Shares of office automation specialist UiPath (NYSE: PATH) have tumbled by more than half since the start of 2024. This isn't surprising because demand for the type of services it offers is growing by leaps and bounds.

UiPath specializes in robotic process automation (RPA), which is increasingly popular among office managers who want a more efficient workforce. Its software can observe employees perform mundane and repetitive tasks, such as payroll processing, and then repeat those processes so they're free to tackle more complicated projects.

The global RPA market was estimated at $2.9 billion in 2023 and is projected to grow by 39.9% annually through 2030, according to Grand View Research. As a leader in the RPA industry, UiPath could deliver market-thumping gains if it continues growing at the same pace as the industry it pioneered.

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Source Fool.com