This week, research publisher Gartner Inc. published its first-ever Magic Quadrant for the RPA Software Automation market.
The report sheds light on the leading players and key trends in the rapidly growing segment that is Robotic Process Automation. RPA relates to the use of software with artificial intelligence and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform. RPA software relies on robots that can mimic a human worker by logging into an application, entering data or calculating and completing tasks and then logging out once the task is done.
Gartner estimates that the market cap for RPA software could increase by $2.4 Billion a year by 2024, as opposed to just $850 Million today. The report also said RPA is the fastest-growing subsegment of enterprise software it tracks, with an annual growth rate of 63% in 2018.
Gartner also said RPA is growing so fast because it helps companies automate their business processes without needing to replace their legacy computing systems. RPA is, therefore, proving to be particularly popular with enterprises that still maintain larger amounts of legacy information technology infrastructure, including banks, insurance firms, and utility companies.
“A company’s ability to execute is defined by things such as its market understanding and strategy, sales strategy, product strategy, business model, level of innovation and geographic strategy,” Gartner said. Gartner said that the top-ranked RPA company is UiPath Inc., which most recently raised $568 Million in venture capital funding and is valued at $7 Billion.
“We’re excited to see the attention being paid to RPA by leading industry analyst firms,” Daniel Dines, UiPath’s Co-Founder and Chief Executive Officer, said in a statement. “There is a real recognition that businesses are investing in RPA to augment and support their workforces with software robots, rapidly accelerating the digital transformation of their entire business, and freeing employees to spend time on more impactful work.