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| A12741 | Pages: NA | Oct 2021 | 182 Views | | |
| Author(s) : Vijay Poola | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Digital Processing Automation (dpa) Software In Banking Market
Request Now !Digital process automation is a method of automating processes and streamlining workflows by utilizing digital technology, where the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies is one of the main drivers of the market. Businesses all over the world have been relying on business process management (BPM) to improve and manage back-end activities and processes like retail lending, customer onboarding, and customer support, among others. The primary goal is to automate tasks that require human interaction, such as those in management, sales, and marketing.
Companies becomes more customer-focused and responsive by using digital process automation. With digital process automation, their operating model becomes more digitalized and intelligent, allowing them to take more risks with product innovation. Moreover, automation is essential in today's business because it saves time and reduces errors. Therefore, the demand for digital processing automation (DPA) software is expected to boost the growth of the market during the upcoming period.
The global digital processing automation (DPA) software in banking market is segmented on the basis of component, deployment, industry vertical, enterprise size and region. Based on component, the market is divided into solution and services. The services segment is further bifurcated into professional services and managed services. The professional services segment is also further divided into advisory services, implementation services and support services. In terms of deployment, the market is categorized into on-premise and cloud. On the basis of industry vertical, the market is divided into BFSI, retail & e-commerce, healthcare, travel & hospitality, transportation & logistics, media & entertainment and others. On the basis of enterprise size, the market is divided into large enterprise and small & medium enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global digital processing automation (DPA) software in banking industry include International Business Machines (IBM) Corporation, Oracle, Mindtree Ltd, Appian, Cognizant, Bizagi, SS&C Technologies Inc., Pegasystems Inc., TIBCO Software Inc. and Nintex UK Ltd. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global digital processing automation (DPA) software in banking market.
Market Scope and Structure Analysis
Report Metric | Details |
Market size available for years | 2020–2030 |
Base year considered | 2020 |
Forecast period | 2021–2030 |
Forecast units | Value ($) |
Segments covered | Component, Deployment, Industry Vertical, Enterprise Size and Region |
Regions covered | North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa |
Companies covered | Major players analyzed include International Business Machines (IBM) Corporation, Oracle, Mindtree Ltd, Appian, Cognizant, Bizagi, SS&C Technologies Inc., Pegasystems Inc., TIBCO Software Inc. and Nintex UK Ltd. |
COVID-19 Scenario Analysis
Top Impacting Factors
Increase in adoption of the low-code automation platform and rise in adoption of business process management (BPA) drive the growth of the market. In addition, increased demand for automating business process for efficient back-end process propel the growth of the market. However, lack of technical expertise is expected to limit the growth of the market. Contrarily, integration with AI and machine learning can be seen as an opportunity for the market investments.
Increase in Adoption of the Low-Code Automation Platform
Organizations can use digital process automation to streamline their workflow and drive critical business initiatives, allowing them to transform the way they operate. Organizations can use the solutions and services to quickly develop and deploy innovative applications or solutions without having to write any new code. Low-code development brings together business and IT to quickly create new customer-facing applications. Organizations must rely on software developers because the traditional method of software/application development is time-consuming.
Moreover, traditional methods limit an organization's ability to respond quickly to market shifts and changing customer expectations on a large scale. Therefore, the surge in demand for low-code automation platform to improve their customer experience and innovate rapidly will drive the growth of digital processing automation (DPA) software in banking market during the forecast period.
Rise in Adoption of Business Process Management (BPM)
Digital process automation (DPA) is gaining traction as a significant evolution of business process management (BPM). This increase in DPA is due to a rise in need for businesses to automate processes as part of larger digital transformation initiatives. Organizations across the banking sector are continually trying to adapt various processes to minimize their operational costs.
Moreover, they have increased their spending on managing business processes as a result of digitalization. Therefore, the surge in demand for the adoption of business process management (BPM) is expected to boost the growth of the digital processing automation (DPA) software in banking market during the forecast period. This is projected to propel the DPA market growth.
Key Segments Covered
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