What UiPath's Upcoming IPO Reveals About the Future of Industrial Automation
Regardless of the industry, evolving with consumer needs and market standards has become mandatory. Robotic Process Automation (RPA) automates critical business processes by using algorithms for repetitive tasks such as invoicing, expense management, emails management, recognizing potential leads, etc.
A study by NASA observes that human error is responsible for 60%-80% of risks in high-risk industries. RPA reduces this risk by taking out humans in the loop across operations. Without adapting to the evolving market and use of technological solutions, businesses will begin to fall behind.
UiPath is an RPA platform that is used to automate redundant tasks. UiPath provides end-to-end automation, calling it “hyperautomation.”
The company reached a massive $35B valuation after closing $750M in their series F funding round. A year ago, this automation company was valued at $10B, meaning this round leaves them with a 350% growth rate in the past year... all before their official IPO.
With UiPath’s major growth starting in 2016, they are strongly positioned amongst competitors: Automation Anywhere, Blueprism, and WorkFusion to name a few. They have registered to the Securities and Exchange Commission for an initial public offering. They are the latest to take advantage of this hotIPO market.
UiPath’s IPO shows that Robotic Process Automation (RPA) is growing rapidly. The global RPA market size is anticipated to reach $25.56B by 2027, expanding at a CAGR of 40.6% over the forecast period. Businesses’ desire to reduce in-time consumption as well as to eliminate human errors are large factors responsible for the positive growth of the industry. Automation is the future and there is a huge opportunity that UiPath is certainly taking advantage of.
One of UiPath’s automation partners is the industry's most accurate receipt, invoice, and payments AI company, Photon Commerce.
Photon Commerce is proud to be partnered with the leader in document understanding, UiPath. Automation is now more important than ever in the era of distributed work.
Accelerate your customer acquisition, data analytics, and finance operations by joining UiPath and becoming part of Photon Commerce’s partner ecosystem.
