Process Mining Software Market

Global Process Mining Software Market is valued at USD 443.7 Million in 2021 and is expected to reach USD 4,186.7 Million by 2028 with a CAGR of 37.8% over the forecast period.

Global Process Mining Software Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: The growing need for organizations to strengthen their process auditing and compliance processes are expected to boost demand for process mining software. Furthermore, an increase in the use of digital transformation technology, digital transformation initiatives, and growing awareness about understanding and analyzing business processes are some of the major factors driving the growth of the Global Process Mining Software Market.

Scope of Global Process Mining Software Market

Business process insights are automatically discovered, tracked, and provided via process mining tools. They aid in developing a thorough awareness of procedures to enable speedy adjustment to dynamic corporate environments. Additionally, they achieve automation goals, promote digital transformation, bring resilience measures into practice, and constantly enhance operations. Users are able to monitor, recognize, and improve the processes that are operating a system due to software known as "process mining."

To uncover all possible issues and process gaps, forecast their effects, and find remedies, this program combines data science with process management. This software is used by businesses to analyze data in order to understand the way business processes function and how long it presently takes to execute certain operations in the digital age. analysis of the performance, process, and compliance. On the computers used by the business, process mining software may be installed to look for possible inefficiencies or mistakes.

The pandemic significantly affected consumer behavior and corporate operations across many sectors. Due to a scarcity of resources and the closing of borders, it had a substantial effect on the logistics, manufacturing, and transportation sectors as well. This temporarily hampered the market's growth. On the other side, factors including supply chain disruption, remote working settings, poor sales, and a small workforce hastened the adoption of automation and digital technologies. Businesses in sectors including retail, BFSI, and IT & telecommunications have used cloud-based solutions right away to serve their clients throughout the pandemic crisis. For instance, Celonis GmbH and Tata Consultancy Services, collaborated in July 2020 to help their customers streamline their business processes for greater operational efficiency and resilience. Therefore, it is anticipated that demand for process mining software is expected to rise during the post-pandemic era.

The global Process Mining Software market is segmented based on the deployment, component, application, end-use, and region & country level. Based on deployment, the global Process Mining Software market is segmented into cloud and on-premise. By component, the market is segmented into software and services. By application, the global Process Mining Software market is segmented into contract management, strategic sourcing, transactional procurement, category management, and supplier management. By end-use, the global Process Mining Software market is segmented into BFSI, Telecommunications &IT, consumer goods & services, manufacturing, healthcare, logistics & transportation, and others.

The regions covered in the global Process Mining Software market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Process Mining Software is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Process Mining Software Segmentation

By Component

• Software
• Services

By Deployment Mode

• On-premise
• Cloud

By Enterprise Size

• Small & Medium Enterprise
• Large Enterprise

By Application

• Strategic Sourcing
• Contract Management
• Category Management
• Transactional Procurement
• Supplier Management

By Industry Vertical

• Manufacturing
• Healthcare
• BFSI
• Consumer Goods & Services
• Telecommunications & IT
• Logistics & Transportation
• Others

Key Players of Global Process Mining Software Market

Some of the leading players operating in the global Process Mining Software market are

• Celonis
• ABBYY
• Fluxicon
• Minit
• QPR
• SAP Signavio
• Software AG
• UiPath Inc
• FortressIQ
• Hyland Software
• Kofax Inc
• SkanAI
• PAFnow
• Orange
• myInvenio
• Exeura
• Logpickr Inc

News

Microsoft acquires Minit in order to strengthen the process mining capabilities

On March 31, 2022; Microsoft announced the purchase of Minit, a pioneer in process mining technology that helps companies find areas for ongoing process optimization and increased operational effectiveness.

Pega Acquires Everflow to Enhance the Industry's Most Complete Hyperautomation Platform with Intuitive Process Mining

On May 24, 2022; Today at PegaWorld iNspire, Pegasystems Inc., the software development company that destroys business complexity, announced the purchase of Everflow, a cutting-edge Brazilian bigdata software firm. Pega customers will be able to find and correct the hidden procedure errors that often bog down company functions due to Everflow's highly intuitive software. With this purchase and Pega's industry-leading AI-powered decision-making and workflow automation abilities coupled, the company will be able to offer businesses the most comprehensive hyper-automation solution on the market.

Implementation of AI and machine learning, growing adoption of cloud solutions and services, and increase in volumes of data are some of the major factors driving the growth of the Global Process Mining Software Market Growth

Most sectors were able to recover rapidly, despite the difficulties and a steep decline in sales at the pandemic's height. The adoption of cloud-based technologies and the digitalization of corporate operations are mostly responsible for this. The existence of open-source alternatives, however, is probably going to impede industry expansion. For instance, the Melbourne-based process mining software business, Apromore Pty Ltd provides an open-source option in addition to a collaborative workplace and substantial library.

Enterprises are embracing technology and software solutions to improve their company operations and increase efficiency across a variety of activities. They are also becoming more digitally nimble and conscientious. Process analytics and data mining are combined in process mining solutions, which help businesses collect detailed data from their record-keeping systems. This makes it possible for businesses to observe how their processes work, which helps management teams decide how best to change existing procedures and develop more effective company plans. It also aids businesses in identifying potential for optimization and automation. Furthermore, process mining software enterprises are anticipated to see significant development prospects in the near future as a result of the integration of cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML) with process mining software.

Artificial intelligence and data mining are being invested in by software businesses. Real-time analysis and additional opportunities for businesses to enhance their operational skills are provided by this integration. Business intelligence, larger datasets, and richer event logs are just a few advantages that deep learning and machine learning, two AI approaches, provide. Process mining combined with artificial intelligence is projected to accelerate market expansion. Similar to this, UiPath unveiled new solutions in May 2021 for scaling end-user automation with AI-powered corporate administration, discovery, and governance. The advanced process mining tools and automation hub are some of the new features that enable end users to discover and adopt automation that increases operational efficiency and expedites the goal-achieving process.

Process mining software leverages current and past information from the company to assist effective operations. It has access to both the company's operations and the private and sensitive data of its clients. This data is essential and may tempt hackers. Additionally, the process mining software gathers client information, which jeopardizes user privacy. It is not safe or secure for user data. The expansion of the process mining software industry is predicted to be hampered by this.

North America is Expected to Capture a Major Share in the Global Process Mining Software Market

The process mining software market is mostly based in North America. A number of reasons, including the region's growing digitization and the use of process mining technology solutions by different industries including manufacturing, BFSI, and governments, are responsible for the market's expansion. Furthermore, the existence of major companies offers a wealth of prospects for market expansion.

Due to the increased commercial competitiveness in the region, Asia Pacific is anticipated to rise steadily throughout the projected period. With the increase in automation, nations like Japan, China, and South Korea are displaying significant promise for the process mining automation industry in the next years. Additionally, a sharply rising need for cloud-based software is anticipated to drive the market's expansion.

Similarly, the projected period is expected to witness stable development in the Middle East, Africa, and South America. Middle Eastern nations are experiencing a variety of investments as a result of the government's increased emphasis on digital transformation. For instance, to extend process excellence skills to Saudi Arabia and the Middle East, Celonis GmbH established cooperation with lean management consultant, the principles. This is anticipated to fuel the expansion of the regional software industry. For instance, in June 2021, Coberg and Celonis GmbH partnered to make the Celonis Execution Management solution available to clients across the Middle East and Africa. Process execution, process mining, and process consulting, which support firms' digital transformation, are also available to the region's customers.

By Regional & Country Level

North America

• U.S.
• Canada

Europe

• U.K
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 443.7 Million
Base year considered	2021
Forecast Period CAGR %:	37.8%
Market Size Expected in 2028:	USD 4,186.7 Million
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Celonis, ABBYY, Fluxicon, Minit, QPR, SAP Signavio, Software AG, UiPath Inc, FortressIQ, Hyland Software, Kofax Inc, SkanAI, PAFnow, Orange, myInvenio, Exeura, and Logpickr Inc.
Segments Covered	By Component, By Deployment Mode, By Enterprise Size, By Application, By Industry Vertical, By End-User.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa