The global Robotic Process Automation in BFSI Market generated USD 279.4 million in 2018 and is expected to garner USD 3,457.8 million by 2026,witnessing a CAGR of 34.5% From 2019 to 2026 . according to a new study by Polaris Market Research .The research provides an extensive analysis of changing market trends, key investment pockets, major segments, and competitive scenario.
Robotic Process Automation is used in a variety of applications such as entry of a new account across various platforms and networks, duplicating of accounts and account reconciliation, extraction of forms, VAT reporting, cleansing and updating of account, credit card processing, loan processing among others. These processes are directly related to customer experience and hence, companies are automating these processes through RPA to provide better and enhanced customer experience in order to gain more market share. Such trends are benefitting the Robotic Process Automation in BFSI market growth.
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Inherent benefits offered by robotic process automation (RPA) such as process transparency, enhanced customer service, on-boarding optimization of processes, highest degree of data integrity, shorter lifecycles, and ability to effectively comply with regulations of various enforcement agencies combined with the data driven nature of the overall banking and financial sector are some of the factors proving beneficial for the overall RPA in BFSI market growth.
North American region is expected to maintain its dominance over the market for the next eight years. High demand particularly from the U.S. market is a key contributor to this scenario. Presence of highly sophisticated and advanced banking and financial infrastructure in the country, strong presence of industry participants, coupled with high demand for enhanced customer experience are some of the factors driving the market growth in the region. Countries such as China, Japan and South Korea are primarily driving the growth in Asia Pacific region, which is anticipated to witness high growth rate till 2026.
Polaris Market research has segmented the RPA in BFSI market report on the basis of type, service, organization, application, and region
Type – Software, Service
Service – Consulting, Training, Implementation
Organization – SME, Large Scale
Application – Banking, Financial services & institution
Key Regions –
North America (U.S., Canada), Europe (France, Germany, UK), Asia Pacific (Japan, South Korea, China, India), Latin America (Brazil, Mexico),Middle East & Africa
Key Companies –
WorkFusion, Inc., UiPath, Thoughtonomy, Softomotive, Kryon Systems, Pegasystems Inc., NICE, Blue Prism, Kofax Inc. and Automation Anywhere Inc., among others.
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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