Dublin, Nov. 03, 2023 (GLOBE NEWSWIRE) -- The "Process Mining Market by Offering, Mining Algorithm, Data Source, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global process mining market is on an upward trajectory, poised to expand from $1.8 billion in 2023 to a substantial $12.1 billion by 2028, driven by a remarkable compound annual growth rate (CAGR) of 45.6% during the forecast period. This rapid growth is attributed to the increasing complexity of operational workflows, the integration of digital advancements, and a growing demand for heightened process transparency and governance.
Service-Centric Growth
Within this market, the services segment is expected to achieve the fastest market growth rate throughout the forecast period. This robust growth is primarily fueled by the necessity for specialized expertise and tailored solutions within the process mining domain. Businesses navigating intricate processes seek to maximize the value derived from their operational data, necessitating adept service providers who offer customized implementations, training, and ongoing support. The recognition that proficient guidance enhances the efficacy of process mining tools and ensures optimal utilization drives the surge in demand for service-centric offerings.
ERP Systems' Dominance
The enterprise resource planning (ERP) systems segment is anticipated to dominate the process mining market. ERP systems are comprehensive platforms that consolidate diverse business processes, making them a primary data source for process mining. Their widespread adoption across various industries positions them as central hubs for critical operational data. The strategic value derived from integrating process mining with ERP systems is increasingly recognized, enhancing the significance of ERP systems in the market. Businesses are leveraging process mining to gain actionable insights into their ERP-driven workflows, optimizing processes, identifying bottlenecks, and enhancing overall operational efficiency.
Regional Dynamics
In terms of regional growth, North America is poised to attain the highest growth rate in the process mining market. The region's strong focus on innovation and the embrace of cutting-edge technologies have led North American enterprises to invest in process mining solutions to optimize their intricate business processes. On the other hand, Europe is set to dominate the regional segment of the process mining market, boasting the largest market share. Europe's adoption of advanced technologies and a robust digital infrastructure, combined with stringent regulatory frameworks, particularly related to data privacy and compliance, has fueled the adoption of process mining tools in the region.
Premium Insights
- Increasing Need to Augment Continuous Process Improvement and Agility to Drive Market
- Deep Learning Algorithms Segment to Record Highest Growth During Forecast Period
- Software and BFSI Segments to Account for Significant Share in 2023
- Europe to Account for Largest Share in 2023
Market Dynamics
- Drivers
- Increasing Complexity of Business Processes
- Rising Digital Transformation
- Growing Need for Process Visibility and Control
- Restraints
- Lack of Awareness and Understanding Among Potential Users
- Data Security and Privacy Concerns
- Data Quality and Availability Issues
- Opportunities
- Artificial Intelligence and Machine Learning Integration
- Rising Demand for Cloud-Based Solutions
- Increasing Focus on Sustainability
- Challenges
- Use of Legacy Systems and Integration with Other Technologies
- Data Complexity
- Diverse Data Sources and Intricate Process Interdependencies
Ecosystem Analysis
- Software Providers
- Service Providers
- Data Providers
- System Integrators
- End-users
- Regulatory Bodies
Case Study Analysis
- Healthcare & Life Sciences
- Johnson & Johnson Adopted Celonis' Process Mining and Value Chain Technologies to Deliver Practical, Day-To-Day Solutions
- Energy & Utilities
- Eregio Implemented Signavio's Business Transformation Suite to Identify Process Bottlenecks and Inefficiencies
- Government & Defense
- US State Government Leveraged IBM's Process Mining Solutions to Streamline Procurement Processes
- Manufacturing
- Hitachi Partnered with Automation Anywhere to Streamline Business Processes and Enhance Employee Efficiency
- BFSI
- Isbank Deployed UiPath Process Mining to Discover Pockets of Value Within Its Processes and Provide Impactful Recommendations to Businesses
- Education
- Munich University of Applied Sciences Implemented iGrafx's Solutions to Optimize Process Landscape
Technology Analysis
- Key Technologies
- Artificial Intelligence (AI) and Machine Learning (ML)
- Robotic Process Automation (RPA)
- Cloud Computing
- IoT
- Big Data Analytics
- Adjacent Technologies
- Natural Language Processing (NLP)
- Decision Support System (DSS)
- Data Streaming and Real-Time Analytics
- Complimentary Technologies
- Data Warehousing
- Data Governance
- Encryption and Cybersecurity
- APIs
Key Attributes
| Report Attribute | Details |
| No. of Pages | 541 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $1.8 Billion |
| Forecasted Market Value (USD) by 2028 | $12.1 Billion |
| Compound Annual Growth Rate | 45.6% |
| Regions Covered | Global |
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Process Mining Market, by Data Source
7 Process Mining Market, by Mining Algorithm
8 Process Mining Market, by Offering
9 Process Mining Market, by Vertical
10 Process Mining Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent and Related Markets
14 Appendix
Companies Mentioned
- ABBYY
- Appian
- Apromore
- Automation Anywhere
- Business Optix
- Celonis
- Cyclone Robotics
- Datapolis
- Fluxicon
- Hyland Software
- IBM
- iGrafx
- Inverbis Analytics
- Kofax
- Kyp.ai
- Mehrwerk
- Microsoft
- Mindzie
- Nintex
- Pegasystems
- Puzzledata
- QPR Software
- SAP Signavio
- Skan.ai
- Software AG
- Soroco
- Stereologic
- UiPath
- Upflux
- WorkFellow
- Worksoft
For more information about this report visit https://www.researchandmarkets.com/r/mx6b3b
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