The robotic process automation (RPA) market is ballooning - according to Gartner, the market grew by 63.1% in 2018. McKinsey predicts that, by 2025, automation technologies, of which RPA forms a part, could have a gargantuan financial impact of around $6.7trn.
One of the main competitors in the market is the New York-based UiPath. Originally founded in Bucharest, Romania in 2005, the company has raised a total of $1bn over a number of rounds, with its latest Series D round raising $568mn alone.
What exactly is driving this explosive growth? In this month’s issue of Gigabit magazine, we spoke to Gavin Jackson, the company’s Senior Vice President and Managing Director EMEA, to get some answers and better understand the potential and possibilities of RPA.
One key part of the RPA offering is the agility it can grant to established companies still beholden to legacy software. “Most large enterprises are looking at a digital transformation journey and looking to build a set of attributes that are very specific - the attributes of what you might consider to be a digital native, or startup, tech company,” Jackson explains. “Startups loathe waste. They loathe any kind of time spent on anything but building their products, serving their customers, and reinventing the world. These are the attributes that are so attractive for companies that have been around for a long period of time.”
UiPath anticipates RPA to unlock human capacity and potential by eliminating busywork. “If you can get the robots to do all the drudge work, to stage data in a form factor that an analyst can then quickly view and chop stories from, you're getting the maximum impact out of that human, and they don't spend an ounce of time in the technical querying of data. They get to analyse the data and create stories that business owners can make good decisions with.”
You can read the full story here.