Pune, India, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The global Process Mining Software Market size was valued at USD 627.0 million in 2021. The market is projected to grow from USD 933.1 million in 2022 to USD 15,546.4 million by 2029, exhibiting a CAGR of 49.5% during the forecast period. Increasing Application of Virtual Technology Across Numerous Sectors to Boost Growth. This information is provided by Fortune Business Insights, in its report, titled "Process Mining Software Market Forecast, 2023-2029."
Key Industry Development-
Celonis GmbH teamed up with Infosys Limited to provide ERP upgrade and process optimization services. The companies will work together to provide digital assistance for clients looking to scale SaaS applications.
Request a Sample Copy of the Research Report:
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 49.5% |
| 2029 Value Projection | USD 15,546.4 Million |
| Base Year | 2021 |
| Process Mining Software Market Size in 2021 | USD 627.0 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Type, Enterprise Size, End-user and Geography |
| Process Mining Software Market Growth Drivers | Implementation of AI to Drive Demand for Process Mining Software |
Key Takeaways
- Software businesses are investing in AI and PMS. This integration provides real-time analysis and more opportunities for companies to enhance their operational capabilities.
- According to the Accenture Process Reimagined Report 2018, 88% of businesses that used machine learning in their business processes saw a 200% improvement.
- Growing Demand for Quick Insights to Drive Cloud-based Software Segment
- Process Mining Software Market Size in Europe was USD 2.72 Billion in 2021.
- Large enterprises were the early adopters of the software and are expected to gain maximum revenue share during the forecast 2023-2029
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/process-mining-software-market-104792
Drivers & Restraints-
- Implementation of AI to Drive Demand for Process Mining Software
- Artificial intelligence and process mining are being pursued by software firms. This integration enables real-time analysis and gives businesses more opportunities to improve their operational capabilities.
- Machine learning and deep learning are two AI techniques that provide a variety of advantages such as larger datasets, business intelligence, and richer event logs.
- According to Accenture's Process Reimagined report from 2018, 88% of businesses that used machine learning in their business processes saw a 200% improvement.
- In addition, combining AI with process mining is expected to improve customer service and increase corporate revenues.
- The software collects personal information about the user, putting their privacy at risk. It lacks the user's data safety and security, which may hamper the process mining software market growth.
Segmentation-
By Type, Growing Demand for Quick Insights to Drive Process Mining Software Market
On the basis of type, the market is bifurcated into cloud-based and on-premises.
Cloud-based is expected to gain the most market share during the forecast period and grow the fastest. Cloud-based process mining software is in high demand due to increasing adoption of cloud technologies in industries.
By Enterprise Size, Operation Optimization is Available in Large Enterprises
The market has been studied for large enterprises and small & medium enterprises based on enterprise size.
Large enterprises were among the first to use the software and are expected to account for the lion's share of revenue during the forecast period. Small & medium-sized businesses are expected to grow rapidly due to their low cost and excellent capabilities.
By End-user, High Emphasis on Automation to Boost Software Adoption in BFSI
Based on end-user, the process mining software market is categorized into BFSI, healthcare, retail, manufacturing, IT & telecommunication, logistics & transportation, and others (energy & utilities and others)
The BFSI industry is expected to gain the greatest share of the market during the forecast period. The growing use of automation and a large client base will most likely surge the demand for process mining software in the BFSI industry.
During the forecast period, the healthcare industry is expected to grow exponentially. The growing popularity of smart and wearable medical devices increases the demand for software that can provide related insights.
Geographically, the market is classified into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Have Any Query? Ask Our Experts:
Regional Insights-
Europe to Dominate the Global Market Share
During the forecast period, the process mining software market share in Europe is expected to dominate the global market. The rapidly expanding digital transformation across industries is surging the demand for software in European countries.
The market in North America is expected to grow exponentially during the forecast period, owing to an increase in demand for advanced technologies to optimize business processes. The increasing use of automation fuels the demand for software that can handle massive amounts of data.
Due to increased business competition in the region, Asia Pacific is expected to grow steadily during the forecast period. With increasing automation, China, Japan, and South Korea show significant potential for the process mining automation market in the coming years.
Competitive Landscape
Major Players Are Collaborating and Forming Partnerships to Expand their Businesses
Companies are investing in advanced technology integration to improve the efficiency and capabilities of the software. They collaborate, acquire, and partner with the service industry to develop innovative digital transformation solutions for businesses.
List of Key Players Profiled in Process Mining Software Market Report:
- UiPath (U.S.)
- Celonis GmbH (Germany)
- Exeura (Italy)
- Fluxicon BV (Netherlands)
- Fujitsu Ltd. (Japan)
- Hyland Software, Inc. (U.S.)
- Minit (Slovakia)
- QPR Software Plc (Finland)
- Software AG (Germany)
- ABBYY Solutions Ltd. (U.S.)
Access Full Report– Process Mining Software Market
https://www.fortunebusinessinsights.com/checkout-page/104792
Major Table of Contents:
-
- North America Process Mining Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Cloud-based
- On-premise
- By End User (USD)
- BFSI
- Healthcare
- Retail
- Manufacturing
- IT and Telecommunication
- Logistics and Transportation
- Others
- By Enterprise Size (USD)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- By Country (USD)
- United States
- Canada
- Mexico
- South America Process Mining Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Cloud-based
- On-premise
- By End User (USD)
- BFSI
- Healthcare
- Retail
- Manufacturing
- IT and Telecommunication
- Logistics and Transportation
- Others
- By Enterprise Size (USD)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
- Europe Process Mining Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Cloud-based
- On-premise
- By End User (USD)
- BFSI
- Healthcare
- Retail
- Manufacturing
- IT and Telecommunication
- Logistics and Transportation
- Others
- By Enterprise Size (USD)
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- North America Process Mining Software Market Size Estimates and Forecasts, By Segments, 2018-2029
Related Reports:
Artificial Intelligence [AI] Market Growth, Size, Share Forecast 2029
Machine Learning Market Size, Share, Growth, Report Analysis
Retail Analytics Market Size, Share, Trends, Forecast 2023-2029
Cloud Computing Market Size, Share, Growth, Report Analysis 2029
LED Lighting Market Size, Share, Trends, Growth 2029
FAQ's
How big is the process mining software market?
The global process mining software market size was estimated at USD 627.0 million in 2021 and is expected to reach USD 933.1 million in 2022.
Which region is expected to grow at the highest CAGR?
North America is expected to grow at the highest CAGR during the forecast period.
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
