It’s an exciting time for Robotic Process Automation (RPA). Gartner has announced their first-ever Magic Quadrant for Robotic Process Automation Software. We believe that this focus on the Robotic Process Automation market speaks volumes about two important business trends:
- The growth of the entire Robotic Process Automation market as adoption rates continue to soar.
- How UiPath has solidified a clear leadership position in the Robotic Process Automation industry and will continue to play a key role in shaping its future.
Let’s take a closer look at each trend.
The entire Robotic Process Automation industry is exploding
Enterprises continue to implement Robotic Process Automation at record-setting rates. A recent Wall Street Journal article highlighted the fact that global spending on Robotic Process Automation reached $680 million in 2018, an amount that is estimated to nearly quadruple to $2.4 billion by 2022.
This same article showed that 60% of companies with more than $1 billion in annual revenues deployed some form of Robotic Process Automation technology last year. This share is expected to increase to 85% in three short years.
Daniel Dines, UiPath co-founder and CEO, believes these trends are real—and present massive opportunities. “There is real recognition that businesses are investing in Robotic Process Automation 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,” he said.
Leading the way
Clearly, the Robotic Process Automation market is growing at unprecedented rates, but then again, so too is UiPath. In April, we announced that we closed a $568 million Series D funding round, a milestone achievement that raised our company valuation to $7 billion and established UiPath as one of the fastest growing enterprise software companies in the world. In fact, we were recently recognized as the 26th fastest growing company on the Deloitte Fast 500.
The entire Robotic Process Automation community is now taking notice. UiPath currently has more than 100 technology partners. It also has a 4.6 out of 5 overall rating on Gartner Peer Insights as of June 6, 2019, which we feel is a sign that 869 different Robotic Process Automation users would recommend UiPath to a friend or colleague. One recent reviewer* went so far as to call UiPath “the best automation tool...the best experience for vendors who implement Robotic Process Automation for their customers who wants to automate their business processes.”
We believe the newly released Gartner Magic Quadrant for Robotic Process Automation Software reinforces these points. UiPath was one of 18 vendors evaluated in the first year of this Magic Quadrant report, and placed highest and furthest in the Leaders quadrant for both the ability to execute and completeness of vision.
It’s so rewarding to be recognized by a leading industry analyst firm such as Gartner. We believe that the market is recognizing the vast potential of Robotic Process Automation and recognizes UiPath as a true leader in this new workforce revolution.
We simply couldn’t have achieved this level of success without our customers and their ongoing commitment, loyalty, and support. We look forward to continuing to work in partnership with all of our customers and partners. We’ll also continue to collaborate further to improve and automate business processes, and free employees to focus on more rewarding work.
We’re excited about this new development and can’t wait to share even more information with you in the next few days. Stay tuned for future details on how you can get your complimentary copy of this exclusive new Robotic Process Automation industry report.
Stay tuned for more information on this exciting news. Meanwhile, want to read the 2019 Gartner Magic Quadrant for Robotic Process Automation Software? Get your own complimentary copy here.
*Gartner Peer Insights reviews constitute the subjective opinions of individual end users based on their own experiences, and do not represent the views of Gartner or its affiliates.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.