Easier loan processing owing to RPA, adoption of RPA by banks for various financial processes, and better customer services through RPA in financial market drive the growth of the global RPA in financial services market Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the global RPA in financial services market.
According to the report published by Allied Market Research, the Robotic Process Automation (RPA) in financial services market generated $0.3 billion in 2020, and is projected to reach $4.8 billion by 2030, witnessing a CAGR of 30.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Easier loan processing owing to RPA, adoption of RPA by banks for various financial processes, and better customer services through RPA in financial market drive the growth of the global RPA in financial services market. However, resistance by employees and regular maintenance of the system restrain the growth to some extent. On the other hand, technological advancement in automation processes present new opportunities in the upcoming years.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic has increased the demand for the RPA in financial services, thereby positively impacted the RPA in financial services market growth.
- The pandemic implemented the global lockdown, which forced the business workforce to continue remote working. In such a scenario, RPA allowed financial companies to remain operational.
- Moreover, financial firms increasingly invested in RPA in order to overcome the burden of manual processes, which in turn, boosted the RPA in financial services market growth.
The report offers detailed segmentation of the global RPA in financial services market based on component, deployment mode, application, enterprise size, end user, and region.
Based on component, the solution segment held the highest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the service segment is estimated to register the highest CAGR of 33.3% from 2021 to 2030.
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Based on deployment mode, the on-premise segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the cloud segment is projected to register the highest CAGR of 34.1% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the global RPA in financial services market, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific region is projected to manifest the fastest CAGR of 34.6% during the forecast period. The report also includes LAMEA and Europe.
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Leading players of the global RPA in financial services market analyzed in the research include Antworks, Automation Anywhere Inc., Atos SE, Blue Prism Limited, IBM, Kofax Inc., NICE SYSTEMS, Protiviti Inc., UiPath, and WorkFusion, Inc.