Automation COE Market

Global Automation COE Market Size (2024 to 2029)

The size of the global automation COE market is predicted to reach USD 0.37 billion in 2024 and USD 1.78 billion by 2029, growing at a CAGR of 36.90% from 2024 to 2029.  

The automation COE is an internal, autonomous, and scalable team of experts who operate and maintain software robots. It enables organizations to accelerate robotic process automation by establishing standard RPA processes and procedures, sharing best practices, promoting the adoption of standard technologies, and creating a robust governance model that can scale to the enterprise level.

Global Automation COE Market Drivers:

With an automated operating model, a decentralized ROI approach can quickly spiral out of control with efficient process automation choices, RPA acquisition, training, and support. In addition, business units often choose projects that are particularly well suited for automation to achieve a quick return on investment. Companies often shy away from more complex strategic projects requiring IT support. However, more significant ROI requires more extensive and more complex efforts. A study conducted in 2021 shows that RPA can reduce annual errors more efficiently than most automated processes. It is estimated that human error and poor data quality cost businesses billions of dollars annually; RPA can generate high-quality data as the bot does not mise or duplicate data and crates event logos for additional analysis and auditing.

Automation COEs replace traditional data access methods to ensure that only the correct number of people have access to the data generated and the risks associated with the security of specific data where governance services await market growth. Additionally, many companies are embracing automation technology with an agile COE that organizes the frameworks and processes and provides the tools to achieve business objectives and improve profitability, which is anticipated to boost the market.

Business continuity with RPA maintenance is supporting the global market growth. A 2021 research study found that automation opens autonomy and job creation opportunities. As per the study, automation will lead to more excellent value for employees through increased opportunities to collaborate internally and externally, redesign services, think about and solve more complex work-related problems, report reduced repetitive work, and add solutions and innovations. Automation will ultimately slow the rate at which companies hire employees to grow. This efficiency gain will enable businesses to employ smaller, happier, and more productive employees. This provides many opportunities to reduce chum.

Global Automation COE Market Restraints:

High development and deployment costs is one of the major factors hampering the growth of the global automation COE market growth. This makes up a large portion of the total cost of ownership of an RPA program and can represent 40% to 50% of start-up costs. Developers are often informed about automation design through old paper PDDs or SDDs. Without proper governance mechanisms, these automation efforts are doomed to failure. The total cost ownership of an RPA program is 65% due to high development and deployment costs and time and money spent on maintenance and support.

Impact of COVID-19 on the automation COE market:

The COVID-19 pandemic has had a positive impact on the growth of the automation COE market. Many industries have started working from home, reducing employee stress and the cost of resources companies deploy. Several end-user industries have adopted automated solutions to improve agility, maintain competitive advantage, and increase revenue, impacting market growth.

REPORT COVERAGE:

This research report on the global cloud storage gateways market has been segmented and sub-segmented based on the service, organization size, verticals, and region.

Global Automation COE Market - By Services:

• Technology
• Assessment & Consulting
• Design & Testing
• Governance
• Implementation
• Support

The governance services segment captured the highest market share in 2023 owing to technological advancements and increased government regulation to provide a better experience for customers. The COE includes end-to-end business process automation and a range of technologies that help companies make better decisions and continuously learn. Additionally, many non-IT firms need more knowledge and complexity of sophisticated systems as they require regulatory governance services to complement segmental expansion.

Global Automation COE Market - By Organization Size:

• Large Enterprises
• SMEs

The demand for automation in large enterprises is anticipated to increase significantly during the forecast period due to the large and complex corporate networks and increasing number of employees. The rise of digitization and globalization has led organizations to focus on training their employees and customers to achieve their business goals.

Additionally, large companies connect with many other major companies to increase profits and efficiency. Hence, there is a tendency to adopt new technologies in complex networks, which is anticipated to drive the market's growth. Moreover, introducing new automation solutions has enabled large enterprises to reduce human error and overhead and improve operational efficiency, driving the market's growth.

Global Automation COE Market - By Verticals:

• BFSI
• IT & ITEs
• Retail & Consumer Goods
• Healthcare & Life Sciences
• Manufacturing
• Transportation & Logistics
• Others

The healthcare and life sciences sector is anticipated to dominate the market during the forecast period due to increased investment and introduction to improve the production and delivery of pharmaceuticals and medical devices in the life sciences and increase performance and productivity. Additionally, healthcare organizations are adopting automated solutions to reduce overheads, improve health outcomes, and provide access to evidence-based care for patients and professionals, driving market growth.

Furthermore, automation in life sciences helps extract all kinds of data related to patient monitoring and regulatory documents. Additionally, the solution tracks potential failures and safety for pharmaceuticals and medical devices, helping to skip drugs and devices faster, increasing adoption, and driving market growth.

Global Automation COE Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The North American region is anticipated to hold the largest share of the global market during the forecast period due to increased investments in IT infrastructure development and the presence of major companies looking to adopt new technologies to improve work efficiency. Moreover, large companies are increasingly integrating automation technology into their business processes, including finance, sales, marketing, etc, which is expected to drive market growth.

Asia Pacific is attributed to grow faster during the forecast period. Many leading companies work together to evolve their platform processes and increase operational efficiency. For example, Zendoc joined SirionLabs to improve its AI application in the Contract Lifecycle Management category. This partnership will improve the performance of AI models and enterprise data-centric AI strategies while prioritizing customer experience. These factors are said to be driving the growth of the market.

KEY MARKET PLAYERS:

Anyrobot, Automation Anywhere, Blueprint, Callidad Infotech, Chazey Partners, FASTPATH, ChoiceWORX, CIGNEX, Cigniti, Ctrl365, Digital Workforce, ElectroNeek, Smartbridge, Roboyo, Robocloud, NICE, Nintex HelpSystems

RECENT HAPPENINGS IN THE MARKET:

• In August 2022, Fournet and the Digital Workforce collaborated to provide strategic consulting services to deliver best-in-class robotic process automation to customers.
• In May 2022, UIPath announced an automated cloud robot that not only aids security but also enhances automation to help businesses deliver fast and accurate results.