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NICE Leads in the RPA Space, Solid Partner Base Drives Growth

Zacks Equity Research
·3 min read

NICE NICE continues to gain traction in the Robotic Process Automation (RPA) space. Notably, Everest Group’s latest PEAK Matrix Technology Vendor Assessment 2020 report puts this software provider in the leading position for the third consecutive year.

The company achieved the top score in market presence and capability for Robotic Desktop Automation/attended RPA.

Notably, in September, global research group, Zinnov, named NICE market leader for attended RPA owing to its strong portfolio of solutions that include NEVA and Desktop Analytics.

This Zacks Rank #3 (Hold) company has been gaining traction, of late, driven by solid demand for its AI and machine learning-based solutions, which are expanding its enterprise clientele. Moreover, an expanding partner base is a major driver. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

 

Nice Ltd. Price and Consensus

 

Nice Ltd. Price and Consensus
Nice Ltd. Price and Consensus

Nice Ltd. price-consensus-chart | Nice Ltd. Quote

 

RPA Growth Prospects Encouraging

In simplest terms, RPA assists in the automation of repetitive tasks. It integrates computer vision, automation and machine learning to perform high-volume, recurring tasks. The technology records human behavior to perform the task and then replicates the performance without human intervention.

Per Gartner’s latest report, RPA software revenues are expected to grow 19.5% year over year to reach $1.89 billion in 2021. Despite coronavirus-led disruptions and macro-economic woes, the RPA market is still expected to grow at double-digit rates through 2024. Such solid growth prospects bode well for NICE.

Solid Partner Base and Cloud Portfolio to Aid Growth

NICE’s expanding partner base is a key catalyst. The company has partnered with companies like Zoom Video ZM and Infosys INFY to help organizations with automation and AI-driven financial crime management.

In fact, coronavirus has forced enterprises around the world to adopt digitalization for their business continuity. Enterprises are relying on AI and machine learning-based compliance solutions to continue their operations with utmost safety. Hence, companies like NICE and its Zacks Internet Software peer, Everbridge EVBG, are thriving owing to the rise in demand for cloud solutions and digital acceleration.

Markedly, NICE expects a 2020 annual run rate of more than $800 million in cloud revenues. Moreover, for 2021, the company expects to surpass the annual run rate of more than $1 billion in cloud revenues.

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