When UIPath was submitted With its S-1 final week, it marked a turning level for the robotic course of automation (RPA) market. The corporate, which first appeared on our radar in 2017 for a $ 30 million Sequence A, has raised a staggering $ 2 billion so far when it was personal. It was valued at $ 35 billion in February when it raised $ 750 million in its last spherical.
RPA and course of automation got here to the fore in the course of the pandemic as firms took steps in direction of digital transformation. When staff could not be in the identical workplace collectively, it turned crucial to cobble collectively extra automated workflows that had fewer staff on the go.
RPA has enabled executives to offer a degree of workflow automation that basically frees them up time to replace techniques to extra trendy approaches whereas decreasing the big variety of day-to-day handbook duties which can be a part of any trade’s workflow.
When UIPath raised cash in 2017, RPA wasn’t very well-known in enterprise software program circles, though it has been round for a number of years. At this level, the class was gaining recognition because it checked out automation in an historic context. This meant that firms with deep legacy know-how – just about anybody who wasn’t born within the cloud – may automate throughout legacy platforms with out ripping and changing them. That is an costly and dangerous endeavor that almost all CEOs would relatively not undertake.
RPA has enabled executives to offer a degree of workflow automation, a style of the fashionable age. This basically frees them up time to improve techniques to extra trendy approaches whereas decreasing the big variety of day-to-day handbook duties which can be a part of the workflow of almost each trade.
Whereas some individuals seek advice from RPA as job chopping software program, it additionally offers a solution to free individuals from among the most nerve-wracking and mundane duties within the group. The argument goes that this frees up staff for higher-level duties.
For instance, RPA may leverage older workflow applied sciences like OCR (Optical Character Recognition) to learn a quantity from a kind, enter the info in a spreadsheet, generate an bill, ship it out for printing and mailing, and generate a Slack message to accounting that the duty has been accomplished.
We’ll dive into RPA and the bigger space of course of automation – study market measurement and dynamics, have a look at the important thing gamers and largest traders, and at last strive to determine the place this market may lead sooner or later.
Meet the distributors
In response to IDC, UIPath is clearly an RPA star with a major market share lead of 27.1%. Automation Anyplace ranks second at 19.four% and Blue Prism ranks third at 10.three% based mostly on information from IDC’s July 2020 report, the corporate’s final report in the marketplace.
Two different notable gamers with a major market share are WorkFusion with 6.eight% and NTT with 5%.