CHICAGO, Oct. 19, 2023 /PRNewswire/ -- The integration of cutting-edge technologies, real-time capabilities, expanded cross-platform compatibility, and industry-specific solutions will define the future of the Process Mining Market, making it a crucial tool for businesses looking to optimise processes and boost operational efficiency.
The Process Mining Market is set to experience rapid growth, projected to surge from USD 1.8 billion in 2023 to USD 12.1 billion by 2028, at a CAGR of 45.6% during the forecast period of 2023-2028, according to a new report by MarketsandMarkets. This remarkable expansion is driven by a confluence of factors. First and foremost, As businesses grow and expand, their processes become more complex and interconnected. This can make it difficult to understand and manage these processes effectively. Moreover, businesses are adopting digital transformation initiatives to improve their efficiency, agility, and customer experience. Additionally, businesses need to have visibility into and control over their processes in order to operate efficiently and effectively. Process mining can help businesses to gain real-time visibility into their processes, identify bottlenecks and inefficiencies, and take corrective action. In this dynamic landscape, process mining is poised to revolutionize the industry, providing agility, efficiency, and innovation on an unprecedented scale.
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500 - Tables
70 - Figures
450 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | USD (Billion) |
Segments covered | Offering, Mining Algorithms, Data Source, Vertical, and Region |
Geographies covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies covered | IBM (US), ABBYY (US), Celonis (US), UiPath (US), Software AG (Germany), SAP Signavio (Germany), QPR Software (Finland), Microsoft (US), Appian (US), Pegasystems (US), Mehrwerk (Germany), Kofax (US), Soroco (US), iGrafx (US), Nintex (US), Automation Anywhere (US), Hyland Software (US), Fluxicon (Netherlands), Datapolis (Poland), Apromore (Australia), BusinessOptix (US), StereoLOGIC (Canada), Worksoft (US), Inverbis Analytics (Spain), Skan.ai (US), Mindzie (US), Cyclone Robotics (China), Upflux (Brazil), Puzzledata Inc. (South Korea), Kyp.ai (Germany), Workfellow (Finland). |
By offering, continuous monitoring & analytics tools software segment to register the largest market share during the forecast period
Continuous monitoring tools offer real-time insights into business processes, allowing organizations to make immediate and informed decisions. These tools are driven by the need for enhanced operational efficiency and data-driven decision-making. Key trends include integration with robotic process automation (RPA) and organizations demanding transparency and interpretability in AI-driven insights, ensuring that decision-makers can understand and trust the recommendations provided by process mining tools.
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By mining algorithms, deep learning algorithms segment is poised for the fastest growth rate during the forecast period
Deep learning algorithms is a rapidly evolving segment within the Process Mining Market, addressing the need for handling complex and large data. It's driven by the need to handle large volumes of data from diverse sources, including unstructured data such as event logs. Moreover, trends like improved accuracy and prediction and integration with advanced technologies, are reshaping the process mining landscape. Deep learning algorithm's ability to model complex structures makes it well-suited for uncovering hidden insights and nuances in processes.
By region, North America to account for highest growth rate during forecast period
The North America Process Mining Market is witnessing remarkable growth, fueled by several key drivers and trends. The region's enterprises are keen on adopting technologies that enhance operational efficiency and agility, and process mining aligns well with these objectives. Moreover, the region's propensity for fostering strategic partnerships and collaborations between technology providers, consulting firms, and enterprises creates an ecosystem conducive to the growth of process mining.
Top Key Companies in Process Mining Market:
Some major players in the Process Mining Market include IBM (US), ABBYY (US), Celonis (US), UiPath (US), Software AG (Germany), SAP Signavio (Germany), Pegasystems (US), QPR Software (Finland), Microsoft (US), and Appian (US).
Recent Developments:
- In July 2023, Microsoft announced the launch of Power Automate Process Mining, infused with next-generation AI which enables organizations to easily understand what is happening across their business, maximize process insights, use out-of-box recommendations to reduce the complexity of processes, transform operations, and drive continuous process improvement with automation and low-code apps.
- In May 2023, Pegasystems announced the launch of Pega Process Mining, which will make it easier for Pega users of all skill levels to find and fix process inefficiencies hindering their business operations.
- In May 2023, QPR Software announced a brand-new partnership with Paris-based Solution BI, known for their customer-centric end-to-end business intelligence solutions.
- In March 2023, UiPath launched a new process mining tool called Communications Mining which brings new capabilities to understand and automate business communications. It uses state-of-the-art AI models to turn business messages-from emails to tickets-into actionable data.
- In January 2023, Appian announced a strategic alliance with EY to support clients on digital transformation initiatives using the next wave of intelligent automation and process mining.
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Process Mining Market Advantages:
- Process mining gives stakeholders a clear and in-depth perspective of an organization's processes, enabling them to comprehend how they operate and how they might be improved.
- It makes use of data analysis to provide data-driven insights into the performance of processes, assisting organisations in making wise decisions.
- By creating visual representations of processes, process mining tools make it simpler to spot bottlenecks, inefficiencies, and areas for improvement.
- Organisations can increase compliance and lower mistakes by using it to discover process variances, deviations, and exceptions.
- Organisations can utilise process mining to pinpoint the underlying causes of process issues and performance problems, enabling targeted solutions.
- Predictive analytics capabilities are provided by some process mining technologies, enabling businesses to anticipate process outcomes and take preventative action.
- Process mining reduces the amount of manual work needed to document processes by automatically producing thorough workflow documentation.
- It makes process monitoring possible continuously, guaranteeing that businesses can react rapidly to shifting circumstances and shifting client needs.
- To find opportunities for improvement, organisations can benchmark their procedures against best practises and industry standards.
Report Objectives
- To define, describe, and predict the Process Mining Market by offering (software and services), mining algorithm, data source, vertical, and region
- To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Process Mining Market
- To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
- To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To profile key players and comprehensively analyze their market rankings and core competencies.
- To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Process Mining Market
- To analyze the impact of recession across all the regions across the Process Mining Market
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