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(Wireless-NewsWire.Com, October 14, 2022 ) According to a research report "Automation COE Market by Service (Implementation Support, Governance, Design & Testing), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, Manufacturing, Healthcare & Life Sciences) and Region - Global Forecast to 2027" published by MarketsandMarkets, the market size to grow from USD 0.3 billion in 2022 to USD 1.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 36.9% during the forecast period.
The automation COE market is expected to grow at a significant rate in coming years owing to the need to enhance ROI and reduce overall operational costs. Some factors driving the growth of the automation COE market are significant improvements in ROIs across businesses, reduced data entry errors, and improved quality with reduced risk. Furthermore, automation CoEs enable companies to develop an organization-wide automation strategy as well as scale and standardize automated related solutions.
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Browse 93 market data Tables and 37 Figures spread through 171 Pages and in-depth TOC on "Automation COE Market - Global Forecast to 2027"
An automation center of excellence (COE) includes the people, processes, and technologies that help improve overall automation process. An automation COE is an internal business unit dedicated to implementing automation initiatives across the entire organization and coordinates automation projects across various business units and identifies and approves reusable components that can be utilized in future automation projects. Effective COEs can differ from organization to organization, depending on the size of the company or the scale of automation.
Governance Services to witness the highest CAGR during the forecast period
Based on service, the automation COE market is segmented into technology assessment & consulting, design & testing, governance, and implementation support services. Automation COE combines multiple technologies to automate complex end-to-end business processes that involve decision-making and continuous learning. Businesses leverage this opportunity by automating small rule-based tasks to complex business processes. To respond to this dynamic trend, organizations need superior automation capabilities. With the growing adoption of technology-based software solutions, the demand for advisory services is likely to rise. Non-IT organizations require advisory services because they lack the skills to comprehend the complexity involved in establishing advanced automation technologies.
Large Enterprises to register for the largest market size during the forecast period
Based on organization size, the automation COE market has been segmented into SMEs and large enterprises. SMEs are enterprises with an employee strength of 1–1,000, while large enterprises have an employee strength of more than 1,000. With globalization, organizations have recognized the need to train the internal staff, as well as customers, to attain their business goals. Companies require technologies that can assist them in improving their profit margins and operational efficiencies. Large enterprises are expected to rapidly adopt automation solution to build COE in the coming years due to their complex network of channel partners present across the globe.
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North America to hold largest market size during the forecast period
Based on regions, the automation COE market is segmented into North America, Asia Pacific, Europe, and the Rest of the World (RoW). The RoW covers the Middle East & Africa and Latin America. North America is expected to dominate the market during the forecast period. The growth of the North American market can be attributed to the presence of leading service providers for automation COE and increasing investments in R&D in this region.
Enterprises across all regions are increasingly opting for integration and automation technologies for various business operations, such as finance, HR, sales & marketing, and supply chain. The Work Automation Index 2022 found that 66% of organizations in North America now use COE platforms in five or more departments, and the number of organizations with seven automated departments has almost tripled since 2019. North America and Europe are expected to hold relatively larger shares of the market, as companies in these regions are early adopters of trending technologies.
Some major players in the automation CoE market include SS&C Blue Prism (UK), UiPath (US), Automation Anywhere (US), NICE (Israel), Digital Workforce (Finland), HelpSystems (US), Ctrl365 (Argentina), FASTPATH (Netherlands), ElectroNeek (US), AnyRobot (US), Roboyo (Germany), Nintex (US), Chazey Partners (US), Smartbridge (US), Blueprint (US), Robocloud (UK), Verint (US), Appian (US), Cigniti (India), Innominds (US), TestingXperts (US), KiwiQA (Australia), Calidad Infotech (India), CIGNEX (US), ChoiceWORX (US), and XenonStack (US).
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raviraj.tak@marketsandmarkets.com
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