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With 49.5% CAGR, Process Mining Software Market Size Worth USD 15,546.4 Million in 2029
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global process mining software market size is projected to reach USD 15,546.4 million in 2029, at CAGR of 49.5% during forecast period; Implementation of AI to Augment Growth
Pune, India, May 06, 2022 (GLOBE NEWSWIRE) -- The process mining software market size reached USD 627.0 million in 2021. The market value is anticipated to increase from USD 933.1 million to USD 15,546.4 million by 2029 at a CAGR of 49.5% during the forecast duration. Process mining software analyzes event log data to better understand how a business operates and identify inefficiencies and stoppages in the process, says Fortune Business InsightsTM in its report titled, “Process Mining Software Market, 2022-2029”.
Key Industry Development-
March 2020: Celonis GmbH teamed up with Infosys Limited to provide ERP upgrade and process optimization services. The companies will work together to provide digital assistance for clients looking to scale SaaS applications.
By Type, By Enterprise Size, By End-user, and Regional
Process Mining Software Market Growth Drivers
Implementation of AI to Surge Demand for Process Mining Software
Privacy and Security Issues to Hamper Market Growth
Drivers & Restraints-
Implementation of AI to Drive Demand for Process Mining Software
Artificial intelligence and process mining are being pursued by software firms. This integration enables real-time analysis and gives businesses more opportunities to improve their operational capabilities. Machine learning and deep learning are two AI techniques that provide a variety of advantages such as larger datasets, business intelligence, and richer event logs. According to Accenture's Process Reimagined report from 2018, 88% of businesses that used machine learning in their business processes saw a 200% improvement. In addition, combining AI with process mining is expected to improve customer service and increase corporate revenues. The software collects personal information about the user, putting their privacy at risk. It lacks the user's data safety and security, which may hamper the process mining software market growth.
Rising Uncertainty during COVID-19 Pandemic to Boost Demand
The pandemic significantly impacted customer behavior and business operations across industries. Lack of resources as geographic borders closed also significantly impacted the manufacturing, logistics, and transportation industries. This slowed the market growth for a while. Low sales, supply chain disruption, remote working environments, and a limited workforce, on the other hand, hastened the adoption of digital and automation technology.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
By Type, Growing Demand for Quick Insights to Drive Process Mining Software Market
On the basis of type, the market is bifurcated into cloud-based and on-premises.
Cloud-based is expected to gain the most market share during the forecast period and grow the fastest. Cloud-based process mining software is in high demand due to increasing adoption of cloud technologies in industries.
By Enterprise Size, Operation Optimization is Available in Large Enterprises
The market has been studied for large enterprises and small & medium enterprises based on enterprise size.
Large enterprises were among the first to use the software and are expected to account for the lion's share of revenue during the forecast period. Small & medium-sized businesses are expected to grow rapidly due to their low cost and excellent capabilities.
By End-user, High Emphasis on Automation to Boost Software Adoption in BFSI
Based on end-user, the process mining software market is categorized into BFSI, healthcare, retail, manufacturing, IT & telecommunication, logistics & transportation, and others (energy & utilities and others)
The BFSI industry is expected to gain the greatest share of the market during the forecast period. The growing use of automation and a large client base will most likely surge the demand for process mining software in the BFSI industry.
During the forecast period, the healthcare industry is expected to grow exponentially. The growing popularity of smart and wearable medical devices increases the demand for software that can provide related insights.
Geographically, the market is classified into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
The report highlights leading regions to provide the user with a better understanding. Furthermore, the report delves into the most recent industry growth trends and analyzes technologies deployed at a rapid pace on a global scale. It also includes some of the market's drivers and restraints, trends, company profiles, and other information to help the reader understand the market.
Regional Insights-
Europe to Dominate the Global Market Share
During the forecast period, the process mining software market share in Europe is expected to dominate the global market. The rapidly expanding digital transformation across industries is surging the demand for software in European countries.
The market in North America is expected to grow exponentially during the forecast period, owing to an increase in demand for advanced technologies to optimize business processes. The increasing use of automation fuels the demand for software that can handle massive amounts of data.
Due to increased business competition in the region, Asia Pacific is expected to grow steadily during the forecast period. With increasing automation, China, Japan, and South Korea show significant potential for the process mining automation market in the coming years.
Competitive Landscape-
Major Players Are Collaborating and Forming Partnerships to Expand their Businesses
Companies are investing in advanced technology integration to improve the efficiency and capabilities of the software. They collaborate, acquire, and partner with the service industry to develop innovative digital transformation solutions for businesses.
List of Key Players Profiled in Process Mining Software Market Report:
UiPath (U.S.)
Celonis GmbH (Germany)
Exeura (Italy)
Fluxicon BV (Netherlands)
Fujitsu Ltd. (Japan)
Hyland Software, Inc. (U.S.)
Minit (Slovakia)
QPR Software Plc (Finland)
Software AG (Germany)
ABBYY Solutions Ltd. (U.S.)
Major Table of Contents:
Global Process Mining Software Market Size Estimates and Forecasts, By Segments, 2018-2029
Key Findings
By Type (USD)
Cloud-based
On-premise
By End User (USD)
BFSI
Healthcare
Retail
Manufacturing
IT and Telecommunication
Logistics and Transportation
Others (Energy and Utilities, etc.)
By Enterprise Size (USD)
Large Enterprises
Small and Medium Enterprises (SMEs)
By Region (USD)
North America
South America
Europe
Middle East & Africa
Asia Pacific
North America Process Mining Software Market Size Estimates and Forecasts, By Segments, 2018-2029
Key Findings
By Type (USD)
Cloud-based
On-premise
By End User (USD)
BFSI
Healthcare
Retail
Manufacturing
IT and Telecommunication
Logistics and Transportation
Others (Energy and Utilities, etc.)
By Enterprise Size (USD)
Large Enterprises
Small and Medium Enterprises (SMEs)
By Country (USD)
United States
By End User
Canada
By End User
Mexico
By End User
South America Process Mining Software Market Size Estimates and Forecasts, By Segments, 2018-2029
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