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Robotic Process Automation (RPA) in Financial Services Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Overview:
RPA is transforming the back-office activities with data entry, onboarding processes, among others. Primarily RPA was designed to function as rule-based operations, however with the influx of AI and ML, the RPA bots are empowered with decision-making abilities with knowledge-based programming.
RPA software showcases huge potential for growth, however the adoption across industries is slow but is expected to gain market with more success of the software for different functions at enterprise level.
Market Revenue and Segmentation Analysis:
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. 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. 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 adoption of RPA in Financial Services is the highest in North America 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 operations include rule-based and knowledge-based. The rule-based is estimated to hold significant market share in 2018, however, knowledge-based operations are expected to grow at higher CAGR. The rule-based operations are the primary and basic requirements which 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.
Region Analysis:
The countries 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, Netherlands, Switzerland, China, India, Australia, Japan, Singapore, Israel, United Arab Emirates (UAE), Brazil, and Mexico.
Benefits and Vendors
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.
The companies profiled in the report are Blue Prism, Automation Anywhere, UiPath, Thoughtonomy, NICE, WorkFusion, Redwood Software, Kofax, Kryon Systems, Softomotive, EdgeVerve Systems, Pegasystems, AutomationEdge, Jidoka, and Contextor.
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.
Table of Contents
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
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
11 Competitive Landscape
11.1 Competitive Comparison Analysis
12. Annexure
13. Abbreviations
Tables
Table 1 Global RPA In Financial Services Market Revenue By Component, 2016–2023 ($Million)
Table 2 Global RPA In Financial Services Market Growth By Component, 2017–2023, (Y-O-Y, %)
Table 3 Software Market Revenue By Region, 2016–2023 ($Million)
Table 4 Global RPA In Financial Services Market Revenue By Services, 2016–2023 ($Million)
Table 5 Global RPA In Financialmarket Growth By Services, 2017–2023, (Y-O-Y, %)
Table 6 Consulting Market Revenue By Region, 2016–2023 ($Million)
Table 7 Implementation Market Revenue By Region, 2016–2023 ($Million)
Table 8 Support And Maintenance Market Revenue By Region, 2016–2023 ($Million)
Table 9 Training And Education Market Revenue By Region, 2016–2023 ($Million)
Table 10 Global RPA Market Revenue By Operation, 2016–2023 ($Million)
Table 11 Global RPA In Financial Services Market Growth By Operation, 2017–2023 (Y-O-Y, %)
Table 12 Rule-Based Market Revenue By Region, 2016–2023 ($Million)
Table 13 Knowledge-Based Market Revenue By Region, 2016–2023 ($Million)
Table 14 Global RPA In Financial Services Market Revenue By Business Function, 2016–2023 ($Million)
Table 15 Global RPA In Financial Services Market Growth By Business Functions, 2017–2023 (Y-O-Y, %)
Table 16 Asset Management Market Revenue By Region, 2016–2023 ($Million)
Table 17 Fund And Security Services Market Revenue By Region, 2016–2023 ($Million)
Table 18 Retail And Lending Management Market Revenue By Region, 2016–2023 ($Million)
Table 19 Trading And Financial Management Market Revenue By Region, 2016–2023 ($Million)
Table 20 Insurance Market Revenue By Region, 2016–2023 ($Million)
Table 21 Global RPA In Financial Services Market Revenue By Region, 2016–2023 ($Million)
Table 22 Global RPA In Financial Services Market Growth By Region, 2017–2023 (Y-O-Y, %)
Table 23 North America RPA In Financial Services Market Revenue By Country, 2016–2023 ($Million)
Table 24 North America RPA In Financial Services Market Revenue By Component, 2016–2023 ($Million)
Table 25 North America RPA In Financial Services Market Revenue By Services, 2016–2023 ($Million)
Table 26 North America RPA In Financial Services Market Revenue By Operation, 2016–2023 ($Million)
Table 27 North America RPA In Financial Services Market Revenue By Business Function, 2016–2023 ($Million)
Table 28 Europe RPA In Financial Services Market Revenue By Country, 2016–2023 ($Million)
Table 29 Europe RPA In Financial Services Market Revenue By Component, 2016–2023 ($Million)
Table 30 Europe RPA In Financial Services Market Revenue By Services, 2016–2023 ($Million)
Table 31 Europe RPA In Financial Services Market Revenue By Operation, 2016–2023 ($Million)
Table 32 Europe RPA In Financial Services Market Revenue By Business Function, 2016–2023 ($Million)
Table 33 Asia Pacific RPA In Financial Services Market Revenue By Country, 2016–2023 ($Million)
Table 34 Asia Pacific RPA In Financial Services Market Revenue By Component, 2016–2023 ($Million)
Table 35 Asia Pacific RPA In Financial Services Market Revenue By Services, 2016–2023 ($Million)
Table 36 Asia Pacific RPA In Financial Services Market Revenue By Operation, 2016–2023 ($Million)
Table 37 Asia Pacific RPA In Financial Services Market Revenue By Business Function, 2016–2023 ($Million)
Table 38 Middle East & Africa RPA In Financial Services Market Revenue By Country, 2016–2023 ($Million)
Table 39 Middle East & Africa RPA In Financial Services Market Revenue By Component, 2016–2023 ($Million)
Table 40 Middle East & Africa RPA In Financial Services Market Revenue By Services, 2016–2023 ($Million)
Table 41 Middle East & Africa RPA In Financial Services Market Revenue By Operation, 2016–2023 ($Million)
Table 42 Middle East & Africa RPA In Financial Services Market Revenue By Business Function, 2016–2023 ($Million)
Table 43 Latin America RPA In Financial Services Market Revenue By Country, 2016–2023 ($Million)
Table 44 Latin America RPA In Financial Services Market Revenue By Component, 2016–2023 ($Million)
Table 45 Latin America RPA In Financial Services Market Revenue By Services, 2016–2023 ($Million)
Table 46 Latin America RPA In Finacial Services Market Revenue By Operation, 2016–2023 ($Million)
Table 47 Latin America RPA In Finacial Services Market Revenue By Business Function, 2016–2023 ($Million)
Charts
Chart 1 Pest Analysis Of RPA In Financial Services Market
Chart 2 Research Methodology Of Global RPA In Financial Services Market
Chart 3 Global RPA Market, 2016 – 2023 ($Million)
Chart 4 Global RPA In Financial Services Market, 2016 – 2023 ($Million)
Chart 5 Porters 5 Forces For RPA In Financial Services Market
Chart 6 Evolution Of RPA In Financial Services Market
Chart 7 Emergence Of RPA In Financial Services Market
Chart 8 RPA In Financial Services Segmentation
Chart 9 Market Dynamics – Drivers, Restraints & Opportunities
Chart 10 DRO - Impact Analysis Of RPA In Financial Services Market
Chart 11 Software Segment Expected To Grow At The Highest Cagr During The Forecast Period
Chart 12 Software Market Revenue, 2016–2023 ($Million)
Chart 13 Services Market Revenue, 2016–2023 ($Million)
Chart 14 Consulting Segment Expected To Grow At The Highest Cagr During The Forecast Period
Chart 15 Consulting Market Revenue, 2016–2023 ($Million)
Chart 16 Implementation Market Revenue, 2016–2023 ($Million)
Chart 17 Support And Maintenance Market Revenue, 2016–2023 ($Million)
Chart 18 Training And Education Market Revenue, 2016–2023 ($Million)
Chart 19 Knowledge-Based Segment Is Expected To Grow At The Higher Cagr During The Forecast Period
Chart 20 Rule-Based Market Revenue, 2016–2023 ($Million)
Chart 21 Knowledge-Based Market Revenue, 2016–2023 ($Million)
Chart 22 Asset Management Segment Expected To Grow At The Highest Cagr During The Forecast Period
Chart 23 Asset Management Market Revenue, 2016–2023 ($Million)
Chart 24 Fund And Security Services Market Revenue, 2016–2023 ($Million)
Chart 25 Retail And Lending Management Market Revenue, 2016–2023 ($Million)
Chart 26 Trading And Financial Management Market Revenue, 2016–2023 ($Million)
Chart 27 Insurance Market Revenue, 2016–2023 ($Million)
Chart 28 Asia Pacific Region Is Expected To Grow At The Highest Cagr During The Forecast Period
Chart 29 North America RPA In Financial Services Market Revenue, 2016–2023 ($Million)
Chart 30 US RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 31 Canada RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 32 Europe RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 33 Germany RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 34 UK RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 35 France RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 36 Netherlands RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 37 Switzerland RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 38 Rest Of Europe RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 39 Asia Pacific RPA Infinancial Services Market Revenue, 2016-2023 ($Million)
Chart 40 China RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 41 India RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 42 Australia RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 43 Japan RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 44 Singapore RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 45 Rest Of Asia Pacific RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 46 Middle East & Africa RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 47 Israel RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 48 UAE RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 49 Rest Of Mea RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 50 Latin America RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 51 Brazil RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 52 Mexico RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 53 Rest Of Latin America RPA In Financial Services Market Revenue, 2016-2023 ($Million)
Chart 54 Global RPA In Financial Services Market: Competitive Landscape
Companies Mentioned
- Automation Anywhere
- AutomationEdge
- Blue Prism
- Contextor
- EdgeVerve Systems
- Jidoka
- Kofax
- Kryon Systems
- NICE
- Pegasystems
- Redwood Software
- Softomotive
- Thoughtonomy
- UiPath
- WorkFusion
