NEWARK, Del, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global automation COE market is estimated to produce a revenue of around US$ 560.8 million in 2024. The market is poised to register a growth of 41.4% between 2024 and 2034. By following this spectacular CAGR, the global automation COE industry is projected to reach US$ 13,300 million by 2034 end.
The global automation COE industry is expanding with the widespread adoption of automation technologies in corporate organizations and business operations. The surge in demand for automation COE can be ascribed to its growing application in worldwide manufacturing, healthcare, life sciences, and several other applications. Also, the emerging problem of navigating the intricacies of contemporary automation ecosystems has boosted the demand for COE in automation.
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“The importance of robust robotic process automation COE is expected to continue to rise as companies pursue automation to increase their productivity and competitiveness. New players are also investing more in developing COE frameworks that can evaluate risks and develop mitigation plans for automation strategy,” – says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Global Automation COE Market Study Report
- The United States is the leading market for automation services, and its automation COE market is poised to advance at 37.7% CAGR through 2034.
- In Europe, the demand for automation CEO hubs is higher in the United Kingdom, and it is expected to develop at 39.1% CAGR through 2034.
- China is Asia's leading market for automation COE technology, and it is expected to follow 38.2% CAGR during this period.
- Japan and South Korea are the other two emerging economies for automation COE in Asia to follow 38.5% and 39.4% CAGRs, respectively, through 2034.
Competitive Landscape for Automation COE Market Players
The market is expanding and becoming competitive gradually as industries adopt automation technology and realize the advantages of automation excellence hubs. However, some leading players still hold a sizable share of the overall market as the upfront cost for research and development is very high.
Recent Developments by the Automation COE Market Players
- In May 2021, UiPath Incorporated released its UiPath automation Platform version 21.4. The recent version of the platform helps businesses manage their automation projects by providing support for large-scale automation programs. The upgraded version also includes features for enhancing operators' skills necessary for scaling.
- Automation Anywhere Incorporated launched its new Automation Success Platform in October 2022, designed mainly to accelerate corporate transformation. Automation and IT executives can expedite enterprise transformation with this Platform, as it provides intelligent automation to everyone in the workforce.
- In May 2022, a Swiss company, Flowable Incorporated, and Digital Workforce collaborated to concentrate on applying the open-source engines from Flowable. The engine provides an open standard of Decision Model and Notation (DMN), Case Management Model and Notation (CMMN), as well as Business Process Model and Notation (BPMN). The engine's low-code user interfaces enable efficient human-machine cooperation and can improve the seamless integration of additional automation assets like RPA and API.
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Automation COE Market Report Scope
| Attribute | Details | |
| Estimated Market Size (2024) | US$ 560.8 million | |
| Projected Market Size (2034) | US$ 13,300 million | |
| Anticipated Growth Rate (2024 to 2034) | 41.4 % | |
| Forecast Period | 2024 to 2034 | |
| Historical Data Available for | 2019 to 2023 | |
| Market Analysis | US$ million for Value and Units for Volume | |
| Key Regions Covered | North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania | |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa | |
| Key Segments Covered | By Organization Size, Service Type, End User, and Region | |
| Key Companies Profiled | SS&C Technologies Holdings, Inc. UiPath, Inc. Automation Anywhere, Inc. Nice Ltd. Help Systems, LLC | |
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Key Segments Covered by Automation COE Industry
By Organization Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Service Type:
- Technology Assessment & Consulting
- Design & Testing
- Governance
- Implementation Support
- Other Service Types
By End User Verticals:
- Banking, Finance Services, and Insurance (BFSI) Sector
- Healthcare & Life Sciences Institutions
- Manufacturing Industries
- Information Technology (IT) & IT Excellence Services (ITES)
- Retail & Consumer Goods Distribution
- Transportation & Logistics Sector
- Other End User Verticals
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
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