Have you ever felt like a million bucks? How about $35 billion? Personally, I don’t know what it feels like, but if you’re wondering, I’d recommend asking UiPath, Leader on the G2 Grid® Report for Robotic Process Automation (RPA) for Winter 2021. Having raised $750 million in their latest fundraise (Series F), they are now worth a whopping $35 billion. 

It’s not just UiPath which is on fire. Software buyers are flocking to RPA for their automation needs, as can be seen from the chart below. Traffic to the Robotic Process Automation (RPA) software category on G2 saw its biggest traffic spike in January 2021 over the past year with a 20% increase.

Traffic to the Robotic Process Automation (RPA) software category on G2

So, what is UiPath all about and why is it, as well as the whole RPA market on fire?

Automation all the way down

UiPath began its journey with a focus on RPA, which utilizes bots to automate routine tasks within software applications normally performed by employees. With some of their latest product updates, they have been moving toward an end-to-end automation solution, including low-code automation with their launch of UiPath Apps in September 2020. 

RPA must be more than just a quick-fix solution used in isolation. Simply automating processes without it being part of a broader automation strategy is doomed to fail. At G2, we are seeing a convergence and confluence of different types of automation-related software, such as low-code development platforms and RPA software. Although the jury is out on what to name it, we like the term intelligent automation to describe this nexus.

Automation here, there, and everywhere

The impact of RPA is being felt across all industries and business sizes. According to the G2 Grid® Report, RPA is being used across business sizes, from the smallest companies to the largest enterprises. As the following chart of the Top 5 RPA Products (Winter 2021 Grid Report, ordered by percentage of enterprise reviews) shows, although some products such as UiPath, Automation Anywhere, and Blue Prism are reviewed mostly by enterprise customers, there is still a sizable market for smaller businesses.

Reviewers for Top RPA Products (G2 Grid®, Winter 2021) across business sizes

What's next?

RPA technology has become a popular technology for business automation and has caught the attention of investors. However, it is not a magic bullet. For a successful automation program, there must be careful consideration for how it ties into a business’ broader operations and software stack. With this in place, along with related technologies such as low-code development platforms, a business can build a competitive edge with successful automation.