The rapid pace of innovation in industries today is sometimes referred to as the Fourth Industrial Revolution, or “Industry 4.0.” Automation has emerged as the primary technology propelling today’s enterprise innovations.

This revolution is made possible through the use of industrial internet of things technologies. It has been embraced by businesses aiming to improve performance by connecting automation with manufacturing equipment, assets and the workforce.

The worldwide industrial automation market will grow from $205.86 billion in 2022 to $395.09 billion by 2029, with a compound annual growth rate of 9.8%, according to a recent Fortune Business Insights report. Meanwhile, 60% of respondents believe that automation can address burnout and improve job fulfillment, according to a survey by robotic process automation company UiPath Inc.

“Firms like UiPath have to move fast … and show that it is best at things like document understanding, process mining, automation creation and computer vision,” said theCUBE industry analyst Dave Vellante. “In our view, UiPath can carve out a position as a pure play automation expert. To do so, it must convince customers that end-to-end automation is a key requirement of digital transformations and it has to prove that its AI is unique and value-add. Upcoming catalysts will potentially be unveiled at UiPath Forward VI.”

From Oct. 10-11, during the UiPath Forward event, analysts from theCUBE, SiliconANGLE Media’s live streaming studio, will bring together leaders, experts and enthusiasts in the artificial intelligence and automation industry to talk about how new, democratized AI tools will impact UiPath’s core business and the broader industry. (* Disclosure below.)

Find out what’s in store for theCUBE’s coverage of UiPath Forward:

Betting on sustainability

Businesses view sustainability as a priority and clearly recognize the importance of automation in achieving sustainability objectives. Automation has proven advantageous for organizations in overcoming operational challenges associated with managing sustainability initiatives. By minimizing the need for tasks performed by employees, automation helps streamline operations and reduce workload.

“UiPath found that 54% of organizations are already using enterprise automation technologies to help implement sustainability initiatives, and another 24% plan to do so in the coming two years,” according to a recent UiPath survey.

The company has made significant innovation strides in the past year, solidifying its position as a leading player in the RPA market. In March, the UiPath’s strategic acquisition of Cloud Elements Inc. was completed to bolster its integration capabilities to enhance automation workflows across cloud applications and services. By incorporating Cloud Elements’ technology, UiPath sought to streamline its automation processes while enhancing efficiency.

“The acquisition of Cloud Elements is just one example of how we are building a flexible and scalable enterprise-ready platform that helps customers become fully automated enterprises,” UiPath’s founder and co-Chief Executive Officer Daniel Dines said in a statement.

Growing in the right direction

UiPath’s revenue reached a record-breaking level, exceeding market expectations, according to second quarter earnings data. This success can be attributed to the increasing demand for RPA solutions as businesses across industries recognize the advantages of automation in improving efficiency and productivity. The company’s recurring annual revenue grew by 25% during the quarter.

Where does AI fit into UiPath’s present and future? While some see AI as a potential negative disruptor to firms like UiPath, so far, the technology hasn’t seemed to negatively impact the company, according to Vellante.

“In our Breaking Analysis last March we said GPT models are a two-edged sword for automation platforms, and we still feel that way,” he said. “UiPath’s recent earnings beat and raise provides some evidence that thus far, gen AI has not been dilutive for the company. As an early leader that is transforming beyond RPA toward end-to-end enterprise automation, UiPath, like all automation providers, has always faced adoption headwinds beyond isolated deployments. In this sense, gen AI should bolster adoption and be a positive force.”

Despite the positive developments surrounding earnings, the restructuring of UiPath’s leadership, with Dines stepping down as co-CEO on Jan. 31, 2024, warranted a more cautious assessment for the following quarter. The firm is forecasting revenue of between $313 million and $318 million, below Wall Street’s target of $318.5 million. Meanwhile, the share buyback program will target a value of $500 million, as per its latest authorization of its stock repurchase program.

“With more than $1.8 billion in cash, cash equivalents and marketable securities, the UiPath board of directors has authorized a $500 million stock repurchase program, which underscores our confidence in the future and our commitment to building shareholder value,” said Ashim Gupta, UiPath’s chief financial officer.

What comes next?

At the upcoming conference, UiPath is looking to put AI into the driver’s seat to showcase how automation technology is practically applied in today’s hybrid workplaces. Companies should merge robotic process automation with “intelligent automation” to consistently harness the benefits of digital transformation, according to Pascal Bornet, a known AI and automation author and board member of the Intelligent Automation Advisory. The future of work involves integrating RPA and AI to achieve process automation from beginning to end.

“The flip side is that widely available tools, such as chatbots and generalized foundation models, could eat away at the low end of the automation total available market, highlighting the urgency for companies, such as UiPath, to move upmarket and accelerate innovation that brings differentiation from commoditized tools,” Vellante said, in a recent edition of his Breaking Analysis series.

UiPath recently announced that its Wingman program has entered the private preview stage, which is seen as a milestone. The Wingman project combines AI technology with computer vision to understand on-screen information. By using natural language processing prompts, it aims to simplify the automation creation process.

The company hopes that such an advancement might help further propel its position in the industry, offering benefits such as an advantage over competitors, broader and more widespread adoption of its platform and a catalyst for accelerated revenue growth.

TheCUBE event livestream

Don’t miss theCUBE’s coverage of the UiPath Forward event on October 10-11. Plus, you can watch theCUBE’s event coverage on-demand after the live event.

How to watch theCUBE interviews

We offer you various ways to watch theCUBE’s coverage of the UiPath Forward event, including theCUBE’s dedicated website and YouTube channel. You can also get all the coverage from this year’s events on SiliconANGLE.

TheCUBE Insights podcast

SiliconANGLE also has podcasts available of archived interview sessions, available on iTunes, Stitcher and Spotify, which you can enjoy while on the go.

SiliconANGLE also has analyst deep dives in our Breaking Analysis podcast, available on iTunes, Stitcher and Spotify.

Guests

Stay tuned for theCUBE’s complete guest list during the UiPath Forward event here.

(* Disclosure: TheCUBE is a paid media partner for the UiPath Forward event. Neither UiPath Inc., the sponsor of theCUBE’s event coverage, nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Image: SiliconANGLE