What Is The Best RPA Software in 2024?
We frequently get the question: “What’s the best RPA software?”. We are not a big fan of this question, as the best software for your company depends on your company’s automation needs. But we will address that question by comparing the top RPA software providers.
Please note that we are not updating this in real time. You can see an up-to-date chart that is based on these criteria, along with a list of RPA vendors and their relevant information, on our RPA vendors list.
Which is the best-funded RPA software provider?
UiPath is the most likely candidate but the question is not possible to answer perfectly. This is because public companies like IBM offering products in multiple markets are part of the RPA market. So it is not possible to allocate their funding to their different products using public data.
Funding is a good proxy for success, as investors are looking carefully at the RPA ecosystem and are betting on companies’ success with their money. So the best-funded vendor can be the most successful one in the long run.
So we looked at the RPA software providers with top funding:
IBM
Sponsored:
IBM is one of the few companies with a single platform for both business and IT automation and has solution capabilities that range from robotic process automation (RPA), to process mining, and virtualization.
The following diagram provides an overview of Cloud Pak for Business Automation, IBM’s AI-enabled solution integrating RPA, process mining, and NLP capabilities.
UiPath
$2+B including:
- $728M raised in Apr/2021 as part of their IPO
- $750M raised in Feb/2021
- $425K raised in Dec/2020
- $225M raised in July/2020
- $568M raised in April/2019
Automation Anywhere
$850+M including:
WorkFusion
$340+M including:
BluePrism
$155M with $55M from previous investors and $100M from their post-IPO placing. BluePrism was sold for $1.5bn in September 2021 to Vista Private Equity.
Disclaimers: This is a very high-level exercise with shortcomings:
- We should ideally be looking at valuation because by giving away more of your company, you can raise more than your competitors even when markets favor your competitors. However, since most RPA vendors are private companies, valuation data is not public so we looked at funding amounts assuming all these major companies gave away similar percentages of ownership.
- This exercise favors older companies as they had more time to raise and burn funding. Except WorkFusion and IBM these companies are of similar age so should not be a major issue.
Which vendor is more popular/searched more on Google?
One way to measure popularity is to look for Google queries including the RPA company’s name.
Historical results for selected RPA companies
There were no clear winners before 2017:
However, UiPath takes off after 2017:
Source: Google Trends
However, for a more comprehensive view of the RPA market, check our data-driven list of RPA vendors where we track companies by popularity, web traffic, and maturity.
So which company leads the pack?
UiPath leads the pack in terms of funding and awareness. UiPath is also one of the late entrants into the market so we can say that it has strong momentum currently. However, RPA is an emerging market and market dynamics can change quickly.
For more on RPA
For more on RPA, feel free to read our in-depth articles on:
- Get all your RPA related questions answered
- Comprehensive list of RPA benefits
- RPA innovations that you can work with today such as no code RPA
For more details on RPA, read our data-driven whitepaper on the topic:
And if you are interested in purchasing an off-the-shelf automation solution to transform your business, check our comprehensive hub of automation solutions, and reach out to us to help you find the right tool that fits your business needs:
Cem is the principal analyst at AIMultiple since 2017. AIMultiple informs hundreds of thousands of businesses (as per Similarweb) including 60% of Fortune 500 every month.
Cem's work has been cited by leading global publications including Business Insider, Forbes, Washington Post, global firms like Deloitte, HPE, NGOs like World Economic Forum and supranational organizations like European Commission. You can see more reputable companies and media that referenced AIMultiple.
Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised enterprises on their technology decisions at McKinsey & Company and Altman Solon for more than a decade. He also published a McKinsey report on digitalization.
He led technology strategy and procurement of a telco while reporting to the CEO. He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem's work in Hypatos was covered by leading technology publications like TechCrunch and Business Insider.
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
Sources:
AIMultiple.com Traffic Analytics, Ranking & Audience, Similarweb.
Why Microsoft, IBM, and Google Are Ramping up Efforts on AI Ethics, Business Insider.
Microsoft invests $1 billion in OpenAI to pursue artificial intelligence that’s smarter than we are, Washington Post.
Data management barriers to AI success, Deloitte.
Empowering AI Leadership: AI C-Suite Toolkit, World Economic Forum.
Science, Research and Innovation Performance of the EU, European Commission.
Public-sector digitization: The trillion-dollar challenge, McKinsey & Company.
Hypatos gets $11.8M for a deep learning approach to document processing, TechCrunch.
We got an exclusive look at the pitch deck AI startup Hypatos used to raise $11 million, Business Insider.
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Is there any specific reason ‘Celonis’ is not included in the list even after
Celonis Raises $1 Billion At $11 Billion Valuation, Making It New York’s —And Germany’s — Most Valuable Startup
Because Celonis is primarily a process mining solution.
They started to get into RPA with Action Flows components of their EMS (i.e. Execution Management Systems). As you can tell from the names I needed to use to explain how RPA relates to Celonis, I don’t yet see RPA as their focus yet. This is also based on my discussions with enterprises. But companies are able to launch new offerings and dominate new markets (e.g. AWS as the most obvious example). So we are all ears if the Celonis team wants to brief us on their automation solution.
A lot has changed since the search trend data was pulled for 2018! Would love to get your thoughts on where HelpSystems Automate falls within your rankings
True! We will be updating this article this quarter.
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Thanks for the comparison, Automate (helpsystems) has been showing up in rpa software space lately. Where does that fall?
How about Kryon systems? Any reviews about them?
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