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Robotic Process Automation  RPA  in Financial Services

Robotic Process Automation ( RPA ) in Financial Services Market

  • Published Date : 02 Apr 2019
  • Infoholic Research
  • Category : ICT Media
  • Pages : 90

Robotic Process Automation (RPA) in Financial Services Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Overview:
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.
Region Analysis:
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.
Benefits and Vendors
The report contains an in-depth analysis of vendor profiles, which include overviews and offerings, and competitive landscape. The confluence of technologies such as AI, cognitive, and NLP are leveraging the capabilities of the RPA software in managing more complex work without supervision. The companies profiled in the report are Blue Prism, Automation Anywhere, UiPath, Thoughtonomy, NICE, WorkFusion, Redwood Software, Kofax, Kryon Systems, Softomotive, EdgeVerve Systems, Pegasystems, AutomationEdge, Jidoka, and Contextor.
The study offers a comprehensive analysis of the “RPA in Financial Services” market bringing out the complete key insights of the industry, the report also aims to provide an opportunity for companies to understand the latest trends, current market scenarios, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.	
Table of Contents
1 Industry Outlook 11
1.1 Industry Overview 11
1.2 Industry Trends 11
1.3 PEST Analysis 12
2 Report Outline 13
2.1 Report Scope 13
2.2 Report Summary 13
2.3 Research Methodology 15
2.4 Report Assumptions 15
3 Market Snapshot 16
3.1 Total Addressable Market 16
3.2 Segmented Addressable Market 16
3.3 Related Markets 17
4 Market Outlook 18
4.1 Overview 18
4.2 Porter 5 (Five) Forces 19
5 Market Characteristics 20
5.1 Evolution 20
5.2 Market Segmentation 21
5.3 Market Dynamics 22
5.3.1 Drivers 23
5.3.1.1 Faster business process execution 23
5.3.1.2 Automation of multiple process requiring less manual intervention 23
5.3.1.3 Reduce fraud activities 23
5.3.2 Restraints 23
5.3.2.1 Lack of awareness and reluctance of organizations to transform operations 23
5.3.2.2 Organizations are looking for solutions with proven use cases 23
5.3.3 Opportunities 24
5.3.3.1 Application of AI and machine learning in better identifying the potential of financial threats and risks 24
5.3.3.2 Growing GDPR concerns across regions to compel financial institutions to adopt regulatory software to ease out processes 24
5.3.4 DRO – Impact Analysis 25
6 Component: Market Size & Analysis 26
6.1 Overview 26
6.2 Software 27
6.3 Services 28
6.3.1 Consulting 30
6.3.2 Implementation 31
6.3.3 Support and Maintenance 32
6.3.4 Training and Education 34
7 Operation: Market Size & Analysis 36
7.1 Overview 36
7.2 Rule-based 37
7.3 Knowledge-based 38
8 Business Function: Market Size & Analysis 40
8.1 Asset Management 41
8.2 Fund and Security Services 42
8.3 Retail and Lending Management 43
8.4 Trading and Financial Management 45
8.5 Insurance 46
9 Region: Market Size & Analysis 48
9.1 Overview 48
9.1.1 Market Size and Analysis 48
9.2 North America 50
9.2.1 US 53
9.2.2 Canada 53
9.3 Europe 54
9.3.1 Germany 57
9.3.2 UK 57
9.3.3 France 58
9.3.4 Netherlands 58
9.3.5 Switzerland 59
9.3.6 Rest of Europe 59
9.4 Asia Pacific 60
9.4.1 China 63
9.4.2 India 63
9.4.3 Australia 64
9.4.4 Japan 64
9.4.5 Singapore 65
9.4.6 Rest of Asia Pacific 65
9.5 Middle East & Africa 66
9.5.1 Israel 68
9.5.2 United Arab Emirates (UAE) 69
9.5.3 REST of MEA 69
9.6 Latin America 70
9.6.1 Brazil 72
9.6.2 Mexico 73
9.6.3 Rest of Latin America 74
10 Companies to Watch for 75
10.1 Blue Prism 75
10.1.1 Overview 75
10.1.2 Offerings 75
10.2 Automation Anywhere 76
10.2.1 Overview 76
10.2.2 Offerings 76
10.3 UiPath 76
10.3.1 Overview 76
10.3.2 Offerings 77
10.4 Thoughtonomy 77
10.4.1 Overview 77
10.4.2 Offerings 78
10.5 NICE 78
10.5.1 Overview 78
10.5.2 Offerings 78
10.6 WorkFusion 79
10.6.1 Overview 79
10.6.2 Offerings 79
10.7 Redwood Software 79
10.7.1 Overview 79
10.7.2 Offerings 80
10.8 Kofax 80
10.8.1 Overview 80
10.8.2 Offerings 80
10.9 Kryon Systems 81
10.9.1 Overview 81
10.9.2 Offerings 81
10.10 Softomotive 81
10.10.1 Overview 81
10.10.2 Offerings 82
10.11 EdgeVerve Systems 82
10.11.1 Overview 82
10.11.2 Offerings 82
10.12 Pegasystems 83
10.12.1 Overview 83
10.12.2 Offerings 83
10.13 AutomationEdge 83
10.13.1 Overview 83
10.13.2 Offerings 84
10.14 Jidoka 84
10.14.1 Overview 84
10.14.2 Offerings 84
10.15 Contextor 85
10.15.1 Overview 85
10.15.2 Offerings 85
11 Competitive Landscape 86
11.1 Competitive Comparison Analysis 86
Annexure 88
Abbreviations 88

	Tables
TABLE 1 GLOBAL RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 26
TABLE 2 GLOBAL RPA IN FINANCIAL SERVICES MARKET GROWTH BY COMPONENT, 2017–2023, (Y-O-Y, %) 27
TABLE 3 SOFTWARE MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 28
TABLE 4 GLOBAL RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 29
TABLE 5 GLOBAL RPA IN FINANCIALMARKET GROWTH BY SERVICES, 2017–2023, (Y-O-Y, %) 30
TABLE 6 CONSULTING MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 31
TABLE 7 IMPLEMENTATION MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 32
TABLE 8 SUPPORT AND MAINTENANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 33
TABLE 9 TRAINING AND EDUCATION MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 34
TABLE 10 GLOBAL RPA MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 36
TABLE 11 GLOBAL RPA IN FINANCIAL SERVICES MARKET GROWTH BY OPERATION, 2017–2023 (Y-O-Y, %) 37
TABLE 12 RULE-BASED MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 38
TABLE 13 KNOWLEDGE-BASED MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 39
TABLE 14 GLOBAL RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 40
TABLE 15 GLOBAL RPA IN FINANCIAL SERVICES MARKET GROWTH BY BUSINESS FUNCTIONS, 2017–2023 (Y-O-Y, %) 41
TABLE 16 ASSET MANAGEMENT MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 42
TABLE 17 FUND AND SECURITY SERVICES MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 43
TABLE 18 RETAIL AND LENDING MANAGEMENT MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 44
TABLE 19 TRADING AND FINANCIAL MANAGEMENT MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 45
TABLE 20 INSURANCE MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 47
TABLE 21 GLOBAL RPA IN FINANCIAL SERVICES MARKET REVENUE BY REGION, 2016–2023 ($MILLION) 49
TABLE 22 GLOBAL RPA IN FINANCIAL SERVICES MARKET GROWTH BY REGION, 2017–2023 (Y-O-Y, %) 49
TABLE 23 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 50
TABLE 24 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 51
TABLE 25 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 51
TABLE 26 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 52
TABLE 27 NORTH AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 52
TABLE 28 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 54
TABLE 29 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 55
TABLE 30 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 55
TABLE 31 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 56
TABLE 32 EUROPE RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 56
TABLE 33 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 60
TABLE 34 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 61
TABLE 35 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 61
TABLE 36 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 62
TABLE 37 ASIA PACIFIC RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 62
TABLE 38 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 66
TABLE 39 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 67
TABLE 40 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 67
TABLE 41 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 67
TABLE 42 MIDDLE EAST & AFRICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 68
TABLE 43 LATIN AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COUNTRY, 2016–2023 ($MILLION) 70
TABLE 44 LATIN AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY COMPONENT, 2016–2023 ($MILLION) 71
TABLE 45 LATIN AMERICA RPA IN FINANCIAL SERVICES MARKET REVENUE BY SERVICES, 2016–2023 ($MILLION) 71
TABLE 46 LATIN AMERICA RPA IN FINACIAL SERVICES MARKET REVENUE BY OPERATION, 2016–2023 ($MILLION) 72
TABLE 47 LATIN AMERICA RPA IN FINACIAL SERVICES MARKET REVENUE BY BUSINESS FUNCTION, 2016–2023 ($MILLION) 72

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