Chicago, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The Process Mining Market is estimated to be worth USD 1.8 billion in 2023 and is projected to reach USD 12.1 billion by 2028 at a CAGR of 45.6% during the forecast period according to a new report by MarketsandMarkets™.
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Process Mining Market Dynamics:
Drivers :
- Increasing complexity of business processes
- Rising adoption of digital transformation
- Growing need for process visibility and control
Restraints:
- Lack of awareness and understanding
- 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
List of Key Players in Process Mining Market:
- IBM
- ABBYY
- Celonis
- UiPath
- Software AG
- SAP Signavio
- Pegasystems
- QPR Software
- Microsoft
- Appian
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There is a noticeable uptick in the complexity of business processes, creating a demand for advanced solutions to navigate and optimize these intricacies. Simultaneously, the widespread adoption of digital transformation initiatives is contributing significantly to the market's growth. Organizations are recognizing the importance of embracing digital technologies to stay competitive and relevant. Furthermore, there is a growing imperative for enhanced process visibility and control. As businesses expand and diversify, the need to gain insights into and exert control over various processes becomes increasingly critical.
One of the most profound impacts on the process mining market has been the advancement of big data analytics, artificial intelligence (AI) and machine learning (ML) technologies. These technologies have empowered organizations to analyze large volumes of data and extract meaningful insights, enabling a more in-depth understanding of business processes. The advent of big data analytics has been instrumental in enabling organizations to handle and process vast amounts of data generated by their operations. The integration of machine learning and AI in process mining has elevated its analytical capabilities. These technologies enable the identification of complex relationships within process data, prediction of future process behaviors, and the automatic discovery of process models.
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By offering, the services segment is projected to grow at the fastest rate during the forecast period. Process mining implementations can be intricate, requiring specialized knowledge and expertise. Professional and managed service providers offer a pool of skilled professionals who can efficiently handle the complexity of deploying and managing process mining solutions. By mining algorithms, the deep learning algorithms segment is expected to witness the fastest growth rate between 2023–2028, driven by the the ability to forecast potential bottlenecks, deviations, or inefficiencies in a process which in turn enhances the proactive nature of process optimization.
By vertical, manufacturing segment is projected to have the highest growth rate during the forecast period. The growth drivers are complexity of manufacturing processes, integration with industry 4.0 initiatives, demand for supply chain optimization, and continuous improvement culture. Process mining provides manufacturers with a data-driven approach to streamline operations, reduce costs, and improve productivity. By data source, financial systems data to experience the most rapid growth during the forecast period. The primary growth drivers for financial systems data include the increasing complexity of financial processes, rising adoption of digital financial services, and the need for real-time analytics in finance.
The process mining market has been segmented into five key regions: North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. Forecasts suggest that Europe is estimated to seize the largest market share throughout the projected period, with the North America region anticipated to exhibit the most rapid growth rate. Within Europe, both process mining software and services have proven highly effective across diverse organizations and industry verticals. In the North America, businesses are known for their proactive approach to digital transformation and robust IT infrastructure. Notably, Asia Pacific, the Middle East & Africa, followed by Latin America, are witnessing a significant upswing in the adoption of process mining software and services.
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