In this video, Bryan Bergin, IT & Business Services, Human Capital Management, and Enterprise Automation Analyst discusses his latest Ahead of the Curve Series® Report, RPA/IA Insights Vol 26: Higher Growth at Larger Scale + Cowen RPA Survey. He discusses advances in robotic process automation (RPA) and other process automation software as well as current and estimated future demand. Press play to watch the video.
Based On An Ahead of the Curve Series® Report, RPA/IA Insights Vol 26: Higher Growth at Larger Scale + Cowen RPA Survey.
I’m Bryan Bergin, Cowen Services, HCM, and Software Analyst.
Automation of business processes is not new, but advances over the last several years in process automation software, which includes robotic process automation, process & task discovery, intelligent document processing, and other BPM & workflow tools, have made solutions much easier to use and scale.
As these tools have gotten better, the need for them has simultaneously risen, and that’s only been amplified by the pandemic as global organizations were challenged with executing on highly manual and often broken enterprise workflows.
Across every industry you’ll find accelerating digital transformation intentions and underlying that is often a component of process modernization and automation software adoption.
When you consider the addressable market potential here around automating manual task knowledge workers, the numbers are massive. Analyses by leading global consultancies peg the low end at over $65 billion and the high end at a robust $200 billion.
We think this provides durable growth for RPA and IPA solution providers over the next several years. In fact, in a recent survey we conducted, 97% of participants believed their organization would materially increase RPA spending over the medium term.
Department usage was broad, and so were the reasons for using the software. Increasing urgency of Global enterprises and a nascent market penetration is a favorable setup for this group.
We see rising investment by large software companies and the recent IPO of a market leader that is also apt to bring increasing awareness to an ecosystem that’s still largely comprised of private vendors.
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