Global Automation Center of Excellence (CoE) Market Size Zooming to Reach USD 3 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automation center of excellence market size at USD 324.1 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global automation CoE size to grow at a significant CAGR of 9.4% reaching a value of USD 3,117 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automation center of excellence market size at USD 324.1 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global automation CoE size to grow at a significant CAGR of 9.4% reaching a value of USD 3,117 million by 2029. Major growth factors for global automation CoE market include increasing significant returns on investments, improvements across businesses, lower data entry errors, and enhanced quality with lower risk. Also, the high adoption of several business entities to take a strategic and holistic approach to their business objectives and plan accordingly. Many companies are searching for such robotic technologies to retain their competitive edge and save money, which will drive market growth. Moreover, the surging demand for automation COE is expected to grow as it enhances the RoI of any vertical. It gives excellent insights into the data collected and improves the business process, which ultimately improves decision-making capability, auditability, and governance services while taking any transformative decisions, which improves the chances of any company achieving high returns; such factors are expected to drive the market. Besides that, automated systems enable manufacturers to increase their capacity and advance their employees' careers. Companies that focus on interacting workforce training with cutting-edge technologies enhance staff talent and company efficiency. As a result, the intervention of both skilled labor and automated technologies is driving market growth.
Global Automation Center of Excellence Market – Overview
An automation Centre of Excellence (CoE) is a self-sustaining, internal, and scalable team of specialists that oversees and operates software robots. The adoption of robotic process automation (RPA) standards, procedures, and processes across the entire organization aids in the sharing of best practices, the promotion of common technology adoption, and the development of a strong governance model. Businesses that are just getting started with robotics and organizations that have already started to benefit from automation can both build an automation CoE to scale up their projects and maximize the benefits of automation. The CoE enables rapid transformation while also managing associated risks and ensuring that automation expenditures are properly managed. As a result, it enables the company to effectively run and track its initiatives. Automation CoE is located at the intersection of speed, control, and agility. Automation of processes is no longer considered novel. A company's management, as well as its clients, suppliers, partners, employees, and shareholders, all expect automation to increase productivity and human potential.
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Impact of COVID-19 on Global Automation Center of Excellence Market
COVID-19 had a beneficial effect on the automation CoE market. Companies were striving to ensure that every worker had access to reliable amount of internet bandwidth to accomplish their tasks effectively while staying put to make it simpler for employees to complete work from home. Companies used bots to look at employee zip codes, determine internet speed in their area, and collect information about employees' Wi-Fi plans in order to configure where improvements to employee internet packages are needed.
Global Automation Center of Excellence Market – By Organization Size
Based on organization size, global automation CoE market is bifurcated into Large Enterprises and SMEs segments. The large enterprises segment is expected to hold a higher market share owing to its extensive and complex corporate network and expanding personnel. The increasing digitization and globalization have raised the organization's attention on training their employees and consumers to fulfill their business objectives. Large firms are linked with many other key players in order to boost their profit and efficiencies, and as a result, they are more likely to use novel technologies for their complicated network, which is predicted to fuel market growth. The implementation of novel automation solutions allows large organizations to reduce human error and overhead costs while improving operational efficiency, boosting the market growth.
Major players operating in global automation CoE market include Agco, AnyRobot, Arab National Bank, Automation Anywhere, Blueprint, Calidad Infotech, Chazey Partners, ChoiceWORX, CIGNEX, Cigniti, Ctrl365, Custodial Agency at Dutch Ministry of Justice, Digital Workforce, ElectroNeek, FASTPATH, FortressIQ, HelpSystems, Innominds, and SS&C Blue Prism. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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