Pune, India, June 08, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global process mining software market size was valued at USD 1.13 billion in 2022 and is projected to grow from USD 1.66 billion in 2023 to USD 27.72 billion by 2030, exhibiting a CAGR of 49.4% during the forecast period. Quick Insights and Growing Demand of Cloud-Based Software to Propel Market. Fortune Business Insights, provide this information in its report titled, Global Process Mining Software Market Forecast, 2023-2030.
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As businesses implement digital solutions, automation, and information technology, the demand for process mining software is increasing. This software understands the operations of a business and assists them in finding inefficiencies and bottlenecks in the operation.
Key Industry Development:
June 2022 – QPR Software announced a partnership with Snowflake to offer QPR ProcessAnalyzer, process mining software. Through the partnership and Snowflake's modern technology companies together are offering user-friendly and efficient options to the users.
Key Takeaways
- Process mining software market size in Europe was USD 0.36 Billion in 2022
- Cloud-based Software to Grow Due to High Demand for Quick Insights
- Focus on Automation to Propel BFSI Segment Growth
- Early Adoption of Data Automation to Dominate Large Enterprises
Discover the Leading Players Featured in the Report:
“Companies leading the global process mining software market are UiPath (U.S.), Celonis GmbH (Germany), IBM Corporation (U.S.), Fluxicon BV (Netherlands), Fujitsu Ltd. (Japan), Hyland Software, Inc. (U.S.), Appian Corporation (U.S.), QPR Software Plc (Finland), Software AG (Germany), ABBYY Solutions Ltd. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 49.4% |
| 2030 Value Projection | USD 27.72 Billion |
| Base Year | 2022 |
| Process Mining Software Market Size in 2022 | USD 1.13 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Deployment, Enterprise Type, End User and Geography |
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Drivers & Restraints:
Implementation of AI in Process Mining Software to Transform Market Outlook
Software companies are increasingly investing in AI and process mining. This integration enables real-time analysis and ensures better chances for enterprises to boost their operational capabilities. AI techniques such as machine learning and deep learning offer several benefits, including business intelligence, larger datasets, and richer event logs. These factors augment the process mining software market growth.
However, several privacy and security concerns might hamper market growth slightly.
Segmentation:
By Deployment
- Cloud-based
- On-premises
By Enterprise Type
- Large Enterprises
- SMEs
By Application
- Order Management
- Digital Transformation
- Customer Satisfaction
- Business Process Improvement
- Auditing & Compliance
- Others (IT operations, etc.)
By End-user
- IT & Telecommunication
- Healthcare
- Retail
- BFSI
- Manufacturing
- Logistics & Transportation
- Others (Energy and Utilities, Others)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
Increasing Adoption of Cutting-Edge Technologies Lead to Europe’s Growth
With rising digital transformation, Europe dominates the market and had a valuation of USD 0.36 billion in 2022. The adoption of innovative technologies by large and small businesses is a leading factor and will increase the region’s process mining software market share. Rising demand for new technologies in North America to automate business operations is anticipated to increase the market share during the forecast period.
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Competitive Landscape
Market Leaders Concentrate to Create Solutions to Cater Service Industry’s Needs
Major players in the market are investing heavily in cutting-edge technology to enhance the capabilities of the software. Companies are focused on acquisitions, partnerships, and collaborations with the service industry to offer creative solutions and help them in digital transformation.
FAQs
How big is the process mining software market?
The process mining software market size was USD 1.13 billion in 2022. It is expected to reach USD 27.72 billion by 2030.
How fast is the process mining software market growing?
The process mining software market will exhibit a CAGR of 49.4% during the forecast period, 2023-2030.
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