The market for Robotic Process Automation Software grew by 63.1% in 2018, Gartner reports.
Gartner, a global research and advisory company, say the rise to $846 million for the industry has made it the global enterprise software market’s fastest emerging area.
Robotic Process Automation (RPA) is technology based on AI workers or metaphorical software workers. It is an up-and-coming form of business process automation technology.
A growing market
In talking about the rise of the industry, Fabrizio Biscotti, research vice president at Garter, says: “The RPA market has grown since our last forecast, driven by digital business demands as organisations look for ‘straight-through’ processing.
“Competition is intense, with nine of the top 10 vendors changing market share position in 2018.”
The competition is so intense, that Garter reported just 5 RPA vendors controlled 47% of the market. In 2018, UiPath had a 13.6% share in the market, making them the industry lead, with Automation Anywhere holding 12.8% and Blue Prism having 8.4%.
The region with highest share was North America (holding 51%). Western Europe held the second highest share (23%), and Japan came third and had an adoption growth of 124% last year.
Commenting on this point, Biscotti said: “This shows that RPA software is appealing to organisations across the world, due to its quicker deployment cycle times, compared with other options such as business process management platforms and business process outsourcing.”
RPA popularity amongst industries
RPA is available to all industries, but certain companies tend to use this type of software above others. These tend to be banks, telcos, utility and insurance companies. The reason behind this is that using RPA’s ensures integration functionality.
“The ability to integrate legacy systems is the key driver for RPA projects. By using this technology, organisations can quickly accelerate their digital transformation initiatives, while unlocking the value associated with past technology investments,” said Mr. Biscotti.
Gartner have predicted that the future is changing ever-still for those companies that adopt Robotic Process Automation. In the next three years, they suggest that software companies such as IBM, SAP and Microsoft will team up with RPA software providers, resulting in the increase of traction and awareness with their customers when it comes to RPA.
The future of RPA
Digital businesses are also taking advantage of RPA software capabilities through being able to stream processing and real-time analytics.
Mr. Biscotti commented on this by saying: “This is an exciting time for RPA vendors. However, the current top players will face increasing competition, as new entrants will continue to enter a market whose fast evolution is blurring the lines distinguishing RPA from other automation technologies, such as optical character recognition and artificial intelligence.”
Garter have revealed their implications that this sector is hoped to reach $1.3 billion in 2019.