Growth Trends for RPA Global Market
Gartner recently published its first-ever Magic Quadrant for Robotic Process Automation Software that offers an in-depth analysis of the RPA market across the globe.
According to Gartner, RPA software is the fastest-growing segment of the global enterprise software market with a revenue growth of 63.1 percent in 2018. RPA is driven by digital business demands as organizations look for ways to improve operational efficiency and integrate legacy systems. Organizations are more likely to use RPA due to the patchwork of existing applications and automation tools they already use.
To quote the report, “RPA has effectively bypassed the traditional IT buyer, appealing directly to business users, with its emphasis on resource reduction, easy efficiency and accessibility of the scripting environments.”
Simply put, market growth is driven by organizations who are still trying to automate manual and mundane tasks, and have grown frustrated with automating connections between the patchwork of expensive applications. The slow pace of IT departments to automate systems is cited as a major reason for digital transformation efforts to stall, making it hard for companies to scale up the business. The inability to link transactions and customer experience to data in legacy applications has led to hiring more employees to handle the work.
RPA provides a solution to democratize automation and integration, as well as move data among applications. Whether it’s attended or unattended automation, the appeal of RPA is the apparent speed to value. At its core, automation help organizations support large-scale data migration and extract information from historical technology investments.
The finance sector led the way in RPA for operational processes and now other industries have rapidly followed due to RPA’s ability to integrate legacy systems. The biggest adopters are banks, insurance, utilities, retail, manufacturing and government industries in the U.S. and U.K. Market adoption will continue to grow in banking, insurance, finance and accounting departments across the globe in Europe, Japan, Asia and Australia.
Moving forward, there will be a greater emphasis on RPA delivered as a service like other cloud services. With fair subscription pricing, more small businesses will have the capability of larger enterprises to scale up operations and improve productivity, agility and efficiency.
We’ll also start to see more vendors – including mega-vendors like IBM, SAP and Microsoft – come from adjacent product sectors and establish a portion of this rapidly expanding market. Compared to expensive artificial intelligence solutions, RPA software is low-cost, easy to implement and accessible to a broader consumer base. The valuation increases as more organizations buy the software.
Gartner ranks UiPath as a leader in its RPA Magic Quadrant for product performance and roadmap, financial viability and customer experience. UiPath also has a strong business partner ecosystem, such as with Confiance, to offer comprehensive RPA experience for successful implementation and automation.
RPA is making a major impact across many industries and has the potential to do more globally. Our team’s experience combined with the power of UiPath propels your business into a higher level of efficiency and production. Let our team help you create a plan, define the right use cases and establish a governance structure for the UiPath platform.