When UIPath filed its S-1 final week, it was a watershed second for the robotic course of automation (RPA) market. The corporate, which first appeared on our radar for a $30 million Collection A in 2017, has up to now raised an astonishing $2 billion whereas nonetheless personal. In February, it was valued at $35 billion when it raised $750 million in its newest spherical.
RPA and course of automation got here to the fore throughout the pandemic as corporations took steps to digitally rework. When workers couldn’t be in the identical workplace collectively, it turned essential to cobble collectively extra automated workflows that required fewer individuals within the loop.
RPA has enabled executives to supply a degree of workflow automation that primarily buys them time to replace programs to extra fashionable approaches whereas lowering the massive variety of mundane guide duties which might be a part of each trade’s workflow.
When UIPath raised cash in 2017, RPA was not well-known in enterprise software program circles despite the fact that it had already been round for a number of years. The class was gaining in recognition by that time as a result of it addressed automation in a legacy context. That meant corporations with deep legacy expertise — virtually everybody not born within the cloud — may automate throughout older platforms with out ripping and changing, an costly and dangerous endeavor that the majority CEOs would quite not take.
RPA has enabled executives to supply a degree of workflow automation, a style of the fashionable. It primarily buys them time to replace programs to extra fashionable approaches whereas lowering the massive variety of mundane guide duties which might be a part of nearly each trade’s workflow.
Whereas some individuals level to RPA as job-elimination software program, it additionally gives a option to liberate individuals from among the most mind-numbing and mundane chores within the group. The argument goes that this frees up workers for greater degree duties.
For example, RPA may make the most of older workflow applied sciences like OCR (optical character recognition) to learn a quantity from a type, enter the info in a spreadsheet, generate an bill, ship it for printing and mailing, and generate a Slack message to the accounting division that the duty has been accomplished.
We’re going to take a deep dive into RPA and the bigger course of automation house — discover the market dimension and dynamics, have a look at the important thing gamers and the most important traders, and at last, attempt to chart out the place this market may go sooner or later.
Meet the distributors
UIPath is clearly an RPA star with a major market share lead of 27.1%, in line with IDC. Automation Anyplace is in second place with 19.4%, and Blue Prism is third with 10.3%, based mostly on knowledge from IDC’s July 2020 report, the final time the agency reported in the marketplace.
Two different gamers with important market share price mentioning are WorkFusion with 6.8%, and NTT with 5%.