Greater knowledge about the need to analyse business processes and interpret large volumes of data is one of the key drivers of market growth of the Process Mining Software Market.
Covid-19 Impact & Market Status
The Process Mining Software market size has seen mixed response in terms of growth due to the advent of Covid-19. This is because of the travel restrictions, flight bans, and quarantines which further resulted in termination of all the offline activities and offices temporarily. These reasons hampered the manufacturing and logistics market which can have a short-term impact on the growth due to shortage of demand from this segment. However, industries such as BFSI, retail and IT have boosted the growth of this market as they needed to implement online digital services to their customers during covid 19 crisis.
This Process Mining Software Market report explores the current market, regulatory aspects, and potential opportunities, and challenges in individual market segments. The report also gives a detailed outlook of the competitive landscape.
Cloud Based Deployment to Remain Atop
By deployment model, the Process Mining software market was led by the cloud-based segment in 2020, and is projected to maintain its dominance during the forecast period. This is because of the rising approval of the work from home model and adoption from small and medium as well as large enterprises to integrate cloud technologies into their existing infrastructure. The on- premise segment is also expected to grow at a rapid pace during the forecast period.
Large Enterprises to Ensure Highest Sales
The large enterprises segment has dominated the market in 2020 and it is because of the fact that these large enterprises have a huge database which in turn needs to be regulated and audited efficiently. The large enterprises were early adopters of this and hence are responsible for huge sales. Small and medium scale enterprises are analysed to grow at considerable rate during the forecast period because of the high adoption of the cloud-based solutions in these firms.
BFSI sector to come out at top
The BFSI sector is analysed to hold highest share in 2020 and is expected to grow at highest rate during the forecast period 2021-2028. Owing to the large amount of data that banks possess, and the great competition among the banks and financial institutions around the world, the BFSI sector comes out as the highest consumption sector. Increased regulations and compliances can be too overwhelming and that is why BFSI segment needs the use of Process Mining Software to ensure the efficiency and thereby ensuring customer satisfaction. The dire need of monitoring and maintaining the external and internal processes smoothly has an impact on the growth rate of the market.
Europe Region to Render Ample Investment Avenues
Europe is the largest contributor to the growth of global Process Mining Software Market. The key factors such as a huge need of data analytics, process efficiency among the large as well as small and medium enterprises in that region. However, the Asia Pacific region is expected to incur huge demand because of the high population and the growing need for process aautomations and data management.
The growth in need for automation with the use of Artificial Intelligence to identify inefficiencies and problems in the regular operations, along with growing adoption of cloud solutions and services has helped in the growth of this market.
Process mining software combines Business Intelligence (BI), analytics, automation, critical change agents, and Artificial Intelligence (AI) functions to help companies bridge the gap in isolated data which is raw & scattered across various business processes. Process mining also assists organizations to discover and fix the inadequacies which prove to be a road block for the performance of business processes
Process Mining Software is a type of software that helps in making processes less opaque and structured, quickly obtain the necessary detailing of all key areas, measure duration of the process execution cycle and find out the necessary optimization paths. The Covid 19 virus has had an immense impact in the adoption of the Process Mining Software Market. These factors collectively influence the global Process Mining Software market, ensuring an overall market size of 10 billion by 2028 with an annual growth rate of 50% through the forecast span.
The rise in the adoption of technology and growth in awareness regarding the benefits that Process Mining Software gives has helped in the growth of this market. The unique feature of these software is that they can provide solutions for increasing the efficiency in the workflow of business processes.
Enterprises are becoming large and more complex day by day, this along with it brings lots of data to work on and with large volumes of data, the expected workflow is likely to differ from what the real workflow can be. Hence there comes inefficiency and so as to remove these inefficiencies and bottlenecks, Process Mining Software are needed.
However, the process mining tools on the market are very different, because they focus on diversified and unique use cases. Organizations first need to think about their own usage to understand what they need. In developing nations, lack of awareness is the reason companies are still following traditional methods of executing processes. Nevertheless, Process Mining Software Market has the growth prospects, as companies are becoming more and more complex which will need the application of these software to make the processes more efficient.
The major players of this market are ABBYY Solutions Limited, Celonis GmbH, Fluxicon BV, Hyland Software, Inc., Minit, myInvenio, an IBM Company, QPR Software Plc, Signavio, Software AG, UiPath, Inc. Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Process Mining Software market. By applying technology, the R&D teams of the companies must try increase the efficiencies of these software to ensure that the organizations get full control over their processes, reducing costs and increasing the effectiveness of any process at their companies.
Latest Innovations in the Global Process Mining Software Market: A Snapshot
- Accenture, Celonis partner in process mining technology. The strategic relationship aims to ramp up process improvement, by using Celonis' technology in Accenture offerings such as MyConcerto and SynOps.
- UltimateSuite has added Robotic Process mining to its platform to better the Task Discovery. The new addition helps its customers to automatically find repetitive programs which can be automated or streamlined for maximum efficiency and increased business return on investment.
Process Mining Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 10 billion|
|Growth Rate||CAGR of 50% during 2021-2028|
|Segment Covered||type, Enterprise Size, Industry Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||ABBYY Solutions Limited, Celonis GmbH, Fluxicon BV, Hyland Software, Inc., Minit, myInvenio, an IBM Company, QPR Software Plc, Signavio, Software AG, UiPath, Inc. Product launches, acquisitions, and R&D activities|
Key Segments of the Process Mining Software Market
Process Mining Software Market on the basis of type, 2018-2028 (USD Million)
- Cloud – Based
- On – Premise
Enterprise Size Overview, 2018-2028 (USD Million)
- Large Enterprises
- Small and Medium Enterprises
Industry Vertical Overview, 2018-2028 (USD Million)
- IT & Telecom
- Government & Public
- Media & Entertainment
- Oil & Gas
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa