Automation Anywhere and UiPath are the leading tools for RPA in terms of total funding among robotic process automation (RPA) companies. This is based on the funding amounts published on Crunchbase.
UiPath, the second-top funding leader with $448 million in funding, has been directly targeting the supply chain market for business. It specifically highlighted its potential as a tool for inventory management.
“RPA is valuable in this case because the software robots can monitor inventory, generate notifications when levels are low, and reorder products when levels go below a set threshold,” UiPath wrote in a blog post.
These are benefits companies are apparently buying into. A study from the Information Services Group found 72% of enterprises would be using RPA by this year. And a report from EY found material requirement planning, order management and procurement are some of the top tasks that could be aided by RPA.
The overall RPA market is expected to reach $1.7 billion in revenue this year, according to Forrester projections. Integration with analytics, chatbots and Internet of Things (IoT) applications will drive this increased demand for RPA, according to Forrester.
“Cost savings, revenue benefits, and enhanced customer experience will accelerate the RPA market throughout 2019,” Forrester wrote in the report.