Gartner finds RPA is fastest growing market in enterprise software
In case you requested the common particular person on the road what Robotic Course of Automation is, likely wouldn’t have a clue. But new data from Gartner finds the RPA market grew over 63% final 12 months, making it the quickest rising enterprise software program class. It’s value noting, nevertheless, that the general market worth of $846.2 million stays slightly modest in comparison with different multi-billion greenback enterprise software program classes.
RPA helps firms automate a set of extremely handbook processes.The great thing about RPA, and why firms prefer it a lot, is that it permits clients to deliver a stage of automation to legacy processes with out having to tear and exchange the legacy programs.
As Gartner factors out, this performs effectively in firms with giant quantities of legacy infrastructure like banks, insurance coverage firms, telcos and utilities.”The power to combine legacy programs is the important thing driver for RPA initiatives. By utilizing this expertise, organizations can shortly speed up their digital transformation initiatives, whereas unlocking the worth related to previous expertise investments,” Fabrizio Biscotti, analysis vice chairman at Gartner mentioned in a press release.
The most important winner on this quickly rising market is UIPath, the startup that raised $568 million on a fat $7 billion valuation final 12 months. One purpose it’s attracted a lot consideration is its unbelievable development trajectory. Take into account that UIPath introduced in $15.7 million in income in 2017 and elevated that by a whopping 629.5% to $114.Eight million final 12 months. That type of development tends to get you seen. It was good for 13.6% marketshare and first place, all the best way up from fifth place in 2017, in keeping with Gartner.
One other startup almost as scorching as UIPath is Automation Anywhere, which grabbed $300M from SoftBank at a $2.6B valuation final 12 months. The 2 firms have raised a gaudy $1.5 billion between them with UIPath bringing in a good $1 billion and Automation Anyplace getting $550 million, in keeping with Crunchbase.
Automation Anywhere income grew from $74 million to $108.four million, a development clip of 46.5%, good for second place and 12.Eight % marketshare. Automation Anyplace was supplanted in first place by UIPath final 12 months.
Blue Prism, which went public in 2016, issued $130 million in stock last year to boost some extra funds, in all probability to assist sustain with UIPath and Automation Anyplace. Regardless of the purpose, it greater than doubled its income from $34.6 million to $71 million, a wholesome development price of 105 %, good for third place with 8.four % marketshare.
For now, everybody it appears is profitable because the market grows in leaps and bounds. Actually, the expansion numbers down the road are spectacular with NTT-ATT rising 456% and Kofax rising 256% 12 months over 12 months as two prime examples, however even with these development numbers, the marketshare begins to fragment into a lot smaller bites.
Whereas the market remains to be very a lot in a growth part, which might account for this stage of development and jockeying for market place, sooner or later that fragmentation on the backside of the market would possibly result in consolidation as firms attempt to purchase extra marketshare.