MIDDLETON, Massachusetts, Jan. 21, 2020 /PRNewswire/ -- Kryon, a leading robotic process automation (RPA) and AI solution provider, has been ranked by global advisory and consulting firm Quadrant Knowledge Solutions amongst the 2019 technology leaders in its recently released "Market Outlook: Robotic Process Automation (RPA), 2019-2024, Worldwide," report. The Quadrant Knowledge Solutions study provides competitive analysis and a ranking of the leading RPA vendors in the form of its proprietary SPARK Matrix™. Kryon has received strong ratings across technology excellence and customer impact parameters and positioned amongst the 2019 technology leaders in the global Robotic Process Automation market.
According to the Quadrant's research findings, the 2019 RPA market was valued at $1.28 billion and is expected to grow at a CAGR of 75.5% from 2019-2024, generating more than $2.03 billion by 2024. Robotic process automation market is gradually moving from early adoption to a rapid growth stage of the overall product lifecycle due to several successful deployments by organizations from multiple industry verticals across the geographical regions. While RPA is increasingly being seen as a competitive advantage to many large organizations, those lagging in adopting automation may face competitive pressure due to the increased cost of operations.
The primary growth drivers of RPA adoption include quick ROI, significant improvement in productivity, agility, cost savings, scalability, responsiveness, and regulatory compliance. As RPA adoption is getting increasing traction amongst the non-traditional industry verticals and horizontal applications, the benefits and scope of RPA adoption are expanding. The growth driver and scope are increasingly widening to include its application in improving customer service and experience, risk management and control, compliance management, revenue growth, and such others.
Kryon offers full-cycle automation suite with intelligent RPA and Process Discovery solution. Kryon provides comprehensive RPA functionalities with patented AI technologies for image recognition, OCR, and deep learning. Kryon supports RPA applications for unattended, attended and hybrid automation use cases facilitating interaction between virtual and human workforces. The company continues to enhance its technology value proposition with a strong roadmap to provide a unified analytics console with 360-degree visibility into robot performance analysis as well as company-wide automation performance. Kryon will further enhance integration between Process Discovery and Kryon Studio, introduce ROI calculator for predicting business value of automation and enable more actionable insights into employees and application usage from Process Discovery.
"Kryon's end-to-end intelligent automation platform, supporting the entire RPA journey through process discovery, automation, measurement, and optimization, is well recognized in delivering strong customer ownership experience," said Piyush Dewangan, Industry Research Manager, Quadrant Knowledge Solutions. "Kryon differentiation is attributed to its comprehensive technology capabilities with innovative Process Discovery for data-driven recommendation and visualization, robust attended automation capabilities, and partnership approach with customers to support organizations in realizing their digital transformation roadmap with AI-driven automation solution."
"We are honored that Quadrant Knowledge Solutions identified Kryon as one of the technology leaders in the RPA market for the second year in a row," said Julie Shafiki, Chief Marketing Office at Kryon. "Our products were recognized for comprehensive RPA functionalities and their ability to support the entire RPA journey. In 2020, we will to introduce further innovation to our full-cycle automation solutions to enable our customers to reap the benefits of the Hyperautomation age."
Kryon® is a leader in enterprise automation, offering the only platform on the market which encompasses both Process Discovery™ and Robotic Process Automation (RPA). This end-to-end solution maximizes ROI and cuts implementation time by up to 80%. Powered by proprietary AI technology, Kryon Process Discovery™ automatically generates a comprehensive picture of business processes, evaluates them and recommends which ones to automate. Kryon offers attended (desktop) RPA, unattended (virtual-machine-based) RPA and a hybrid combination of both. The company's award-winning platform is used by enterprises worldwide, including AIG, Ernst & Young, Deutsche Telecom, Ferring Pharmaceuticals, HP, Microsoft, Santander Bank, Singtel Optus, Sberbank, Verizon and Wyndham Hotel Group.
About Quadrant Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client's business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments. For more available research, please visit https://quadrant-solutions.com/market-research/