This Tech Buyer Presentation presents IDC's view on the state of robotic process automation (RPA) in the financial services industry in Asia/Pacific (excluding Japan) (APEJ). The presentation briefly summarizes market forecasts, key market dynamics, and use cases. This report is part of our continuous series of reports on automation and artificial intelligence (AI) for APEJ financial services.
It will be sometime before we are out of the woods but in the race to recovery and growth, there is no dispute that Asia/Pacific continues to forge ahead. The leading organizations are doubling down on tech investments, such as automation, AI, and cloud to minimize the impact of the crisis, and are identifying opportunities to survive and thrive in the next normal. “The spending by the financial services sector in Asia/Pacific is estimated to grow at a higher compound annual growth rate (CAGR) of 35.8% to reach US$271 million in 2024. The financial services sector in 2024 is estimated to represent over 31% of the total RPA spending in the region,” says Ashutosh Bisht, senior research manager, IDC Asia/Pacific.
Although the growth rate took a dip in 2020, IDC estimates that the spending will pick up pace and grow at a year-over-year (YoY) rate of 34.4% to reach over 103 million in 2021. Sneha Kapoor, research manager, IDC Financial Insights, highlights, "As the CEO's agenda evolves to support digital initiatives, automation is fast becoming one of the cornerstones of the future enterprise. Many forward-looking institutions are centered on optimizing human-machine collaboration to drive new value and realities for the customers, employees, and business. Furthermore, the economic, health, and business crises that ensued due to the COVID-19 pandemic has changed the expectations and priorities and institutions are also now increasingly leveraging the power of Intelligent Automation (which also includes RPA along with other technologies and solutions) to resolve their myriad business problems and achieve goals such as enriching customer experience, optimizing operational efficiencies, and even, generating new revenue streams." In terms of the spending, IDC expects that the top 5 markets in 2020 are Australia, India, Singapore, Korea, and China.”