFSI Market Share, Size, Trends, Industry Analysis Report, By Type (Software and Services); By Services; By Organization Size; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The essential advantages of robotic process automation (RPA), including improved customer service, process optimization during onboarding, the highest level of data integrity, shorter lifecycles, and the capacity to efficiently comply with rules of various enforcement agencies, together with the data-driven nature of the whole banking and financial industry, are some of the reasons contributing to the growth of the RPA market in the BFSI. Another element driving the expansion of the market is RPA's capacity to assist customers in seizing and profiting from growth possibilities while also giving them a competitive advantage.

A large number of players characterizes the banking sector, thus resulting in an intense industrial rivalry. Due to such a competitive environment, companies are trying to implement cost-effective solutions that may help them to stay ahead of the competition. RPA is one such preferred solution. It automates the otherwise tedious manual operations, thus saving precious person-hours, results in client satisfaction, thus ultimately catering to client loyalty, and provides better quality control through its operating procedures. Such factors have resulted in the overall Robotic Process Automation in BFSI growth in the past, and this scenario is expected to continue.

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Robotic Process Automation is used in various applications such as entry of a new account across multiple platforms and networks, duplicating tabs and account reconciliation, extraction of forms, VAT reporting, cleansing and updating of history, credit card processing, and loan processing, among others. These processes are directly related to customer experience. Hence, companies are automating these processes through RPA to provide a better and enhanced customer experience and gain market share. Such trends are benefitting the Robotic Process Automation in BFSI market growth.

Robotic Process Automation in BFSI Market Report Highlights

• The services segment dominated the market in 2022 because RPA services are enabling a seamless transition from legacy systems
• The training services category will have the greatest CAGR throughout the projected period.
• Large enterprises will probably continue dominating the market, holding more than half the total share.
• North American region is expected to maintain its dominance over the market for the projected period. High demand, particularly from the U.S. market, is a key contributor to this scenario
• The global key market players include WorkFusion, Inc., UiPath, Thoughtonomy, Softomotive, Kryon Systems, Pegasystems Inc., NICE, Blue Prism, Kofax Inc., and Automation Anywhere Inc.

Polaris Market Research has segmented the Robotic Process Automation in BFSI market report based on type, services, organization size, application, and region:

Robotic Process Automation in BFSI, Type Outlook (Revenue - USD Million, 2019 - 2032)

• Software
• Services

Robotic Process Automation in BFSI, Services Outlook (Revenue - USD Million, 2019 - 2032)

• Consulting
• Implementation
• Training

Robotic Process Automation in BFSI, Organization Size (Revenue - USD Million, 2019 - 2032)

• SME
• Large Enterprises

Robotic Process Automation in BFSI, Application (Revenue - USD Million, 2019 - 2032)

• Banking
• Financial Services and Insurance

Robotic Process Automation in BFSI, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa