Automation COE Market Share, Size, Trends, Industry Analysis Report, By Services, By Organization Size (Large Enterprises and SMEs); By Verticals; By Region; Segment Forecast, 2022 - 2030
- Published Date:Nov-2022
- Pages: 117
- Format: PDF
- Report ID: PM2830
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global automation COE market was valued at USD 299.98 million in 2021 and is expected to grow at a CAGR of 30.3% during the forecast period. The growing demand for automation COE is expected to be driven by the rising business transformation, increasing innovation and novel technologies, and growing processes to improve the ROIs of businesses.
Know more about this report: Request for sample pages
Automation COE is replacing the conventional method of accessing data as it ensures that only the right amount of people must have access to the data generated, and governance services help to avoid any risk related to the security of that specific data, which is expected to drive the market growth. In addition, many organizations are tended to adopt automation technologies equipped with the agile center of excellence (COE) to organize framework and processes and provide tools to achieve the organizational goals and improve profit margin, which is projected to propel the market.
The COVID-19 pandemic had a positive impact on the growth of the automation COE market. Many industries started working from home, which reduced employee stress and also reduced the cost of resources employed by the company. Various end-use industries adopted automated solutions to improve flexibility and keep up with the ongoing task to maintain their competitive edge and increase revenues, influencing the market growth.
With the rising innovation and development of novel technologies, companies tend to invest in improving the infrastructure and skill of their staff with the advanced technologies, but the deployment of the automation COE requires higher initial investment and is time-consuming to educate each person about the robotic automation. Moreover, small and mid-size companies couldn’t afford such cutting-edge technologies, which is restraining market growth.
Know more about this report: Request for sample pages
Industry Dynamics
Growth Drivers
The global automation COE is likely to be driven by the adoption of many business entities to make the strategic and holistic approach and plan accordingly to robust their business objectives. Many companies are looking out for such robotic technologies to maintain their competitive edge and save money which is expected to drive market growth.
In addition, the rising demand for automation COE is expected to grow as it improves the return on investment of any verticals. It provides better insights into the data collected and improves the business process, which eventually enhances the decision-making capability, and auditability and maintains governance services while taking any transformative decisions which improvises the chances of heavy returns done by any company; such factors are expected to drive the market.
Moreover, automated systems enable manufacturers to improve their capacity and promote the careers of the staff. Furthermore, companies that focus on engaging workforce training with the new advanced technologies improve the talent of employees and improve the efficiency of the companies. Hence intervention of both skilled labor with automated technologies is driving the market growth.
Report Segmentation
The market is primarily segmented based on services, organization size, verticals, and region.
|
By Services |
By Organization Size |
By Verticals |
By Region |
|
|
|
|
Know more about this report: Request for sample pages
Governance services accounted for the largest share in 2021
The governance services segment accounted for the highest revenue share in 2021, due to rising technologies, and rising government regulations so that the customer receives a better experience. In addition, to entailing end-to-end business process automation COE incorporates various technologies which help businesses to make accurate decisions and continual learning.
Moreover, many non-IT firms lack the knowledge and complexity involved with advanced systems, which require governance services for their regulation that complement the market growth.
Large enterprises are expected to witness faster growth
The demand for automation in large enterprises is expected to see a significant surge over the forecast period owing to its large and complex corporate network and rising staffing. The rising digitization and globalization have increased the focus of the organization to train their staff and customers to meet their business objectives.
In addition, large enterprises are linked with many other key players to improve their profit and efficiencies, thus, are more tend to adopt novel technologies for their complex network, which is expected to drive market growth. Moreover, the adoption of novel automation solutions enables large enterprises to reduce human error and overhead expenses and improve operational efficiency, propelling the market growth.
Healthcare & life sciences segment is expected to account for the largest share in 2030
Healthcare & life sciences segment is expected to dominate the market over the forecast period owing to the increasing investments and adoption of automation to boost performance and productivity to improve the production and supply of drugs and medical devices in life science and improve performance and patient experience in the healthcare sector.
In addition, healthcare organizations are adopting automation solutions to lower overhead costs, improve health and provide access to both patients and specialists to provide evidence-based care, which is projected to propel the market growth.
Moreover, in life sciences, automation helps to extract all types of data regarding patient monitoring and regulatory documentation. Furthermore, for pharmaceutical and medical devices, this solution helps track potential errors and safety and delivers medicines and devices at a faster rate, increasing their adoption and boosting market growth.
North America is expected to dominate the market over the forecast period
North America is the largest region for automation COE and is expected to witness faster growth over the forecast period owing to rising investment to develop the IT infrastructure and the presence of key players seeking to adopt novel technologies to improve their work efficiency. In addition, large businesses are increasingly integrating automation technology more frequently for their business process, which includes finance, sales, marketing, and many more, which is expected to drive market growth.
Moreover, many key players are collaborating to develop their platform processes and enhance operational efficiency. For instance, Zendoc joined SirionLabs to enhance the application of AI in the contract lifecycle management (CLM) category. This partnership will enhance the performance of AI models and companies’ data-centric AI strategy and also emphasize customer experience; such factors are supposed to drive market growth.
Competitive Insight
Some of the major players operating in the global market include Anyrobot, Automation Anywhere, Blueprint, Calidad Infotech, Chazey Partners, ChoiceWORX, CIGNEX, Cigniti, Ctrl365, Digital Workforce, ElectroNeek, FASTPATH, HelpSystems, Innominds, KiwiQA, NICE, Nintex, Robocloud, Roboyo, Smartbridge, SS&C Blue Prism, Testingxperts, Uipath, Verint, and XenonStack
Recent Developments
In August 2022, Fournet and the digital workforce partnered to offer strategic consulting services to deliver best-in-class robotic process automation for customers.
In May 2022, UiPath launched an automation cloud robot that is helpful in security and also deepens automation for enterprises to provide fast and accurate results.
Automation COE Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2022 |
USD 381.96 million |
|
Revenue forecast in 2030 |
USD 3,180.8 million |
|
CAGR |
30.3% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD million and CAGR from 2022 to 2030 |
|
Segments covered |
By Services, By Organization Size, By Verticals, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
Anyrobot, Automation Anywhere, Blueprint, Calidad Infotech, Chazey Partners, ChoiceWORX, CIGNEX, Cigniti, Ctrl365, Digital Workforce, ElectroNeek, FASTPATH, HelpSystems, Innominds, KiwiQA, NICE, Nintex, Robocloud, Roboyo, Smartbridge, SS&C Blue Prism, Testingxperts, Uipath, Verint, and XenonStack |
© 2024 Polaris Market Research and Consulting. All rights reserved
