Robotic Process Automation in BFSI Market Size to Surpass USD 20.48 Billion by 2032, Owing to Rising Demand for Cost Efficiency and Compliance Automation | SNS Insider

GlobeNewswire On April 1, 2025 19:00 IST

The Robotic Process Automation in the BFSI Market is experiencing rapid growth due to the increasing demand for automation in BFSI institutions.

Pune, April 01, 2025 (GLOBE NEWSWIRE) — Robotic Process Automation in BFSI Market Size Analysis:

“The Robotic Process Automation market in the BFSI is the size of USD 1.12 billion in 2023 and is expected to reach USD 20.48 billion by 2032, growing at a CAGR of 38.2% over the forecast period of 2024-2032.”

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Major Players Analysis Listed in this Report are:

Antworks (ANTstein Square, CMR+ for Intelligent Automation)
Atos SE (Atos SyntBots, Atos Codex RPA)
Automation Anywhere, Inc. (Automation 360, Bot Insight)
Blue Prism Limited (Blue Prism Cloud, Blue Prism Interact)
EdgeVerve Systems Ltd. (AssistEdge RPA, XtractEdge Intelligent Document Processing)
FPT Software (akaBot, akaOCR)
IBM (IBM Robotic Process Automation, IBM Cloud Pak for Business Automation)
Kofax Inc. (Kofax RPA, Kofax TotalAgility)
Microsoft (Softomotive) (Power Automate, WinAutomation)
NICE (NICE Robotic Automation, NEVA—NICE Employee Virtual Attendant)
Nintex UK Ltd. (Kryon Systems) (Nintex RPA, Kryon Full-Cycle Automation)
Pegasystems Inc. (Pega Robotic Process Automation, Pega Infinity)
Protiviti Inc. (Protiviti RPA Consulting, Protiviti Digital Workforce Solutions)
UiPath (UiPath Studio, UiPath Orchestrator)
WorkFusion, Inc. (WorkFusion Smart Process Automation, WorkFusion Intelligent Automation Cloud)

Robotic Process Automation in BFSI Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 1.12 Billion
Market Size by 2032	US$ 20.48 Billion
CAGR	CAGR of 38.2 % From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers	• Increasing Focus on Cost Reduction and Efficiency Drives the Growth of Robotic Process Automation in BFSI Market

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Robotic Process Automation in BFSI Market Expands Rapidly with AI and Cloud Integration

Increasing demand for efficiency and cost optimization is driving the growth of the Robotic Process Automation in BFSI Market. RPA is used by financial institutions to automate high-volume manual processes such as data entry, fraud detection, and compliance monitoring, which help to reduce errors and free up human resources for more productive use.

The U.S Robotic Process Automation market in the BFSI sector size is USD 0.29 billion in 2023 and is expected to reach USD 4.68 billion by 2032, growing at a CAGR of 36.1% over the forecast period of 2024-2032.

The U.S. Robotic Process Automation (RPA) market in BFSI sector is thriving on the increasing adoption of automation for cost efficiency and regulatory compliance across the regions. Financial institutions are using AI-powered RPA solutions to automate operations, minimize errors, and enhance productivity. As cumbersome processes are increasingly automated through cloud systems and regulatory compliance requirements become more stringent, RPA adoption is anticipated to increase in the U.S. BFSI vertical to a greater extent in the years ahead.

Segment Analysis

By Type, Services Segment Dominates Robotic Process Automation in BFSI Market, While Software Segment Grows at Record Pace

In 2023, the Services sub-segment accounted for 64% of the Robotic Process Automation in BFSI Market revenue, making it the largest segment. The growth is driven by the need for consulting, implementation, and training services to enable smooth deployment and integration of automation. Top RPA service providers like IBM, UiPath, and Pegasystems are broadening their offerings to help financial institutions with their automation strategies.

The Software segment is expected to grow at the highest CAGR of 39.19% during the forecast period, owing to investments in AI-powered RPA platforms. The popularity of RPA solutions based on cloud and low-code/no-code platforms is driving BFSI organizations to achieve automation with a minimal dependence on IT, leading to greater efficiency.

By Organization Size, Large Enterprises Dominate RPA in BFSI Market, While SMEs Drive Fastest Growth with Cloud-Based Automation

The large enterprises segment accounted for the highest revenue share of 68% in 2023 due to heavy investments by banks and insurance firms in intelligent automation solutions. Cloud-based RPA integrated with AI and analytics is becoming increasingly popular because large financial institutions emphasize security, scalability, and compliance.

The SME segment is projected to register the Fastest growth rate during the forecast period as small financial institutions are adopting cost-efficient, cloud-based automation solutions to optimize their operational efficiency while enhancing customer experience. Other innovations like WorkFusion’s AI-powered ”Automation Express” platform have removed barriers to automation for SMEs.

By Application, the Banking Sector Dominates RPA Adoption in the BFSI Market, While the Financial Services & Insurance Segment Grows Fastest

The Banking accounted for the largest share 58% in 2023, as it requires automation in core banking operations such as fraud detection, compliance management, and transaction processing. The increasing demand for cloud-based RPA solutions is driven by the need for banks to improve security and operational efficiency.

The fastest CAGR for the Financial Services & Insurance segment is attributed to the growing automation of claims processing, risk assessment, and customer service operations. Insurtech companies and financial service organizations are leveraging AI-based RPA solutions to step up fraud prevention and enhance underwriting process.

Robotic Process Automation in BFSI Market Segmentation:

By Type

Software
Services
Consulting
Implementation
Training

By Organization

SMEs
Large Enterprises

By Application

Banking
Financial Services & Insurance

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North America Dominates RPA in BFSI Market, While Asia-Pacific Emerges as Fastest-Growing Region

In 2023, North America accounted for the largest market share of over 38%, attributable to the increasing adoption of automation among large manufacturing companies across the USA and Canada. In the region, banks and insurance companies are adopting AI-powered RPA to improve operational efficiency and regulatory compliance.

The Asia-Pacific segment is anticipated to witness the highest CAGR of over 40% due to rapid digital transformation and the adoption of fintech, as well as increasing investments in automation from banks and insurance firms. China, India, Japan, and Australia are some of the countries where RPA is actively being used for KYC compliance; fraud detection; and claims processing. Countries such as Singapore and South Korea have their governments pushing RPA through digital banking initiatives.

Recent Developments

In November 2024, Blue Prism announced a strategic partnership with Synechron to enhance automation solutions for financial services and insurance industries. This collaboration aims to assist banks, asset managers, and insurers in leveraging Blue Prism’s connected RPA platform for improved productivity and return on investment (ROI).
December 2024 – Automation Anywhere reported its fifth consecutive non-GAAP profitable quarter, reflecting a significant increase in customer demand for AI-powered RPA transactions. This surge underscores the company’s leadership in Agentic Process Automation, with growing adoption across industries, including financial services.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Robotic Process Automation in BFSI Market Segmentation, By Type

8. Robotic Process Automation in BFSI Market Segmentation, By Application

9. Robotic Process Automation in BFSI Market Segmentation, By Organization

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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