What are the benefits of using components in projects?

I understand the idea of further breaking down your projects into various components for organizing, but what else comes with doing this? Analytics?, sprint planning? different views on boards?

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One of the major advantages of components is the ability to define leads for components and potentially use them in the workflows. For example, you can automatically assign issues created in a component to its lead at various stages in the workflow.

And, of course, it helps with reporting. You can create filters using components and use it where ever filters are used. Dashboards, scrum boards etc are good examples.

You can do the latter with custom fields too but you will find add-ons that uses components and their meta data for additional reporting.

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