For companies looking to buy or license intelligent process automation tech, the barrier to entry has never been lower. In this Market Map, we look at AI companies offering automation for financial workflows, software testing, customer experience, and more.
As the robotic process automation (RPA) market becomes increasingly crowded, artificial intelligence tools are becoming a necessity to remain competitive.
Emerging and established vendors are now branding — or rebranding — themselves as “intelligent process automation” (IPA) solution providers. IPA supplements traditional RPA software with AI tools like computer vision, natural language processing, and smarter workflow automation.
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For companies looking to buy or license IPA tech, the barrier to entry is lower than ever before. Adobe, Deloitte, Google, IndianOil, and other enterprises are partnering with IPA vendors, such as UiPath and Automation Anywhere. Startups like Robocorp are building open-source IPA platforms for developers. In many cases, non-technical business users can leverage low-code and no-code features to launch projects using IPA platforms.
However, notable companies in the space have announced layoffs and hiring freezes amid economic uncertainties and increased investor scrutiny. UiPath recently announced that it’ll lay off 5% of its 4K+ global workforce. Axios reported high staff turnover at RPA unicorn Olive, which also announced a hiring freeze in March.
Meanwhile, in an effort to expand their market share and tech capabilities, IPA vendors are acquiring competitors and startups (companies including Another Monday, Lana Labs, Kryon, and FortressIQ have all recently been scooped up).
In the Market Map below, we identify 42 AI-powered IPA solution providers and break down the markets they’re targeting.