Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- The global process mining software market size is expected to reach USD 10,383.0 million by 2028 and exhibit a CAGR of 49.3% during the forecast period. Process mining software helps improve business processes by analyzing the insights from the event log and identifying underlying inefficiencies. The growing digital transformation and the rising adoption of information technologies and automation are anticipated to bolster the market growth. Fortune Business Insights™ has presented this information in its report titled, “Process Mining Software Market, 2021-2028”. The market size stood at 421.9 million in 2020.
Businesses across industries are finding technological solutions to decrease investment costs and optimize productivity. Robotic Process Automation (RPA) helps businesses to improve productivity and enhance performance. Its fusion with process mining software can help businesses maximize the impact of the two technologies. Hence, the growing adoption of the two technologies is likely to fuel market growth in the coming years.
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Key Players in the Global Process Mining Software Market are:
• UiPath (New York, U.S.)
• Celonis GmbH (Munich, Germany)
• Exeura (Cosenza, Italy)
• Fluxicon BV (Eindhoven, Netherlands)
• Fujitsu Ltd. (Tokyo, Japan)
• Hyland Software, Inc. (Ohio, U.S.)
• Minit (Bratislava, Slovakia)
• QPR Software Plc (Helsinki, Finland)
• Software AG (Darmstadt, Germany)
• ABBYY Solutions Ltd. (North Carolina, U.S.)
REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 49.3% |
| 2028 Value Projection | USD 10,383.0 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 421.9 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Tables, Charts & Figures | 103 |
| Segments covered | Type; Enterprise Size; End User; and Region |
| Growth Drivers | Rising AI Implementation to Favor Market Growth |
| Fusion of Robotic Process Automation and Processing Mining Software to Boost Market Expansion | |
| Growing Uncertainty during COVID-19 Pandemic to Boost Demand | |
| Pitfalls & Challenges | Privacy and Security Issues are likely to Hamper Market Growth |
COVID-19 Impact-
The pandemic has severely altered consumer behavior dynamics and business operations across industries. However, the demand for automation and digital technologies has increased during the pandemic due to the disruptions in supply chain networks, low available workforce, reduced sales, and work-from-home regime implementation. Many industries, including BFSI, IT and telecommunication, and retail, have witnessed swift adoption of advanced digital solutions to cater to their customers. The swift digitization observed during the pandemic has boosted the market's growth and is likely to magnify post-pandemic.
Segmentation-
On the basis of type, the market is bifurcated into on-premises and cloud-based. On the basis of enterprise size, the market is categorized into SMEs and large enterprises. On the basis of end-user, the market is fragmented into retail, logistics & transportation, IT & telecommunication, manufacturing, healthcare, BFSI, and others. Geographically, the market is classified into - South America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage-
- The report provides a 360-degree assessment of the prospected market.
- It showcases growth insights on North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
- It highlights key developments such as acquisitions, expansions, mergers, collaborations, and others.
- It analyzes the COVID-19 pandemic’s impact.
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Drivers & Restraints-
Rising AI Implementation to Favor Market Growth
The software helps in improving business processes by analyzing the insights from the event log and identifying underlying bottlenecks and inefficiencies. Its integration with artificial intelligence (AI) and machine learning can help maximize business operation capabilities and offer several advantages, including business intelligence, enriched event logs, and bigger datasets. Hence, AI implementation with the software is likely to bolster the global process mining software market growth in the coming future.
Businesses across industries are finding technological solutions to decrease investment costs and optimize productivity. Robotic Process Automation (RPA) helps businesses to improve productivity and enhance performance. As a growing trend, businesses are fusing RPA with process mining software to maximize the impact of the two technologies. Hence, the rising fusion of the two technologies is likely to fuel market growth in the coming years.
In essence, the growing digital transformation and the rising adoption of information technologies and automation are anticipated to bolster the market growth.
However, the security and privacy issues related to customers’ and business’ confidential data may hinder the market growth.
Regional Insights-
Growing Digital Transformation to Fortify Growth in Europe
Europe is projected to dominate the global process mining software market share. The swift digital transformation across industries is anticipated to boost market growth. Small and large businesses are adopting ingenious and efficient analytical techniques to enhance their business operations, which is likely to stimulate the market's growth. The U.K. and Germany are expected to lead the market in Europe.
North America is anticipated to witness astronomical growth in the global market. Rising automation and the growing demand for modern technologies to hone business operations are likely to bolster market growth. U.S. is expected to witness the highest growth due to the well-established healthcare, BFSI, and retail sectors in the region.
Competitive Landscape-
Businesses Adopt Inorganic Growth Strategies to Accumulate Growth
The key players in the market emphasize improving software efficiency and capabilities through investments and advanced technology integrations. The key players aim to diversify their product portfolios through new product launches and technological developments. They adopt various ingenious growth strategies such as partnerships, mergers, acquisitions, and others to garner growth and improve their market positions. For instance, Celenois GmbH partnered with Infosys Limited in March 2020 to provide business process optimization and ERP modernization. The two companies aim to offer digital support for clients to scale SaaS platforms with this partnership.
Industry Developments-
- August 2020: Software AG launched ARIS Process Mining SaaS, the company’s new cloud platform. The platform is available in the market in three editions for element and advanced applications.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Process Mining Software Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
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