UiPath Named a Leader for Second Consecutive Year in the Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024
April 08 2024 - 7:00AM
Business Wire
UiPath is positioned the highest in the Leader
category in vision, capabilities, and market impact as its
market-leading specialized AI solutions extend deeper into
enterprise customer environments to maximize business outcomes
UiPath (NYSE: PATH), a leading enterprise automation and AI
software company, today announced that it has been named a Leader
in Intelligent Document Processing for the second consecutive year
in the Everest Group Intelligent Document Processing (IDP) Products
PEAK Matrix® Assessment 2024. UiPath is a Leader among the 26
technology providers assessed in the IDP PEAK Matrix, a report that
analyzes 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.
The Everest Group IDP Peak Matrix also places the UiPath
Business Automation Platform as the highest designated Leader in
vision and capabilities, and for market impact. In the report,
UiPath is also the only company to be named a Leader in analyses
for banking and insurance IDP products.
AI is embedded throughout the UiPath Business Automation
Platform, offering customers limitless potential to accelerate
their businesses with unique, specialized AI capabilities from
UiPath and through the openness and flexibility of the UiPath
Platform to include the wider AI ecosystem. Specialized AI is
trained using an organization's data and optimized for its specific
needs for more accurate and tailored results.
“UiPath is an established leader in the IDP market and our
position in the Everest Group IDP Peak Matrix validates why
customers are choosing UiPath for AI and automation solutions to
gain business insight from any structured or unstructured
document,” said Graham Sheldon, Chief Product Officer at UiPath.
“UiPath IDP is in high demand and we will significantly expand our
document understanding and communications mining capabilities to
process documents and communications that are integral to nearly
every enterprise workflow. In addition, our new UiPath LLMs,
DocPATH and CommPATH, are powerful tools extensively trained for
their specific tasks to allow businesses to unlock greater value
from AI."
“UiPath has reinforced its position as a Leader in the
Intelligent Document Processing (IDP) PEAK Matrix® Assessment 2024,
owing to continuous investments in capability expansion to process
a variety of documents across industries. Additionally, its strong
growth, investments in generative AI-powered Autopilot to create ML
and NLP models using natural language prompts, and pre-trained
models for unstructured use cases led to this inclusion,” said
Vaibhav Bansal, Vice President, Everest Group. “Ease of use of the
platform, ability to integrate its IDP capabilities with RPA and
other applications, and accessibility of training and documentation
are some of the key strengths highlighted by its clients.”
Recent UiPath AI capabilities related to IDP include:
UiPath LLMs: new LLMs, DocPATH and CommPATH, give
businesses LLMs that are extensively trained for their specific
tasks, document processing and communications. DocPATH and CommPATH
are fine-tuned on industry specific documents and communications
for best-in-class accuracy and are built into UiPath Document
Understanding and Communications Mining solutions to provide
immediate time-to-value. The LLMs can understand any document and a
huge variety of message types.
Active Learning: enables automation developers and
business users to train specialized models without the need for a
data scientist. This experience creates high accuracy specialized
models with the least amount of effort.
GenAI connectors: new generative AI connectors allow
businesses to harness the best AI models for their needs and apply
them to automations across the UiPath Platform. UiPath GenAI
connectors empower customers to harness the latest GenAI
capabilities. For example, the addition of vision in OpenAI GPT-4V
enables automations that can analyze and act based on image inputs.
The Unicorn connector provides easy access to the most advanced
text model in the Google Vertex PaLM family, helping to automate
complex tasks based on language and conversation.
Industry-specific IDP offerings: provides tailored,
pre-trained IDP models out-of-the-box for industries such as public
sector, healthcare, insurance, and financial services to accelerate
end-to-end execution of document processing.
Unstructured Document Processing: GenAI opens the
opportunity to extract data from complex documents such as
contracts, lease agreements, legal briefs, and any type of
long-form unstructured document.
Context Grounding: businesses need a safe, reliable, low
touch way to use their business data with AI models. Context
Grounding is a new feature within the UiPath AI Trust Layer
entering private preview in April. This system extracts information
through retrieval augmented generation from company specific
datasets, like a knowledge base or internal policies and procedures
to create more accurate and insightful responses.
This Everest Group Intelligent Document Processing Products PEAK
Matrix® Assessment is the yearly assessment providing analysis and
insights on IDP technology providers and their products to assist
enterprises in their selection processes. The findings, which are
based on an evaluation of providers’ impact on the market,
overarching vision and product capabilities and support, are seen
as benchmarks in standards and quality for the industry. As part of
the evaluations, providers are classified into Leaders, Major
Contenders, and Aspirants, based on key dimensions.
Register for a copy of the Everest Group Intelligent Document
Processing (IDP) Products PEAK Matrix® Assessment 2024 research
report here.
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™. For more information, visit www.uipath.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240408737409/en/
Media UiPath pr@uipath.com Investor Relations UiPath
investor.relations@uipath.com
UiPath (NYSE:PATH)
Historical Stock Chart
From Apr 2024 to May 2024
UiPath (NYSE:PATH)
Historical Stock Chart
From May 2023 to May 2024