Yahoo Finance RPA and Hyperautomation in Banking Market is expected to reach USD 4980.65 Million by 2029, exhibiting a CAGR of 27.52%.
RPA and Hyperautomation in Banking Market was valued at USD 712.15 Million in 2021, and it is expected to reach USD 4980.65 Million by 2029, exhibiting a CAGR of 27.52 % during the forecast period (2022-2029)
Portland, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research is a leading information technology and telecommunication research and consultancy firm that has published a report on “RPA and Hyperautomation in Banking Market” report. The report contains key insights regarding the market dynamics along with a thorough competitive and regional analysis of the market. According to the report, the market is expected to grow at 27.52 % from USD 712 Mn in 2021 to USD 4980.65 Mn by 2029.
Global RPA and Hyperautomation in Banking Market Scope and Research Methodology
Maximize Market Research presents a detail analysis of the status of the financial industry with the integration of RPA and Hyperautomation in banking sector to provide information on market snapshots and latest developments by the major players operating in the market. The market report includes the dynamics that includes major drivers, constraints to growth, lucrative opportunities and challenges to market growth. Data used for the analysis is collected through primary and secondary research methods. For the competitive landscape, key players, their major collaborations, merger & acquisitions along with trending innovation and market policies are reviewed carefully in the report. The competitive environment is a vital aspect of the financial key players. The report covers the competitive matrix and the competition scenario of the global RPA and Hyperautomation in Banking Market, which helps to know the competition at both domestic and global levels.
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Global RPA and Hyperautomation in Banking Market Overview
RPA and Hyperautomation in Banking helps to improve both accuracy and efficiency, providing extreme value for regulatory and compliance reporting by automating the collection of data from multiple systems while validating data. The banking industry is trying to stay ahead of the curve in being adaptive to modernization. RPA and Hyperautomation in banking is the system of using technology to operate banking processes through highly automatic means rendering human intervention to a minimum. An RPA function operates by mapping a workflow in the RPA tool for the software robot to follow computer path-ways between screens and various data repositories. Banks characteristically operate several large legacy platforms in different business vertical which is making it very complicated, time-consuming and expensive to connect them all together into one cohesive IT system. Artificial intelligence and machine learning technologies are expected to have a transformative impact on the banking industry.
Global RPA and Hyperautomation in Banking Market Dynamics
The RPA and Al based technologies are assisting to reduce the repetitive work done by humans. Currently, many banks have recognized the importance of Hyperautomation and taken suitable steps to deploy Hyperautomation in banking operations, which is an inevitable trend in the development process. Hyperautomation solution is one of the potential options for banks. One of the biggest advantages of RPA solutions is their scalability. RPA solutions are effortlessly adapted to shifting organizational operations. It offers ability to transfer any complex process to additional virtual robots and simple, cost-effective solution. RPA technology is a suitable solution to shift organizational environment. It also offers innovative opportunities to rearrange human capital. Robotic process automation supports banks automate the simple, rule-based or repetitive and back-end tasks. RPA is a cost-effective solution for banking.
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As RPA empowers banks automate like bank balance, account information, loan information, the turnaround time is suggestively reduced which surges customer satisfaction.
Global RPA and Hyperautomation in Banking Market Regional Insights
North America: Held the Dominant Position in the Global RPA and Hyperautomation in Banking Market
North America held the dominant position in 2021 and is expected to continue its dominance during the forecast period. The region has a presence of large banking and financial sector with the integration of the RPA and Hyperautomation. The BFSI industry has already gone through the digital transformation. US banking industry has witnessed accelerated digitalization which has created a need for high-functioning and error-proof mobile and web applications. AI and Automation in Banking Industry in the North America are estimated to reach USD 182 billion because of high adoption of advanced financial techniques. The detail analysis of the other region like Europe, Asia Pacific, Middle East & Africa and South America has been covered in the report.
Market Size in 2021 | USD 712.15 Mn. |
Market Size in 2029 | USD 4980.65 Mn. |
CAGR | 27.52 % (2022-2029) |
Forecast Period | 2022-2029 |
Base Year | 2021 |
Number of Pages | 280 |
No. of Tables | 118 |
No. of Charts and Figures | 115 |
Segment Covered | Deployment Mode, Components, Application, Organisation Size |
Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Global RPA and Hyperautomation in Banking Market Segmentation
By Component
Solution
Service
By Deployment Mode
On-Premises
Cloud
By Organization Size
Large Enterprises
Small and Medium-Sized Enterprises
By Application
Cutomer Account Management
Fraud Prevention
Report and Invoice Automation
Account Opening and KYC
Auditing and Compliance
Chatboat
Others
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Global RPA and Hyperautomation in Banking Market Key Competitors include:
IBM (US)
Microsoft (US)
Alteryx (US)
Appian (US)
Juniper Network(US)
Zendesk (US)
Pegasystem (US)
Automation anywhere (US)
Uipath (US)
ProcessMaker (US)
PagerDuty (US)
Celonis (US)
Laserfiche (US)
HelpSystem (US)
Decisions (US)
Datamatics (US)
Automate.io (US)
AutomationEdge (US)
Techforce.ai (US)
Simple Fractal (US)
RocketBoat (chile)
SAP (Germany)
Blue Prism (UK)
G1ANT (UK)
Turbotic (Sweden)
Laiye (China)
Quale Infotech (India)
AkaBot (Vietnam)
Key questions answered in the Global RPA and Hyperautomation in Banking Market are:
What is RPA and Hyperautomation in Banking?
What is the growth rate of RPA and Hyperautomation in Banking Market during the forecast period?
The degree of competition in Global RPA and Hyperautomation in Banking industry in developed and developing economies?
Who are the leading key players in the RPA and Hyperautomation in Banking Market?
Who are the market leaders in RPA and Hyperautomation in Banking in Germany?
Who are the market leaders in RPA and Hyperautomation in Banking in USA and Canada
Who are the market leaders in RPA and Hyperautomation in Banking in India, China, Japan and South Korea?
Which region held the largest market share in Global RPA and Hyperautomation in Banking Market?
What are the factors for the growth of Europe region in Global RPA and Hyperautomation in Banking Market?
Key Offerings:
Market Share, Size & Forecast by Revenue | 2022−2029
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
Market Segmentation – A detailed analysis by Deployment Mode, Components, Application, Organisation Size and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading information technology and telecommunication research firm, has also published the following reports:
Global RPA & Hyper Automation Market: RPA & Hyper Automation Market size was valued at USD 8.18 Bn. in 2021 and the total revenue is expected to grow at 23.4 percent through 2022 to 2029, reaching nearly USD 44.1 Bn. The demand for an automated solution for business continuity and planning is driving the growth of RPA and hyper automation market.
Global Hyper Automation Market: Hyper Automation Market size was valued at USD 8.24 Bn. in 2021 and the total revenue is expected to grow at 18.2 percent from 2022 to 2029, reaching nearly USD 31.4 Bn. Many industrial businesses are employing hyper automation to cut operating costs and boost the effectiveness of the entire manufacturing process in response to growing automation trends in the manufacturing and healthcare sectors.
Core Banking Software Market: The market size was valued at USD 10.35 Bn. in 2021 and the total revenue is expected to grow at 8.2 percent from 2022 to 2029, reaching nearly USD 19.44 Bn. The market is driven by the increasing adoption of advanced technology in banking and the rise of digital banking is expected to drive the market growth.
Online Banking Market: The market size was valued at USD 14.74 Bn. in 2021 and the total revenue is expected to grow at 13.6 percent from 2022 to 2029, reaching nearly USD 40.90 Bn. The market is driven by changing consumer preferences, the massive growth of the e-commerce industry and growing preference for digital services in general.
Banking System Software Market: The market size was valued at USD 28.29 Bn. in 2021 and the total revenue is expected to grow at 5.98 percent from 2022 to 2029, reaching nearly USD 45.02Bn. The market is driven by changing consumer preferences, the massive growth of the e-commerce industry and growing preference for digital services in general.
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