UiPath Named a Leader in IDC MarketScape: Worldwide Intelligent Document Processing 2023-2024 Vendor Assessment

UiPath (NYSE: PATH), a leading enterprise automation software company, today announced that it has been named a Leader in the IDC MarketScape: Worldwide Intelligent Document Processing (IDP) 2023-2024 Vendor Assessment*. The inaugural report examines AI technologies such as optical character recognition (OCR), computer vision, natural language processing (NLP), and machine/deep learning to classify and extract information from structured, semi-structured, and unstructured documents.

According to the report, “UiPath’s success and broad market leadership as an AI-powered automation platform puts it in a great position for capturing growth as new and existing customers look to integrate a document component into their broader automation workflows.”

In the report, Matt Arcaro, research director of IDC’s Computer Vision AI Tools and Technology research program, writes: “UiPath has made tremendous strides in a few short years to build and scale the capabilities, functionality, and reach of its IDP portfolio. This modular and increasingly integrated portfolio includes UiPath’s Document Understanding, Communications Mining, and Business Automation Platform making it a vendor of consideration for any organization looking to experiment, learn, or expand its use of IDP more broadly.”

For any business, organization, or enterprise seeking to harness the power of AI to gain competitive advantage, only UiPath can operationalize the transformative force of AI through automation. UiPath seamlessly integrates intelligence into everyday operations, automating all knowledge work, upleveling employees, and revolutionizing entire industries with AI at Work.

UiPath has the assets, process intelligence, and platform scale to truly bring the benefits of Generative and Specialized AI through automation to every facet of every enterprise. Specialized AI is trained using an organization's data and optimized for its specific needs, resulting in more accurate and tailored solutions. Gen AI can be leveraged to extract unstructured data and to accelerate time to value for IDP deployments—significantly decreasing the model training time.

“Customers are turning to UiPath to understand how they can benefit from AI-powered automation, and we will continue to evolve our platform to meet their AI needs,” said Graham Sheldon, Chief Product Officer at UiPath. “We believe being named a Leader in this year’s IDP vendor assessment reinforces our commitment to being a leader in the category with our open, flexible, and enterprise-ready business automation platform.”

UiPath AI capabilities within IDP include:

• Document Understanding: AI-powered document classification and data extraction for a wide range of document types and use cases. As part of the UiPath Business Automation Platform, Document Understanding enables end-to-end automation of document-intensive processes across the organization – in finance, customer support, human resources, procurement, and sales, among other functions.
• Communications Mining: Applies AI to extract intent, context, and data from messages and connects to automation. It delivers AI-driven insights into business communications to help customers track and continuously improve the services they provide to their own customers and employees.
• Generative AI and ML Connectors: The OpenAI and Microsoft Azure Open AI Connectors enable Gen AI ChatGPT functionality supporting predictive text completion and chat completion. Additional Gen AI connectors include Amazon SageMaker and Amazon Bedrock connectors as well as Anthropic and Google Vertex AI. UiPath Gen AI connectors provide direct access to large language models (LLMs) such as PaLM2, Jurassic, Titan, Falcon-40B, and the Claude series.
• AI Computer Vision: UiPath AI Computer Vision provides industry-leading capabilities for reading, interpreting, and interacting with diverse and dynamic user interfaces. By leveraging the AI Computer Vision, UiPath enhances the automation of tasks that involve screen-based interactions, such as automating data entry or extracting information from applications.
• Clipboard AI: A soon-to-be-released desktop tool that uses advanced AI and Document Understanding models to take the waste out of copy/paste and bring the power of AI to everyone.

Earlier this year, UiPath announced that it had been named a Leader in Intelligent Document Processing for the first time and the only Star Performer in the Leaders category in the Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2023.

A complimentary excerpt of the IDC MarketScape: Worldwide Intelligent Document Processing 2023-2024 Vendor Assessment is available here.

*IDC MarketScape: Worldwide Intelligent Document Processing 2023-2024 Vendor Assessment (IDC #US49988723, November 2023)

About IDC MarketScape

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

About UiPath

UiPath (NYSE: PATH) is on a mission to uplevel knowledge work so more people can work more creatively, collaboratively, and strategically. The AI-powered UiPath Business Automation Platform combines the leading robotic process automation (RPA) solution with a full suite of capabilities to understand, automate, and operate end-to-end processes, offering unprecedented time-to-value. For organizations that need to evolve to survive and thrive through increasingly changing times, UiPath is The Foundation of Innovation™.

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