New York, Nov. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Automation COE Market Size, Share & Industry Trends Analysis Report By Organization Size, By Services, By Vertical, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06364338/?utm_source=GNW
To scale up their projects and optimize the advantages of automation, both businesses that are just starting to use robotics and organizations that have already begun to benefit from automation can construct an automation CoE. Rapid transformation is made possible by the center of excellence, which also manages associated risks, and makes sure that the automation expenditures are managed properly.
It thus, makes it possible to enable the business to run and track its initiatives effectively. Automation CoE lies at the nexus of speed, control, and agility. Process automation is no longer considered a novelty. The management of a company, as well as its clients, suppliers, partners, employees, and shareholders, all have a fundamental expectation that automation will increase productivity and human potential.
A company can have severe congestion if automation initiatives are scattered throughout the company. Implementing a center of excellence, a form of controller that’s necessary for accelerating and scaling enterprise automation efforts, is a method to prevent backups and retain control.
COVID – 19 Impact Analysis
The pandemic had a positive impact on the automation CoE market. To make it easier for employees to complete work from home, businesses throughout the globe were rushing to ensure that every worker has access to the necessary amount of internet bandwidth to perform their jobs effectively while staying put. Companies employed bots to look at the zip codes of employees, find out what the internet speed is in their area, and collect information about employees’ Wi-Fi plans to configure where improvements need to be made to employee internet packages.
Market Growth Factors
Aids in increasing return on investments across business
Without an automation business model, a decentralized approach to ROI can quickly get out of control owing to inadequate RPA acquisition, process automation selection, support, and training. This is especially important if there is no automation operating model in place. In addition, business units frequently select projects that are excellent prospects for automation in an attempt to get rapid returns on investment. Businesses typically steer clear of more complicated strategic initiatives that, among many other things, require cooperation from the IT department. Greater ROIs, however, are connected with bigger, more complex endeavors.
Uninterrupted business operations by utilizing RPA maintenance
According to the findings of the research, studies of automation created opportunities for both employment creation and autonomy. Employees reported that automation assisted them in reducing the amount of repetitive work they had to do, giving them more time to engage in external and internal collaborative efforts and cooperation. This additionally helped in redeveloping facilities, and/or overcoming more complex employment problems that can contribute to value-adding innovation and solutions. A study found that employees asserted that automation contributed to reducing the amount of repetitive work they had to do.
Market Restraining Factors
High costs of deployment and development of RPA
The deployment costs of RPA account for a sizeable portion of the total ownership cost of an RPA program and can be responsible for almost half of the initial costs incurred. Documents known as SDDs (solution design documents), or PDDs (process design documents) which are normally prepared on paper and used to instruct developers about automation design, are now considered archaic. If there is not a proper governance system in place, these attempts at automation are likely to fail right from the beginning.
Organization Size Outlook
On the basis of organization size, the automation COE market is divided into large enterprises and SMEs. The large enterprise segment procured the largest revenue share in the automation CoE market in 2021. Large enterprises typically have extensive corporate networks as well as a variety of different income streams. They frequently make investments in cutting-edge technology in order to improve their operational efficiencies. Large companies have dominance in the automation COE market because the sophistication of their partner networks gives them a competitive advantage..
Based on services, the automation COE market is categorized into technology assessment & consulting, design & testing, governance, and implementation support. The design and testing segment acquired a significant revenue share in the automation CoE market in 2021. Test Automation refers to the process of making use of software in order to test the effectiveness of the software in order to get an evaluation of real results. The application of test automation is best suited for large-scale projects as well as those that call for testing of the same tasks on multiple occasions.
Based on verticals, the automation COE market is segmented into BFSI, IT & ITES, retail & consumer goods, healthcare & life sciences, manufacturing, transportation & logistics, and others (education, government, telecom, and energy & utilities). The retail and consumer goods segment procured a significant revenue share in the automation of CoE market in 2021. As robots with their control systems are becoming more powerful and adaptable, robotics is transitioning from heavy industrial uses to the production of consumer goods. Consumers seek products in novel forms, which appeals to the natural adaptability of robotics while maintaining local production.
On the basis of region, the automation COE market is analyzed across North America, Europe, Asia Pacific and LAMEA. The North American segment garnered the highest revenue share in the automation CoE market in 2021. This is because this region has economies that have been around for a long time, and automation COE solution suppliers can afford to invest in cutting-edge technology. Additionally, this region is considered to be the epicenter of creativity as key players in IT are inspired to create and develop new products and services.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; SS&C Technologies Holdings, Inc. is the major forerunner in the Automation COE Market. Companies such as Nice Ltd., UiPath, Inc. and Automation Anywhere, Inc. are some of the key innovators in Automation COE Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SS&C Technologies Holdings, Inc., UiPath, Inc., Automation Anywhere, Inc., Nice Ltd., HelpSystems, LLC, Nintex, Inc., Verint Systems, Inc., Cigniti Technologies Limited, Digital Workforce Services Plc and Fastpath Solutions, LLC.
Recent Strategies deployed in Automation COE Market
Partnerships, Collaborations and Agreements:
Sep-2022: UiPath partnered with OutSystems, a leader in high-performance application development. Through this partnership, the companies focused on incorporating the high-performance low-code of OutSystems with the Business Automation Platform of UiPath. The combined effort of the partnership allowed customers to intelligently and securely automate their core business applications and processes, thereby improving efficiency, saving time, and offering favorable app experiences.
May-2022: Digital Workforce partnered with Flowable, a company in Switzerland. With this partnership, the company focused on utilizing Flowable’s open-source engines, which offer the open standards of Case Management Model and Notation (CMMN), Business Process Model and Notation (BPMN), and Decision Model and Notation (DMN). The open workflow engine of Flowable enhances the intuitive integration of other assets of automation such as RPA and API. Simultaneously, the engine’s low-code user interfaces permit streamlined collaboration of machines and humans.
Oct-2021: UiPath partnered with Snowflake, a Data Cloud company. Under this partnership, the companies focused on integrating Snowflake’s platform with UiPath Insights, a Robotic Process Automation, offering analytical solutions for reporting, measuring, and alignment of automation operations of an enterprise with strategic business results. The combined result of the partnership offered elastic scaling, computing, and enterprise-grade protected data-sharing abilities that provide users with quicker data processing, and allows them to execute analysis of long-term histories to increase their automation.
Mar-2021: Automation Anywhere partnered with Google Cloud, a suite of cloud computing services. Through this partnership, the company aimed at accelerating the implementation of intelligent automation by enterprises on a global level, by making the Automation 360 platform by Automation Anywhere accessible on Google Cloud.
Acquisition & Mergers:
Mar-2022: SS&C Technologies acquired Blue Prism, a British multinational software corporation. This acquisition aimed to enhance the leadership of SS&C as a provider of services and software to the healthcare and financial services industries with well-known expertise in robotic process automation (RPA) and intelligent automation.
Feb-2022: Nintex acquired Kryon, a robotic process automation (RPA) leader and process discovery innovator. With this acquisition, the company focused on increasing the capabilities of the intelligent process automation of the Nintex Process Platform.
Product Launches and Product Expansion:
Oct-2022: Automation Anywhere unveiled Automation Success Platform. The platform has been developed to expedite enterprise transformation through increased accessibility of automation. The Automation Success Platform offers intelligent automation to every worker and allows automation and IT leaders to scale development.
May-2022: UiPath introduced Automation Cloud Robots along with more capabilities as part of the UiPath 2022.4 platform. The offering delivers businesses with a comprehensive foundation for automation to obtain accurate and fast results.
Dec-2021: NICE launched version 7.6 of its RPA offering. The updated edition offers suggestions of optimal processes based on ROI to automate, and document digitization, as well as a supplementary resource center providing ready-made no-code/low-code shareable resources. The innovative capacities of the offering assists organizations in maximizing automation projects’ value and boosting ROI for businesses in addition to manual tasks’ automation and decreasing the time of process analysis.
Oct-2021: Automation Anywhere introduced Automation Anywhere for Contact Centers. The product is an AI-driven, cloud-native automation solution that focuses on empowering businesses to offer better and improved customer service.
May-2021: UiPath launched UiPath Platform 21.4, the latest edition of the company’s platform. Platform 21.4 offers support for automation programs of large-scale and increases the abilities required for scaling while aiding enterprises in automation initiatives’ management.
Jul-2021: Cigniti Technologies announced the expansion of its geographical footprint by opening an office in Singapore. Through this expansion, the company aimed at increasing its reach in the Asia Pacific region to cater to the region’s rising requirements of businesses for digital transformation.
Jun-2022: Nintex announced the expansion of its footprint by increasing access to its Nintex K2 Cloud to the United Arab Emirates-based customers. Under this expansion, the company focused on offering access to the low-code platform to UAE-based users through the data center of Microsoft Azure. The expansion allowed organizations present in the region to run and build solutions and applications that streamline and automate operations and processes, thereby meeting the data residency and privacy requirements. This also facilitated the standardization and improvement of business operations with the aid of Nintex software.
Scope of the Study
Market Segments covered in the Report:
By Organization Size
• Large Enterprises
• Technology Assessment & Consulting
• Design & Testing
• Implementation Support
• Healthcare & Life Sciences
• IT & ITES
• Retail & Consumer Goods
• Transportation & Logistics
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• SS&C Technologies Holdings, Inc.
• UiPath, Inc.
• Automation Anywhere, Inc.
• Nice Ltd.
• HelpSystems, LLC
• Nintex, Inc.
• Verint Systems, Inc.
• Cigniti Technologies Limited
• Digital Workforce Services Plc
• Fastpath Solutions, LLC
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