RPA in Insurance Market to reach USD 727.71 Million by 2029 at a growth rate of 28.4 percent over the forecast period

(IT-NEWSWIRE.COM, October 09, 2023 ) As per Maximize Market research, the RPA in Insurance Market was USD 98.5 Mn in 2022 and is expected to grow at a CAGR of 28.4 percent over the forecast period to reach USD 727.71 Mn by 2029.

RPA in Insurance Market Report Scope and Research Methodology

The RPA in Insurance Market study involved conducting competitive benchmarking of key companies, assessing market share, sizing the market, and evaluating product penetration across various geographical regions. To gather data, a combination of primary and secondary research methods was utilized. Subsequently, the data underwent analysis using PORTER's Five Forces model, which yielded valuable insights into the drivers, constraints, opportunities, and critical factors influencing the market.

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RPA in Insurance Market Dynamics

The growing use of data analytics, machine learning and AI by major companies to increase efficiency is expected to drive the RPA in Insurance Market. The RPA system requires a high implementation cost that is expected to limit market growth.

RPA in Insurance Market Regional Insights

North America dominated the RPA in Insurance Market in 2022 and is expected to grow throughout the forecast period 2023-2029. The presence of major IT companies in the region driving the region’s growth.

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RPA in Insurance Market Segmentation

By Component

Solution

Service

By Deployment Mode

On-Premise

Cloud

By Enterprise Size

Large Enterprise

Small and Medium-Sized Enterprises

By Application

Claims Processing

Insurance Underwriting

Regulatory Compliance

Finance and Accounts

Others

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RPA in Insurance Market Key Competitors include:

Fidel Technologies

Infosys Limited

Opteamix

Automation Anywhere, Inc.

Dynpro

Vuram

Aspire Systems

Opteamix

Pegasystems, Inc.

Royal Cyber Inc.

Maximize Market Research is leading Information Technology and Telecommunication research firm, has also published the following reports:

RPA Hyper Automation Market- The market size is expected to reach USD 44.1 Bn by 2029 at a CAGR of 23.4 percent during the forecast period.

RPA for Smartphone Manufacturing Market- Market size is expected to reach USD 13414.32 Mn by 2029 at a CAGR of 30.23 percent during the forecast period.

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Maximize Market Research provides B2B and B2C research on 6,500 high-growth emerging opportunities and technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics and Communications, Internet of Things, Food and Beverages, Aerospace and Défense and other manufacturing sectors.

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RPA in Insurance Market to reach USD 727.71 Million by 2029 at a growth rate of 28.4 percent over the forecast period