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 Series A in 2017, has thus far raised an astonishing $2 billion whereas nonetheless non-public. 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 in the course of the pandemic as firms took steps to digitally remodel. When workers couldn’t be in the identical workplace collectively, it grew to become essential to cobble collectively extra automated workflows that required fewer individuals within the loop.
RPA has enabled executives to supply a stage of workflow automation that basically buys them time to replace programs to extra fashionable approaches whereas decreasing the big variety of mundane guide duties which are a part of each trade’s workflow.
When UIPath raised cash in 2017, RPA was not well-known in enterprise software program circles though 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 firms with deep legacy know-how — virtually everybody not born within the cloud — might automate throughout older platforms with out ripping and changing, an costly and dangerous endeavor that almost all CEOs would fairly not take.
RPA has enabled executives to supply a stage of workflow automation, a style of the fashionable. It basically buys them time to replace programs to extra fashionable approaches whereas decreasing the big variety of mundane guide duties which are a part of nearly each trade’s workflow.
Whereas some individuals level to RPA as job-elimination software program, it additionally offers a option to liberate individuals from a number of the most mind-numbing and mundane chores within the group. The argument goes that this frees up workers for greater stage duties.
For example, RPA might benefit from 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 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, take a look at the important thing gamers and the largest traders, and eventually, attempt to chart out the place this market would possibly go sooner or later.
Meet the distributors
UIPath is clearly an RPA star with a big market share lead of 27.1%, according to IDC. Automation Anyplace is in second place with 19.4%, and Blue Prism is third with 10.3%, primarily based on information 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%.