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Robotic Process Automation in BFSI Market Size, Share & Trends Analysis Report By Type (Software, Services), By Services, By Organization, By Application (Banking, Financial Services, Insurance), By Region, and Segment Forecasts, 2019 - 2025

Published: Aug, 2019 | Pages: 105 | Publisher: Grand View Research
Industry: ICT | Report Format: Electronic (PDF)

The global robotic process automation in BFSI market size is expected to reach USD 1,123.0 million by 2025, and it is anticipated to grow at CAGR of 31.3% from 2019 to 2025, according to a new report by Grand View Research, Inc. The introduction of Digital 2.0 is driving digital transformation in the banking and financial services sector. Some of the key technologies used in the banking, financial services and insurance (BFSI) sector include Artificial Intelligence (AI) & machine learning, robotic process automation, blockchain, Internet of Things (IoT), and open banking platforms. The growing need to provide enhanced user experience and meet the needs & expectations of customers is leading to a surge in digital banking.

Banking and financial services are highly competitive markets. The BFSI sector requires documents for various banking processes, along with numerous legacy systems for paperwork. For instance, though loan applications can be processed online, supplementary documents and other pieces of information still require manual intervention. In such cases, robotic process automation bots can work across different legacy systems to retrieve information available on digital platforms. These automation solutions cater to two distinct categories; attended & unattended robotic process automation (RPA). The attended RPA is useful in automation of tasks that require human intervention, such as front-end tasks. On the contrary, the unattended RPA performs repetitive and deterministic functions in the back end.

Robotic process automation has potentially benefited the banking sector by expediting individual case handling processes and meeting regulatory compliances. In the insurance sector, RPA has enabled a reduction in time spent on inbound calls by digitizing the process, thereby optimizing the turnarounds. The financial industry handles a large number of complex manual processes and often faces issues owing to human error. In such scenarios, robotic process automation has enabled organizations to eliminate manual errors while improving the overall process quality.

The banking sector is one of the largest consumers of IT services and products. Various industries across the globe have been influenced by digital transformation. The banking sector has also increased its IT spending significantly over the past few years. Although the level of investment has increased, where new services and products are being introduced continuously to automate banking processes, there is still a considerable amount of repetitive and manual work that continues to drive down productivity. Robotic process automation offers flexibility, is easy to implement, and has a shorter payback period. These advantages make it a better alternative as compared to traditional IT solutions. However, there is no standard RPA solution available to address the needs of every sector. Companies experiment with the potential of these solutions and optimize robotic process automation accordingly to gain a competitive edge.

Further key findings from the report suggest:

• The robotic process automation in BFSI market was valued at USD 167.1 million in 2018 and is projected to register a CAGR of 31.3% over the forecast period

• The services segment dominated the market in 2018 owing to the fact that RPA services are enabling a seamless transition from legacy systems

• The training services segment is anticipated to register the highest CAGR over the forecast period

• North America region dominated the market in 2018 with over 44% of the overall market share

• The prominent market players include Blue Prism; Automation Anywhere Inc.; Kofax Inc.; and Kryon Systems, among others.
 Table of Contents

Chapter 1 Methodology and Scope
                   1.1. Market Segmentation and Scope
                   1.2. Market Definition
                   1.3. Research Methodology
                       1.3.1. Information procurement
                       1.3.2. Purchased database
                       1.3.3. GVR's internal database
                       1.3.4. Secondary sources and third-party perspectives
                       1.3.5. Primary research
                   1.4. Information Analysis
                       1.4.1. Data analysis model
                   1.5. Market Formulation and Data Visualization
                   1.6. Data Validation and Publishing
                   1.7. List of Abbreviations 
Chapter 2 Executive Summary
                   2.1 Market Snapshot
                   2.2 Segment Outlook 
                       2.2.1 BFSI RPA market size & forecasts, 2015 - 2025 (USD Million)
                       2.2.2 Type segment trends
                           2.2.2.1 BFSI RPA market, by type, 2015 - 2025 (USD Million)
                       2.2.3 Service segment trends
                           2.2.3.1 BFSI RPA market, by service, 2015 - 2025 (USD Million)
                       2.2.4 Organization segment trends
                           2.2.4.1 BFSI RPA market, by organization, 2015 - 2025 (USD Million) 
                       2.2.5 Application segment trends
                           2.2.5.1 BFSI RPA market, by application, 2015 - 2025 (USD Million) 
                       2.2.6 Regional segment trends
                           2.2.6.1 BFSI RPA market, by region, 2015 - 2025 (USD Million)
Chapter 3 BFSI RPA Market Variables, Trends, and Scope
                   3.1 BFSI RPA - Value Chain Analysis
                   3.2 Market Dynamics
                       3.2.1 Market driver analysis
                           3.2.1.1 Reduction in fraudulent activities
                           3.2.1.2 Faster business process execution
                       3.2.2 Market challenge analysis
                           3.2.2.1 Implementation of RPA in sub-verticals across industries
                   3.3 Penetration and Growth Prospect Mapping
                   3.4 Industry Analysis Tool
                       3.4.1 Porter's five forces analysis
                       3.4.2 BFSI RPA market - PEST analysis
Chapter 4 BFSI RPA Market: Competitive Analysis
                   4.1 Major Deals and Strategic Alliances, 2015 - 2018
                   4.2 Key Company Market Ranking Analysis, 2018
Chapter 5 BFSI RPA Market: Type Estimates & Trends Analysis
                   5.1 Type Market Analysis & Market Share, 2018 & 2025
                   5.2 Software
                       5.2.1 Global software market, by region, 2015 - 2025 (USD Million)
                   5.3 Service
                       5.3.1 Global service market, by region, 2015 - 2025 (USD Million)
Chapter 6 BFSI RPA Market: Service Estimates & Trends Analysis
                   6.1 Service Market Analysis & Market Share, 2018 & 2025
                   6.2 Consulting
                       6.2.1 Global consulting market, by region, 2015 - 2025 (USD Million)
                   6.3 Implementation
                       6.3.1 Global implementation market, by region, 2015 - 2025 (USD Million)
                   6.4 Training
                       6.4.1 Global training market, by region 2015 - 2025 (USD Million)
Chapter 7 BFSI RPA Market: Organization Estimates & Trends Analysis
                   7.1 Organization Market Analysis & Market Share, 2018 & 2025
                   7.2 SMEs
                       7.2.1 Global SMEs market, by region, 2015 - 2025 (USD Million)
                   7.3 Large Enterprises
                       7.3.1 Global large enterprises market, by region, 2015 - 2025 (USD Million)
Chapter 8 BFSI RPA Market: Application Estimates & Trends Analysis
                   8.1 Application Market Analysis & Market Share, 2018 & 2025
                   8.2 Banking
                       8.2.1 Global banking market, by region, 2015 - 2025 (USD Million)
                   8.3 Financial Services & Insurance
                       8.3.1 Global financial services & insurance market, by region, 2015 - 2025 (USD Million)
Chapter 9 BFSI RPA Market: Region Estimates & Trends Analysis
                   9.1 Regional Market Analysis & Market Share, 2018 & 2025
                   9.2 North America
                       9.2.1 North America BFSI RPA market, by type, 2015 - 2025 (USD Million)
                       9.2.2 North America BFSI RPA market, by service, 2015 - 2025 (USD Million)
                       9.2.3 North America BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                       9.2.4 North America BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.2.5 U.S.
                           9.2.5.1 U.S. BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.2.5.2 U.S. BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.2.5.3 U.S. BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.2.5.4 U.S. BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.2.6 Canada
                           9.2.6.1 Canada BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.2.6.2 Canada BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.2.6.3 Canada BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.2.6.4 Canada BFSI RPA market, by application, 2015 - 2025 (USD Million)
                   9.3 Europe
                       9.3.1 Europe BFSI RPA market, by type, 2015 - 2025 (USD Million)
                       9.3.2 Europe BFSI RPA market, by service, 2015 - 2025 (USD Million)
                       9.3.3 Europe BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                       9.3.4 Europe BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.3.5 U.K.
                           9.3.5.1 U.K. BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.3.5.2 U.K. BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.3.5.3 U.K. BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.3.5.4 U.K. BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.3.6 Germany
                           9.3.6.1 Germany BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.3.6.2 Germany BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.3.6.3 Germany BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.3.6.4 Germany BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.3.7 France
                           9.3.7.1 France BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.3.7.2 France BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.3.7.3 France BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.3.7.4 France BFSI RPA market, by application, 2015 - 2025 (USD Million)
                   9.4 Asia Pacific
                       9.4.1 Asia Pacific BFSI RPA market, by type, 2015 - 2025 (USD Million)
                       9.4.2 Asia Pacific BFSI RPA market, by service, 2015 - 2025 (USD Million)
                       9.4.3 Asia Pacific BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                       9.4.4 Asia Pacific BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.4.5 China
                           9.4.5.1 China BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.4.5.2 China BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.4.5.3 China BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.4.5.4 China BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.4.6 India
                           9.4.6.1 India BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.4.6.2 India BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.4.6.3 India BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.4.6.4 India BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.4.7 Japan
                           9.4.7.1 Japan BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.4.7.2 Japan BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.4.7.3 Japan BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.4.7.4 Japan BFSI RPA market, by application, 2015 - 2025 (USD Million)
                   9.5 Latin America
                       9.5.1 Latin America BFSI RPA market, by type, 2015 - 2025 (USD Million)
                       9.5.2 Latin America BFSI RPA market, by service, 2015 - 2025 (USD Million)
                       9.5.3 Latin America BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                       9.5.4 Latin America BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.5.5 Brazil
                           9.5.5.1 Brazil BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.5.5.2 Brazil BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.5.5.3 Brazil BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.5.5.4 Brazil BFSI RPA market, by application, 2015 - 2025 (USD Million)
                       9.5.6 Mexico
                           9.5.6.1 Mexico BFSI RPA market, by type, 2015 - 2025 (USD Million)
                           9.5.6.2 Mexico BFSI RPA market, by service, 2015 - 2025 (USD Million)
                           9.5.6.3 Mexico BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                           9.5.6.4 Mexico BFSI RPA market, by application, 2015 - 2025 (USD Million)
                   9.6 Middle East & Africa
                       9.6.1 Middle East & Africa BFSI RPA market, by type, 2015 - 2025 (USD Million)
                       9.6.2 Middle East & Africa BFSI RPA market, by service, 2015 - 2025 (USD Million)
                       9.6.3 Middle East & Africa BFSI RPA market, by organization, 2015 - 2025 (USD Million)
                       9.6.4 Middle East & Africa BFSI RPA market, by application, 2015 - 2025 (USD Million)
Chapter 9 Company Profiles
                   9.1 Automation Anywhere Inc.
                       9.1.1 Company overview
                       9.1.2 Financial performance
                       9.1.3 Product benchmarking
                       9.1.4 Recent developments
                   9.2 Blue Prism 
                       9.2.1 Company overview
                       9.2.2 Financial performance
                       9.2.3 Product benchmarking
                       9.2.4 Recent developments
                   9.3 Kofax Inc.
                       9.3.1 Company overview
                       9.3.2 Financial performance
                       9.3.3 Product benchmarking
                       9.3.4 Recent developments
                   9.4 Kryon Systems
                       9.4.1 Company overview
                       9.4.2 Financial performance
                       9.4.3 Product benchmarking
                       9.4.4 Recent developments
                   9.5 NICE 
                       9.5.1 Company overview
                       9.5.2 Financial performance
                       9.5.3 Product benchmarking
                       9.5.4 Recent developments
                   9.6 Pegasystems Inc.
                       9.6.1 Company overview
                       9.6.2 Financial performance
                       9.6.3 Product benchmarking
                       9.6.4 Recent developments
                   9.7 Thoughtonomy
                       9.7.1 Company overview
                       9.7.2 Financial performance
                       9.7.3 Product benchmarking
                       9.7.4 Recent developments
                   9.8 UiPath
                       9.8.1 Company overview
                       9.8.2 Financial performance
                       9.8.3 Product benchmarking
                       9.8.4 Recent developments
                   9.9 Softomotive
                       9.9.1 Company overview
                       9.9.2 Financial performance
                       9.9.3 Product benchmarking
                       9.9.4 Recent developments
                   9.10 WorkFusion, Inc.
                       9.10.1 Company overview
                       9.10.2 Financial performance
                       9.10.3 Product benchmarking
                       9.10.4 Recent developments
List of Tables

Table 1 BFSI RPA market, 2015 - 2025 (USD Million)
Table 2 BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 3 BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 4 BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 5 BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 6 BFSI RPA market, by region, 2015 - 2025 (USD Million)
Table 7 Global software market, by region, 2015 - 2025 (USD Million)
Table 8 Global service market, by region 2015 - 2025 (USD Million)
Table 9 Global consulting market, by region, 2015 - 2025 (USD Million)
Table 10 Global implementation market, by region, 2015 - 2025 (USD Million)
Table 11 Global training market, by region, 2015 - 2025 (USD Million)
Table 12 Global SMEs market, by region, 2015 - 2025 (USD Million)
Table 13 Global large enterprises market, by region, 2015 - 2025 (USD Million)
Table 14 Global banking market, by region, 2015 - 2025 (USD Million)
Table 15 Global financial services & insurance market, by region, 2015 - 2025 (USD Million)
Table 16 North America BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 17 North America BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 18 North America BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 19 North America BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 20 U.S. BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 21 U.S. BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 22 U.S. BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 23 U.S. BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 24 Canada BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 25 Canada BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 26 Canada BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 27 Canada BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 28 Europe BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 29 Europe BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 30 Europe BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 31 Europe BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 32 U.K. BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 33 U.K. BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 34 U.K. BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 35 U.K. BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 36 Germany BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 37 Germany BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 38 Germany BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 39 Germany BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 40 France BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 41 France BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 42 France BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 43 France BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 44 Asia Pacific BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 45 Asia Pacific BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 46 Asia Pacific BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 47 Asia Pacific BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 48 China BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 49 China BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 50 China BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 51 China BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 52 India BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 53 India BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 54 India BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 55 India BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 56 Japan BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 57 Japan BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 58 Japan BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 59 Japan BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 60 Latin America BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 61 Latin America BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 62 Latin America BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 63 Latin America BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 64 Brazil BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 65 Brazil BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 66 Brazil BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 67 Brazil BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 68 Mexico BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 69 Mexico BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 70 Mexico BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 71 Mexico BFSI RPA market, by application, 2015 - 2025 (USD Million)
Table 72 Middle East & Africa BFSI RPA market, by type, 2015 - 2025 (USD Million)
Table 73 Middle East & Africa BFSI RPA market, by service, 2015 - 2025 (USD Million)
Table 74 Middle East & Africa BFSI RPA market, by organization, 2015 - 2025 (USD Million)
Table 75 Middle East & Africa BFSI RPA market, by application, 2015 - 2025 (USD Million)
 


List of Figures

Fig. 1 Market research process
Fig. 2 Information procurement
Fig. 3 Market snapshot
Fig. 4 BFSI RPA market, 2015-2025, (USD Million)
Fig. 5 Market segmentation and scope
Fig. 6 Value chain analysis
Fig. 7 Market driver analysis
Fig. 8 Market challenge analysis
Fig. 9 Market penetration & growth prospect mapping
Fig. 10 Porter's five forces analysis
Fig. 11 PEST analysis
Fig. 12 Key company market ranking analysis, 2018
Fig. 13 Type market analysis & market share, 2018 & 2025
Fig. 14 Service market analysis & market share, 2018 & 2025
Fig. 15 Organization market analysis & market share, 2018 & 2025
Fig. 16 Application market analysis & market share, 2018 & 2025
Fig. 17 Regional market analysis & market share, 2018 & 2025

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