In a large software organization that is organized vertically, that is by business unit or supporting system, it is critical to provide software reuse and standardization among the teams.
Without an effective mechanism to easily share and communicate reusable components and dependencies, redundant effort creeps in to even the smallest of teams.
Interestingly, from the perspective of an organizationally common architecture, implementing one centralized Maven repository does not solve this problem. It is reasonable for teams to assume that any artifact in the internal Maven repository is "blessed" for use in their systems, ergo much forethought and discipline must be exercised before allowing artifacts into an organization's internal repository. This leads to the need for team level repositories that can serve as an insulating buffer between the main internal repository and the various team's build systems.
This approach can promote software artifact sharing and reuse at the team level while still maintaining the purity of the main internal repository.