Overview and Scope
Robotic process automation in finance refers to the application of robotic processes to enhance or replace human tasks within the financial sector. This automation enables banks and accounting departments to automate repetitive manual processes, enabling employees to concentrate on more crucial tasks and providing the firm with a competitive edge.
Sizing and Forecast
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 in the historic period can be attributed to cost reduction, regulatory compliance, data accuracy, competitive advantage, enhanced 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 growth in the forecast period can be attributed to automation of regulatory reporting and compliance tasks, integration capabilities, digital transformation initiatives, improved customer experience, integration of RPA with advanced analytics. Major trends in the forecast period include integration with AI and ML, shift towards cloud-based RPA solutions, adoption of cognitive automation, human-automation collaboration, enhanced security features.
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Segmentation & Regional Insights
The robotic process automation in finance market covered in this report is segmented –
1) By Product: Software, Hardware, Services
2) By Organization Size: Small And Medium Enterprises, Large Enterprises
3) By Application: Asset Management, Fund And Security Services, Retail And Lending Management, Trading And Financial Management, Insurance, Other Applications
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.
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Major Driver Impacting Market Growth
The rising adoption of cloud-based solutions is expected to propel the growth of robotic process automation in the finance market going forward. A cloud-based solution is a software or service hosted, managed, and accessed remotely over the internet, typically through a provider’s servers. Cloud-based solutions allow businesses to scale their resources up or down based on demand, providing flexibility to accommodate growth or fluctuations in usage. Cloud-based RPA enables financial institutions to implement automation solutions quickly and efficiently while simplifying maintenance and updates. For instance, in January 2023, according to Google Cloud, a US-based software development organization, in 2022, 26% of individuals indicated using multiple public cloud-based solutions, an increase from 21% in 2021. Therefore, the rising adoption of cloud-based solutions is driving the growth of robotic process automation in the finance market.
Key Industry Players
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.
The robotic process automation in finance market report table of contents includes:
1. Executive Summary
2. Robotic Process Automation In Finance Market Characteristics
3. Robotic Process Automation In Finance Market Trends And Strategies
4. Robotic Process Automation In Finance Market – Macro Economic Scenario
5. Global Robotic Process Automation In Finance Market Size and Growth
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31. Robotic Process Automation In Finance Market Other Major And Innovative Companies
32. Global Robotic Process Automation In Finance Market Competitive Benchmarking
33. Global Robotic Process Automation In Finance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Robotic Process Automation In Finance Market
35. Robotic Process Automation In Finance Market Future Outlook and Potential Analysis
36.Appendix
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