Gartner published its first Magic Quadrant for Robotic Process Automation software market and declared UiPath, Blue Prism, and Automation Anywhere as leaders.

RPA software relies on robots that mimic human workers as they login into an application, enter calculation or data, complete tasks, and then logs out. Since the technology is expected to save companies a significant amount of time and money; it’s not surprising that Gartner chose to estimate the RPA software market.

Gartner has called RPA the fastest-growing sub-segment of enterprise software with an annual growth rate of 63% in 2018. The RPA software market is expected to reach $2.4 billion a year by 2024, from being at $850 in 2019.

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Experts reason the fast growth of RPA as it helps companies automate their business processes keeping their legacy computing systems. Another reason for higher adaptability of the software among enterprises is that it maintains massive amounts of legacy information technology infrastructure, which includes banks, utility companies, and insurance firms.

Based on their ability to execute as well as their completeness of vision, Gartner has placed EdgeVerve systems and NICE in Challengers quadrant; and WorkFusion, Pegasystems and Another Monday are in the Visionary quadrant.

The list of Niche Players is the highest with 10 companies in it that include, Kofax, Servicetrace, Softomotive, Kryon, AutomationEdge, HelpSystems, Jacada, NTT, AntWorks, and Datamatics.

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The top-ranked RPA company, UiPath Inc., has raised $568 million in a recent venture capital funding and is valued at $7 billion. While UiPath was expected to be at the top, experts find the position of Blue Prism before Automation Anywhere to be surprising as Blue Prism has raised $59 million in total, which is way less than Automation Anywhere’s $550 million fundraisings.

According to a press release by Gartner last year, in 2018, the top-five RPA vendors control 47% of the market, and the vendors ranked sixth, and seventh achieved triple-digit revenue growth. Fabrizio Biscotti, research vice president at Gartner in a statement said, “The RPA market has grown since our last forecast, driven by digital business demands as organizations look for ‘straight-through’ processing. Competition is intense, with nine of the top 10 vendors changing market share position in 2018.”

As far as geographical positing is concerned, North America continues to dominate the RPA software market with a 49% share in 2019. Western Europe is in the next position with 23% share, followed by Japan. “This shows that RPA software is appealing to organizations across the world, due to its quicker deployment cycle times, compared with other options such as business process management platforms and business process outsourcing,” added Biscotti.

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The biggest adopters of RPA are telcos, utility companies, banks, insurance companies since these organizations have many legacy systems. Biscotti believes that this is an exciting time for RPA vendors, as the current top players will soon face increasing competition from the new entrants that are blurring the lines distinguishing RPA from other automation technologies.

The co-founder and CEO of UiPath, Daniel Dines, mentioned in a statement that the adoption trends are real and represent massive opportunities. He said, “There is a 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.”

Gartner has estimated that by the end of 2022, 85% of large and very large organizations will have deployed some form of RPA.

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