GVR Report cover Robotic Process Automation In BFSI Market Size, Share, & Trends Report

Robotic Process Automation In BFSI Market Size, Share, & Trends Analysis Report By Type, By Deployment, By Organization, By Application, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-3-68038-535-9
  • Number of Report Pages: 100
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2021
  • Forecast Period: 2023 - 2025 
  • Industry: Technology

Market & Trends

The global robotic process automation in BFSI market size was valued at USD 685.7 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 39.4% from 2023 to 2030. Banking and financial services, like other industries, are multidimensional service areas, having several processes running at the back end as well as the front end. Some of the functions in the Banking, Financial Services, and Insurance (BFSI) sector that could be improved using Robotic Process Automation (RPA) are payable accounts, credit card processing, overall customer service, account closure process, opening accounts and receivables, and mortgage processing, among others. A growing need for improving the productivity of banking operations, coupled with the increasing penetration of advanced technologies in the BFSI sector, is expected to boost the demand for RPA significantly.

U.S. robotic process automation In BFSI market size and growth rate, 2023 - 2030

BFSI organizations are widely deploying RPA and AI to increase their productivity and efficiency. In a highly competitive BFSI market, it has become essential to increase the agility of work and deliver enhanced customer experience. RPA bots can work across different legacy systems to retrieve information available on a digital platform. For instance, bank users can check their accounts online and set up automatic bill payment & KYC verification, among other functions, with the use of the Internet. These services have reduced manual intervention and are assisting in delivering a better customer experience. However, various other back end and front-end office processes can be automated using robotic process automation solutions.

The awareness of RPA among BFSI organizations has increased over the past years. A significant level of RPA integration into service offerings offered by Business Process Organizations (BPO), centralized robot dashboard management, enterprise-level robot deployments, and robot orchestration has led to increased adoption of robotic process automation in BFSI sector. Moreover, the need to remove repetitive and time-consuming manual tasks has potentially created future opportunities for RPA providers in the BFSI sector. Robotic process automation offers banks and financial institutions an opportunity to remain competitive in the BFSI market.

The BFSI sector is facing challenges such as intense competition, workflow disconnect, and inaccurate reporting of transactions. Most of these challenges arise due to tedious operational processes. RPA is a concrete solution that can efficiently manage these operational challenges and compliance. RPA helps organizations by handling back-office operations and subsequently freeing the resources to focus on customer service. It helps realize 25 – 50% cost reduction by automating repetitive and data-centric tasks and by improving the turnaround time & accuracy of executing different processes. Additionally, software bots can be deployed 24/7 for driving higher levels of productivity and reducing latency.

RPA can be utilized to optimize processes such as fraud detection, new account entry, account reconciliation, e-form extraction, mortgage approval, credit card order processing, and so on. It majorly helps in automating workflows and back-office processes, which are labor-intensive. RPA's main application is to substitute a virtual workforce for humans performing repetitive clerical activities in order to speed up business process execution. Currently, BFSI organizations are focusing on optimizing processes and improving the overall efficiency of business operations.

Type Insights

The service segment accounted for the largest market share of over 62.3% in 2022 and is likely to dominate the market over the forecast period. The services segment is further bifurcated into consulting, implementation, and training. To cope with the intense industrial competition, service providers are focusing on the enhancement of advisory, training, and consultancy services. These enhancements facilitate cost reduction of various BFSI processes by minimizing the efforts of a Full-Time Employee (FTE). The RPA services specifically focus on the identification of automation opportunities in different organizational processes. Moreover, the service providers also help in planning the development of a suitable solution, choosing the right vendors, and proofing concepts of the solutions to check their real-time usability. All such activities enable precise deployment of the RPA platform, thereby strengthening the core of automation within a BFSI organization. RPA solutions help reduce compliance costs and the overall risks occurring due to information deficits & other operational gaps.

The software segment is expected to expand at the fastest CAGR of 37.5% over the forecast period. Banking and financial services organizations handle numerous requests, operations, and data. Many businesses in the industry depend on Robotic Process Automation (RPA) systems to assist them in optimizing their workflows, procedures, and business plans. Furthermore, several companies are introducing RPA software through partnerships, mergers, and acquisitions.

Service Insights

The consulting segment accounted for the largest market share of over 40.8% in 2022. The growth of the consulting segment can be attributed to the growing awareness of automation software across several industries. BFSI companies are adopting these solutions to offer enhanced services to customers. Therefore, the demand for RPA consulting services is growing rapidly.

The implementing segment is expected to expand at the fastest CAGR of 41.9% over the forecast period. The continuous need for technological transformation is driving the demand for robotic process automation in BFSI sector. The increasing deployment of RPA solutions is boosting the demand for RPA implementation services. RPA providers are focused on offering customized solution that suits different business requirements. This is expected to drive the demand for robotic process automation services in BFSI over the forecast period.

Deployment Insights

The on-premise segment accounted for a market share of 54.4% in 2022. The BFSI industry handles extremely private and sensitive client information. To have better control over the security of sensitive data, some organizations prefer to maintain it on-premise. With on-premise RPA deployments, BFSI organizations can store data inside of their own infrastructure while still adhering to stringent industry standards and privacy legislation. For organizations with strict security standards and data governance procedures, this tendency is especially pertinent.

The cloud segment is expected to expand at the highest CAGR of 42.1%. RPA technologies in the cloud provide BFSI organizations with a cost-effective alternative. By utilizing the cloud, businesses can grow their RPA installations as necessary and avoid making large upfront infrastructure costs. Platforms for RPA in the cloud often include flexible price structures that let businesses only pay for the resources they use. With the help of this trend, BFSI companies may save expenses while increasing automation efficiency.

Organization Insights

The large enterprise segment accounted for a market share of 66.0% in 2022. Large enterprises have a higher number of processes that need to be optimized, in addition to a greater need for process optimization & compliance. Moreover, the higher spending capacity of large enterprises potentially gives them an additional advantage over other organizations. They adopt robotic process automation solutions to enhance their overall business processes.

The small and medium enterprises segment is expected to expand at the highest CAGR of 34.03%. The awareness about the use of RPA services and solutions to eliminate mundane processes is increasing among SMEs operating in the BFSI sector. Moreover, the growing need to automate manual tasks is anticipated to drive the demand for RPA in SMEs. Further, SMEs have a low budget and limited human resources. Thus, they are focused more on lean management than spending on a third-party solution. The identification of processes that can potentially be automated in SMEs is increasing. Many small financial service providers are anticipated to adopt RPA solutions for better utilization of available resources and enhancement of customer services. 

Application Insights

The banking segment holds the largest market share of more than 59.6% in 2022. Lack of skilled resources, high personnel costs, and the need to increase productivity are the key factors driving the adoption of RPA in the banking sector. Furthermore, the rising market pressure is impelling banks to seek different opportunities to reduce operational costs, maximize efficiency, and accelerate their productivity gains. In addition to enabling easy review of documents, owing to its accessibility, robotic process automation in banks has helped create transparency in an organization where every transaction can be recorded, categorized, and stored.

Global robotic process automation In BFSI market share and size, 2022

The financial services and insurance segment is expected to witness the fastest growth at a CAGR of 41.1%. Identifying and automating various processes in the financial services sector is becoming a key priority of robotic process automation vendors. RPA solutions have helped financial services providers to assign employees to value-added tasks to enhance organizational value. The structured legacy systems in BFSI organizations are hard to integrate with the advanced RPA solutions, and modernizing legacy systems becomes a challenge in terms of data accessibility and data migration. In such cases, RPA services, which enable seamless transition, are used. robotic process automation helps organizations automate a time-consuming task so that an employee can focus on customer services by realigning organizational resources. 

Regional Insights

The North American regional market dominated the robotic process automation in BFSI market in 2022 and accounted for 37.2% market share and is anticipated to retain its position over the forecast period. It is estimated that a U.S. bank with USD 10+ billion assets spends an average of USD 50 million per year on KYC compliance, CDD, and onboarding. The increasing cost of KYC and AML compliance, steep fines, and regulatory scrutiny for non-compliance are necessitating banks and financial institutions to consider new technologies such as automation to identify & prevent theft, financial fraud, money laundering, and terrorist financing, as well as eliminate manual tasks, improve compliance with government regulations, and reduce costs of compliance. Moreover, the growing need for process management and automation solutions in the BFSI sector is anticipated to boost regional market growth.

robotic process automation In BFSI market Trends, by Region, 2023 - 2030

Asia Pacific is anticipated to rise as the fastest-developing regional market at a CAGR of 42.0% over the forecast period. An increasing number of financial institutions in the Asia Pacific have identified processes suitable for RPA. Furthermore, BFSI organizations are using RPA and AI in areas such as back-office operations for compliance automation & process streamlining and front-end operations for customer service enhancement. Moreover, an increasing number of businesses in the Asia Pacific region are adopting robotic process automation solutions to increase production through faster execution of business processes, bolster overall financial performance, and maintain a competitive edge.

Key Companies & Market Share Insights

To broaden their product offering, industry companies utilize a variety of inorganic growth tactics, such as partnerships, regular mergers, and acquisitions. For instance, In December 2022, Automation Anywhere Inc. announced a partnership with N-iX, a software services company. The partner designation is proof that N-iX follows best practices for implementing RPA and offers high-caliber RPA services via the Automation Anywhere platform. Some of the prominent players in the robotic process automation in BFSI market include:

  • Antworks

  • Atos SE

  • Automation Anywhere, Inc.

  • Blue Prism Limited

  • EdgeVerve Systems Ltd.

  • FPT Software

  • IBM

  • Kofax Inc.

  • Microsoft (Softomotive)

  • NICE

  • Nintex UK Ltd. (Kryon Systems)

  • Pegasystems Inc.

  • Protiviti Inc.

  • UiPath

  • WorkFusion, Inc.

Robotic Process Automation In BFSI Market Report Scope

Report Attribute


Market size value in 2023

USD 860.75 million

Revenue forecast in 2030

USD 8.79 billion

Growth Rate

CAGR of 39.4% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Report updated

June 2023

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Type, deployment, organization, application, and region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; Germany; UK; France; Italy; Spain; China; India; Japan; South Korea; Australia; Brazil; Mexico; Argentina; U.A.E.; Saudi Arabia; South Africa

Key companies profiled

Antworks, Atos SE; Automation Anywhere, Inc.; Blue Prism Limited; EdgeVerve Systems Ltd.; FPT Software; IBM; Kofax Inc.; Microsoft (Softomotive); NICE; Nintex UK Ltd. (Kryon Systems); Pegasystems Inc.; Protiviti Inc.; UiPath; WorkFusion, Inc.

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Robotic Process Automation In BFSI Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global robotic process automation in BFSI market based on type, deployment, organization, application, and region: 

  • Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Software

    • Services

      • Consulting

      • Implementation

      • Training

  • Deployment Outlook (Revenue, USD Million, 2018 - 2030)

    • Cloud

    • On-Premise

  • Organization Outlook (Revenue, USD Million, 2018 - 2030)

    • SMEs

    • Large Enterprises

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • Banking

    • Financial Services & Insurance

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • U.A.E

      • Saudi Arabia

      • South Africa 

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