Robotic Process Automation in Finance Global Market Report 2024

The robotic process automation in finance market size has grown exponentially in recent years. It will grow from $7.87 billion in 2023 to $9.82 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The growth observed during the historic period can be attributed to several factors, including cost reduction, regulatory compliance, data accuracy, gaining a competitive advantage, and enhancing customer experience.

The robotic process automation in finance market size is expected to see exponential growth in the next few years. It will grow to $24.12 billion in 2028 at a compound annual growth rate (CAGR) of 25.2%. The anticipated growth in the forecast period can be attributed to several factors, including the automation of regulatory reporting and compliance tasks, enhanced integration capabilities, digital transformation initiatives, improved customer experience, and the integration of Robotic Process Automation (RPA) with advanced analytics. Major trends expected during this period encompass integration with Artificial Intelligence (AI) and Machine Learning (ML), a shift towards cloud-based RPA solutions, the adoption of cognitive automation, collaboration between humans and automation, and the implementation of enhanced security features.

The increasing adoption of cloud-based solutions is set to drive the expansion of robotic process automation (RPA) in the finance market moving forward. Cloud-based solutions, which are software or services accessed and managed remotely over the internet via a provider's servers, offer businesses the flexibility to scale resources according to demand. This scalability enables financial institutions to swiftly implement and maintain RPA solutions, simplifying processes and updates. For instance, Google Cloud reported in January 2023 that 26% of individuals were using multiple public cloud-based solutions in 2022, up from 21% in 2021, indicating a growing reliance on cloud-based technologies. Consequently, the surge in cloud-based solution adoption is fueling the growth of RPA in the finance sector.

Key players in the RPA finance market are concentrating on developing end-to-end automation solutions to streamline financial operations, cut costs, reduce errors, and enhance efficiency. End-to-end automation revolutionizes traditional financial processes, enabling organizations to achieve higher levels of efficiency, accuracy, transparency, and compliance while minimizing manual effort, errors, and operational expenses. For example, SMA Technologies, a US-based software company, launched OpCon RPA in July 2023, augmenting its automation platform for financial services with RPA capabilities. OpCon RPA enables clients to automate UI-specific workflows on Windows or the web, thereby boosting operational efficiency and reducing manual intervention in financial workflows. Tailored specifically for banks, credit unions, and other financial institutions, OpCon RPA offers a specialized solution in a diverse RPA marketplace.

In March 2022, SS&C Technologies Holdings, Inc., a US-based fund and private equity administrator, acquired Blue Prism Group Plc for approximately $1.6 billion. This acquisition enhances SS&C's position as a leading provider of software and services to the financial services and healthcare sectors, leveraging its expertise in intelligent automation and RPA. Blue Prism Group Plc, a US-based enterprise offering intelligent automation technologies, serves various sectors including finance, transportation, insurance, and healthcare, aligning with SS&C's strategic focus on RPA and intelligent automation.

Major companies operating in the robotic process automation in finance market are Microsoft Corporation Inc., SAP SE, Capgemini Technology Services India Limited, ServiceNow Inc., Xerox Corporation, Automation Anywhere Inc., Verint Systems Inc., Infosys Technologies Private Limited, Fortra LLC, BlackLine Systems Inc., EdgeVerve Systems Ltd., Prolifics Corporation Private Limited, Datamatics Technologies Private Ltd., AntWorks Pte. Ltd., Tungsten Automation Corporation, Kryon Systems Ltd., Jiffy.ai, ElectroNeek Robotics Inc., Celaton Ltd, OpenConnect Systems Inc., AutomationEdge Technologies Inc., WorkFusion Inc., CloudStorm LLC, Beijing Laiya Network Technology Co. Ltd., UiPath Inc.

North America was the largest region in the robotic process automation in finance market in 2023. The regions covered in the robotic process automation in finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the robotic process automation in finance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Robotic process automation in finance entails leveraging robotic processes to optimize or substitute human tasks within the financial sector. This automation empowers banks and accounting departments to automate repetitive manual processes, allowing employees to focus on more critical tasks and giving the organization a competitive advantage.

The primary product categories of robotic process automation in finance include software, hardware, and services. Software encompasses instructions, data, or programs that enable computers to operate and perform specific functions, facilitating the standardization of financial processes, automation of documentation, and reduction of errors. These solutions cater to organizations of various sizes, including small and medium enterprises as well as large enterprises, and find applications across areas such as asset management, fund and security services, retail and lending management, trading and financial management, insurance, among others.

The robotic process automation in finance market research report is one of a series of new reports that provides robotic process automation in finance market statistics, including robotic process automation in finance industry global market size, regional shares, competitors with a robotic process automation in finance market share, detailed robotic process automation in finance market segments, market trends and opportunities, and any further data you may need to thrive in the robotic process automation in the finance industry. This robotic process automation in finance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The robotic process automation in the finance market consists of revenues earned by entities by providing services such as account reconciliation, invoice processing, expense management, and financial reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. The robotic process automation in the finance market also includes sales of software robots, virtual machines, and peripheral devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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