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Robotic Process Automation is Poised for 10X growth by 2023

Premise

Robotic process automation (RPA) will become a fundamental means for organizations to increase productivity over the next five to ten years. We believe the market is poised to grow from approximately $1B in worldwide spending today to more than $10B by 2023.

The Employment Picture

The most recent job data shows there are a record 7.14 million openings in the U.S. Government statistics released this month indicate that there are just over 6 million unemployed workers. The so-called “quit rate” is at an all time high and the gap between job openings and the number of people to fill those jobs appears to be widening at an alarming pace. Business are worried that wage pressures will continue to increase as inflation faces upward momentum.

What we Learned at UiPath Forward

theCUBE covered the recent UiPath Forward event in Miami. We interviewed executives, customers, RPA practitioners and ecosystem partners who are driving robotic process automation towards closing the labor and productivity gaps. Here are some of the key takeaways:

New Ways to Work

As Wikibon has previously stated, for decades, enterprises have been organizing work around applications; building systems that are hardened and often stove-piped. Digital transformation is causing businesses generally and technology operations specifically to rethink how they approach work streams. So-called data-driven organizations don’t want to lock processes into applications because it creates constraints and restrictions. Rather organizations want to shape the automation around the ideal business process. This is especially critical as business processes in the digital world are often new, untested and sometimes experimental. Having a technology foundation that can quickly adapt is critical.

Increasingly, robotic process automation (RPA) tools are allowing enterprises to integrate application functionality where users want it most – at their point of work. This opens the possibilities of automatin at scale. The possibility (and mandate) to restructure work with the explicit goal of automating mundane and low value work streams – we believe – will have dramatic impacts on productivity improvements over the next decade.

Video Summary of UiPath Forward

Here’s a cliplist of some of the highlights from UiPath customers, partners, execs and analysts from the event:

Keep in Touch

Thanks to Alex Myerson and Ken Shifman on production, podcasts and media workflows for Breaking Analysis. Special thanks to Kristen Martin and Cheryl Knight who help us keep our community informed and get the word out. And to Rob Hof, our EiC at SiliconANGLE.

Remember we publish each week on theCUBE Research and SiliconANGLE. These episodes are all available as podcasts wherever you listen.

Email david.vellante@siliconangle.com | DM @dvellante on Twitter | Comment on our LinkedIn posts.

Also, check out this ETR Tutorial we created, which explains the spending methodology in more detail.

Note: ETR is a separate company from theCUBE Research and SiliconANGLE. If you would like to cite or republish any of the company’s data, or inquire about its services, please contact ETR at legal@etr.ai or research@siliconangle.com.

All statements made regarding companies or securities are strictly beliefs, points of view and opinions held by SiliconANGLE Media, Enterprise Technology Research, other guests on theCUBE and guest writers. Such statements are not recommendations by these individuals to buy, sell or hold any security. The content presented does not constitute investment advice and should not be used as the basis for any investment decision. You and only you are responsible for your investment decisions.

Disclosure: Many of the companies cited in Breaking Analysis are sponsors of theCUBE and/or clients of theCUBE Research. None of these firms or other companies have any editorial control over or advanced viewing of what’s published in Breaking Analysis.

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