July 24, 2020
According to the research report titled ‘Global Robotics Process Automation in Finance Market Size study with COVID-19 impact, by Type (Software and service), by Service Insight (Consulting, Implementation and Training), by Organization Insight (SMEs and Large Enterprise), by Deployment Insight (Cloud and On-premises), by Application Insight (BFSI, Manufacturing, Pharma and Healthcare, Retail, Telecom & IT and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global robotics process automation in finance market was worth USD 1.10 billion in 2019 and is projected to expand with a y-o-y growth rate of 33.6% during 2020-2026.
Robust growth in BFSI industry as well as notable application of robotics process automation in enhancing several banking procedures such as mortgage processing, account closure process, customer service, and credit card processing are driving the growth of global robotics process automation in finance market.
Moreover, benefits such as elimination of labor-intensive and repetitive tasks are likely to propel the demand for robotics process automation in BFSI sector. Besides, challenges of prolonged operational processes like erroneous reporting of transactions and workflow disconnect are further adding momentum to the industry growth.
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For the uninitiated, robotics process automation (RPA) enables computer software or a robot to be configured in a way that allows it to match and incorporate the actions of a person interacting within digital systems to perform a business process. RPA robots are equipped with user interface for obtaining data and operating applications like humans do.
According to IBEF, as of September 2019, Indian banking system comprises 94,384 rural cooperative banks, 1,542 urban cooperative banks, 53 regional rural banks, 46 foreign banks, 22 private sector banks, and 18 public sector banks. Credible sources reveal that during the FY 07-19, deposits increased at a CAGR of 11.11% and crossed USD 1.86 trillion by fiscal year 2019. Whereas, the US banking industry in 2019 witnessed a modest development in most areas, registering a ROC of 18%, supported by 1.5% ROA, and total asset valuation of USD 16.5 trillion, an increase of 3% rise from 2018. Similar growth trends in other developing and developed nations, in tandem with increasing number of financial institutions will augment the demand for robotics process automation solutions in the coming years.
Furthermore, integration of advanced technologies like artificial intelligence (AI) and machine ML in robotics process automation will present new growth prospects for the industry expansion. However, unawareness and security concerns regarding robotics process automation in finance industry may negatively impact the business outlook in the coming years.
Citing the regional landscape, North America holds significant share in global robotics process automation in finance market, attributable to continuously expanding BFSI sector in the region. Meanwhile, Asia Pacific market is slated to grow substantially over the anticipated timeline, owing to rising burden of time-consuming and tedious manual tasks, and consequent adoption of advanced technologies in financial sector.
Major players in global robotics process automation in finance market are IPsoft Inc., EdgeVerve Systems Ltd., Genpact Ltd., NTT Advanced Technology Corp., Kofax, Inc., Pegasystems, Inc., Blue Prism Ltd., NICE Ltd., Automation Anywhere Inc., and UiPath.