DUBLIN, Dec. 7, 2018 /PRNewswire/ --
The "Robotic Process Automation (RPA) in Financial Services Market" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Key Topics Covered
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
4.2 Porter 5 (Five) Forces
5 Market Characteristics
5.2 Market Segmentation
5.3 Market Dynamics
126.96.36.199 Faster business process execution
188.8.131.52 Automation of multiple process requiring less manual intervention
184.108.40.206 Reduce fraud activities
220.127.116.11 Lack of awareness and reluctance of organizations to transform operations
18.104.22.168 Organizations are looking for solutions with proven use cases
22.214.171.124 Application of AI and machine learning in better identifying the potential of financial threats and risks
126.96.36.199 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
6.3.3 Support and Maintenance
6.3.4 Training and Education
7 Operation: Market Size & Analysis
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
9 Region: Market Size & Analysis
9.1.1 Market Size and Analysis
9.2 North America
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.6 Rest of Asia Pacific
9.5 Middle East & Africa
9.5.2 United Arab Emirates (UAE)
9.5.3 REST of MEA
9.6 Latin America
9.6.3 Rest of Latin America
10 Companies to Watch for
10.1 Blue Prism
10.2 Automation Anywhere
10.7 Redwood Software
10.9 Kryon Systems
10.11 EdgeVerve Systems
11 Competitive Landscape
11.1 Competitive Comparison Analysis
For more information about this report visit https://www.researchandmarkets.com/research/h8b64z/analysis_on?w=5
Laura Wood, Senior Manager
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SOURCE Research and Markets