New York, 23, Oct 2019: The global Robotic
Process Automation in BFSI market size is expected to reach
USD 3,457.8 million by 2026 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 (Consulting, Implementation,
Training); By Organization Size (SME, Large Enterprises); By Application
(Banking, Financial Services & Insurance); By Regions, Segments &
Forecast, 2019 – 2026” gives a detailed insight into
current market dynamics and provides analysis on future market growth.
Inherent benefits offered by robotic process
automation (RPA) such as process transparency, enhanced customer service,
on-boarding optimization of processes, highest degree of data integrity,
shorter lifecycles, and ability to effectively comply with regulations of
various enforcement agencies combined with the data driven nature of the
overall banking and financial sector are some of the factors proving beneficial
for the overall RPA in BFSI market growth. In addition, ability of RPA to help
clients to capitalize and gain from growth opportunities thus providing a
competitive edge is another factor responsible for the overall market growth.
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Banking sector is characterized by the presence of a
large number of players thus resulting in a high industrial rivalry. Due to
such 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 man 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
till 2026.
Robotic
Process Automation is used in a variety of applications such as entry of a new
account across various platforms and networks, duplicating of accounts and
account reconciliation, extraction of forms, VAT reporting, cleansing and
updating of account, credit card processing, loan processing among others.
These processes are directly related to customer experience and hence,
companies are automating these processes through RPA to provide better and
enhanced customer experience in order to gain more market share. Such trends
are benefitting the Robotic Process Automation in BFSI market growth.
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North American region is expected to maintain its
dominance over the market for the next eight years. High demand particularly
from the U.S. market is a key contributor to this scenario. Presence of highly
sophisticated and advanced banking and financial infrastructure in the country,
strong presence of industry participants, coupled with high demand for enhanced
customer experience are some of the factors driving the market growth in the
region. Countries such as China, Japan and South Korea are primarily driving
the growth in Asia Pacific region, which is anticipated to witness high growth
rate till 2026.
Some of the major industry participants include
WorkFusion, Inc., UiPath, Thoughtonomy, Softomotive, Kryon Systems, Pegasystems
Inc., NICE, Blue Prism, Kofax Inc. and Automation Anywhere Inc., among others.
Companies are trying to provide one stop solutions to all the needs of their
clients and are constantly developing new solutions to cater to the customized
needs of the clients.
