When uipath filed Last week was its S-1, a watershed moment for the robotic process automation (RPA) market. The company, which first appeared on our radar for $ 30 million Series A in 2017, has so far raised an astonishing $ 2 billion in private. In February, it was valued at $ 35 billion when it raised $ 750 million in its latest round.
RPA and process automation arose during the epidemic as companies took steps to digitally transform. When employees cannot be in the same office simultaneously, it has become important to sew more automated workflows that require fewer people.
The RPA has enabled executives to provide a level of workflow automation that essentially buys them to update systems to more modern approaches to reduce the large number of mundane manual tasks that drive workflows of every industry. Are part of.
When UIPAT raised money in 2017, RPA was not well known in enterprise software circles, although it was already several years. The category was gaining popularity from that point on because it addressed automation in the context of a legacy. This means that companies with deep legacy technology – practically not everyone is born in the cloud – can undertake a costly and risky venture, which most CEOs will not undertake, without ripping up and replacing older platforms.
RPA has enabled executives to provide a level of workflow automation, a taste of modern. This essentially gives the system time to update to more modern approaches, while reducing the large number of mundane manual tasks that are just part of the workflow of every industry.
While some point to RPA as job-elimination software, it also provides a way to free people from some of the organization’s most mind-numbing and mundane tasks. The argument goes that it frees employees for higher level tasks.
As an example, RPA can take advantage of earlier workflow techniques such as OCR (optical character recognition), to read a number from a form, enter data into a spreadsheet, generate an invoice, printing it and mailing it. Send and generate a slack message to the accounting department that the work has been completed.
We are going to take a deep plunge into the RPA and deep process automation space – explore market size and dynamics, look at the key players and largest investors, and finally, try to find out where this market is in the future can go .
According to IDC, UIPAT is clearly an RPA star with a significant market share of 27.1%. Automation ranks second with 19.4% anywhere, and Blue Prism is third with 10.3%, based on data from IDC’s July 2020 report, which was last reported on the market.
Two other players with notable market share are Workfusion with 6.8% and NTT with 5%.