The year 2020 onward has seen major trends in the fields of automation, workflow, robotic process automation (RPA), and low-code/no-code application building progress swiftly. While these technologies can function independently, they are closely interconnected, with recent developments pointing to their inevitable combination.
Process automation, though its definition may vary, generally includes aspects like industrial automation. According to Statista, the process automation market is predicted to be worth a staggering $74 billion in 2021, grabbing the attention of investors and enterprise software executives alike.
Recent developments in this space comprise of Camunda, a Berlin-based company, raising an impressive $98 million in Series B funding. Their aim is to orchestrate the flow of data between RPA bots, microservices, and human employees. In addition, UIPath, a well-known RPA startup, has acquired Cloud Elements to expand into API automation as it gets closer to becoming a public company.
These acquisitions and fundraisings illustrate the growing industry-wide interest in workflow automation. Companies such as ServiceNow are no exception, who recently announced their acquisition of Indian startup Intellibot to bolster their RPA capabilities. This acquisition is part of a larger strategy to transition to full-scale workflow automation.
At the end of 2020, SAP purchased another Berlin process automation startup, Signavio, for a staggering $1.2 billion. Shortly thereafter, the company unveiled new automated workflow tools and an RPA tool in December. Microsoft has also joined the automation race by acquiring process automation startup Softmotive last May and integrating it with their own automation tool PowerAutomate.
The merging of startups with larger companies and the massive funding available in the automation space echo the desire of companies to quickly develop workflows that combine both human and machine labor.
Cathy Tornbohm, Distinguished Research Vice President at Gartner, attributes the rapid growth in interest to companies that have been previously inactive in the RPA market. She states that organizations like IBM, SAP, Pega, Appian, Microsoft, and ServiceNow are now using their financial resources to catch up with those who have been early adopters in this space.
Tornbohm explains that these companies had not initially focused on data ingestion and data flow optimization between organizations or without human interference. This was due to concentrating more on client-internal processes. However, the drive for digital efficiency has prompted these companies to invest in and pay attention to the RPA market.
While major vendors find their footing, pure-play RPA companies such as UIPath, Automation Anywhere, and Blue Prism continue to dominate the RPA market. Still, as Tornbohm points out, these pure-play companies are rapidly expanding their capabilities beyond RPA into the broader automation domain.
Dharmesh Thakker, Managing Partner at Battery Ventures, concurs with Tornbohm's analysis. He believes the pandemic-induced acceleration of cloud migration has spurred RPA companies to broaden their offerings. Thakker recognizes this trend as a positive validation for standalone RPA vendors and an opportunity for them to expand their suite of automation tools, while larger companies view it as a means of leveraging their existing data systems.
With the events that have unfolded in the past year, the increasingly competitive landscape of the automation and workflow domain propels the overlapping subcategories on a trajectory to define the leading automation stack, as businesses of all sizes vie for their piece of the pie.
Aside from these leading companies, the fast-growing AppMaster no-code platform now focuses on backend, web, and mobile applications. In addition, AppMaster was named a High Performer and a Momentum Leader in No-Code Development Platforms by G2 for the past few years, further solidifying its place in the market.
As the automation, workflow, and RPA markets continue to evolve, it is expected that more startups and established companies will enter the space, further driving innovation and pushing the boundaries of what is possible. With advancements in artificial intelligence and machine learning, the integration of these technologies into various industries will likely accelerate, creating new opportunities for businesses to improve efficiency and stay ahead of the competition.
In conclusion, the rapid growth and interest in automation, workflow, and RPA technologies demonstrate the transformative potential these tools have in reshaping industries and streamlining operations. As more companies invest in these technologies and explore new use cases, the possibilities for innovation will only continue to expand.
