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CORRECTING and REPLACING New Research Finds Economic Benefits of UiPath Adoption Will Grow to $55 Billion a Year by 2025
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Predicts ecosystem revenue opportunity to more than triple to $51.2 billion by 2025
NEW YORK--(BUSINESS WIRE)--
First paragraph, last sentence of the release dated October 6, 2021 should read: Part of this growth is due to the net-new jobs UiPath is creating; IDC forecasts that by 2025, 73,000 net-new jobs will be created from the use of UiPath RPA. (instead of: Part of this growth is due to the net-new jobs UiPath is creating; IDC forecasts that by 2025, 73 million new jobs will be created from the use of UiPath RPA.)
The updated release reads:
NEW RESEARCH FINDS ECONOMIC BENEFITS OF UIPATH ADOPTION WILL GROW TO $55 BILLION A YEAR BY 2025
Predicts ecosystem revenue opportunity to more than triple to $51.2 billion by 2025
UiPath (NYSE: PATH), a leading enterprise automation software company, today announced new research from IDC that examines the contributions of UiPath robotic process automation (RPA) to the global economy. The UiPath-commissioned IDC Thought Leadership White Paper, “The Economic Impact of UiPath Robotic Process Automation,” states that “the economic benefits expected by the use of RPA software by UiPath customers will grow at a blistering pace, from $7 billion worldwide in 2021 to $55 billion in 2025.”* Part of this growth is due to the net-new jobs UiPath is creating; IDC forecasts that by 2025, 73,000 net-new jobs will be created from the use of UiPath RPA.
“Only 7% of digitally enabled task workers have been impacted by the use of RPA. At this study's projected rate of adoption, task workers impacted will grow at a compound annual growth rate of 70% from 2020-2025, accounting for 10% of task workers impacted. RPA is not even to the ‘knee of the curve’ of adoption,” said report co-author Maureen Fleming, IDC’s program vice president of intelligent process automation research. “Results of the study show that RPA is touching millions of dollars of global business revenue, creating thousands of jobs, and opening billions of dollars in opportunities to ecosystem partners.”
The study also found that:
Automation is a Net-Job Creator
As with any new technology, automation can cause fear in an organization. Will software robots take jobs? Will automation increase unemployment? What does the future hold? While RPA automates manual work, economic growth driven by emerging markets creates new jobs.
IDC estimates that two jobs are gained for every job lost to RPA, and based on how RPA advances, the ratio could change over time to four jobs gained for every job lost.
Automation Paves Pathways to Help Unlock Career Opportunities
As companies continue to prioritize digital transformation efforts, they are increasingly upskilling their employees on RPA to unlock the productivity and innovation potential afforded by automation.
According to the report, of the UiPath survey respondents:
● 68% of upskilled workers had higher salaries than before
● 57% of upskilled workers had higher roles in their enterprises than before
● 50% of new labor added as a result of RPA came from new hires, and 50% from upskilled workers
“Automation unlocks workers’ productivity, and, more importantly, frees them to focus on meaningful work that is creative, collaborative, and strategic,” said Tom Clancy, UiPath senior vice president of learning. “Like previous new technologies, RPA and AI will create new job opportunities. They already are. And that’s why it’s critical that companies provide training for and access to automation and other digital technologies to create more fulfilled and energized employees.”
UiPath Partner Ecosystem Drives Worldwide Acceleration of Growth
The benefits of UiPath RPA are not only delivered by UiPath but by its ecosystem of more than 4,700 partners that offer additional products and services to foster skills development and support customer deployments. This RPA support can be as basic as network connections or cloud storage or as complex as strategic business consulting, human resource organizational assessments, or support for setting up RPA centers of excellence.
IDC predicts that the use of UiPath and its partner ecosystem will generate $5 billion this year and $16.4 billion by the end of 2025. IDC also estimates that UiPath and its partner ecosystem will employ more than 40,000 by the end of 2025 and generate $52.1 billion in revenue opportunity between 2021 and 2025.
“The UiPath partner ecosystem extends the power of our leading automation platform to companies of all sizes, across industries, and helps make customer success possible,” said Thomas Hansen, UiPath chief revenue officer. “As UiPath grows, so do our partners – and we are committed to providing our expanding partner ecosystem with the tools and support needed to empower all workers to be successful in the jobs of the future.”
Download a complimentary copy of IDC Thought Leadership White Paper, The Economic Impact of UiPath Robotic Process Automation, here.
*IDC Thought Leadership White Paper, sponsored by UiPath, “The Economic Impact of UiPath Robotic Process Automation,” Doc. #US47905721, September 2021
About UiPath
UiPath has a vision to deliver the Fully Automated Enterprise™, one where companies use automation to unlock their greatest potential. UiPath offers an end-to-end platform for automation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to rapidly scale digital business operations.
