According to the research report, the global process mining software market size was valued at USD 373.9 Million in 2021 and is expected to reach USD 11,096.7 Million By 2030, to grow at a CAGR of 49.0% during the forecast period.
Process mining software is a kind of programming that inspects data in enterprise application event logs to learn how business processes work. Process mining software aims to recognize bottlenecks and another scope of inefficiencies so that they can be improvised. It is specifically helpful to amend workflow in disciplines that are process-oriented, like business process reengineering and business process management. Dealers of process mining software profess that the technology can innumerable records of transactions and detect deviations from usual workflows that may point towards risk that is increased.
The technology is frequently referred to as the most chronic and complicated business processes carried out in the majority of the organizations like accounts payable, order to cash, and supply chain management. An organization may use process mining software to discover the cause of delays that are unexpected in the processing of an invoice, for instance, by scrutinizing the logs of the accounts payable module in the ERP system. Investigation of an audit log can also detect divergence from crucial restrictions like HIPPA’s need for safeguarding medical records.
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Important Questions Being Answered by The Market Report
- What is the market size and growth?
- What was the value of the global market in 2020?
- Which is the spearheading segment amidst end-users in the market?
- Which is the critical factor driving the growth of the market?
- Who are the top players in the market?
- Which region is anticipated to hold the highest market share?
Top Market Players Are:
- ABBYY Solutions Limited
- Celonis GmbH
- Fluxicon BV
- Hyland Software Inc.
- Minit
- myInvenio
- IBM Company
- QPR
- SAP
- Software AG
- UiPath Inc
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Process Mining Software Market: Growth Leading Factors
Software providers are excessively investing in performing AI along with process mining. This incorporation is anticipated to provide analysis that is real-time and additional possibilities to enhance the capabilities of business operations. AI technologies like ML and deep learning deliver benefits that are multiple, like business intelligence, more enormous datasets, and event logs that are enriched. Additionally, implementing AI technology with process mining is anticipated to provide enhanced customer service and boost the business’s sales.
Industries are becoming digitally conscious and agile, adopting software solutions and technologies to push the business operations and obtain efficiency across different procedures. Process mining solutions integrate data mining and process analytics to help firms withdraw data at a granular level from their record systems. Therefore, firms are permitted to visualize their procedures, which in succession authorizes the management teams to make appropriate decisions about the current process and implement better strategies for the business. However, factors like supply chain disruptions, remote working environment, low sales, and local workforce have enhanced the acquisition of automation and digital technologies.
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Process Mining Software Market: Report Scope
|
Report Attribute |
Details |
|
Market Size 2021 Value |
USD 373.9 Million |
|
Market Outlook for 2030 |
USD 11,096.7 Million |
|
Expected CAGR Growth |
49.0% from 2022 – 2030 |
|
Base year |
2021 |
|
Forecast period |
2022 – 2030 |
|
Segments covered |
By Component, By Deployment, By Application, By Industry Vertical, By Region |
|
Key Companies |
ABBYY Solutions Limited, Celonis GmbH, Fluxicon BV, Hyland Software, Inc., Minit, myInvenio, an IBM Company, QPR, SAP, Software AG, and UiPath, Inc. |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Customization Options |
Customized purchase options are available to meet your research needs. |
Process Mining Software Market: Key Segmentation
- Insight by deployment, component, application, industry verticals, and region
By deployment, the cloud segment dominated the market owing to growing demand from enterprises of all sizes for cloud-based process mining software solutions that provide scalability, flexibility, and total visibility over each procedure and cost-efficiency. By component, the software segment ruled the market due to the growing demand for solutions that can extract granular level data for business institutions to acquire visualization and insights of the processes of the workflow. By application, the transaction procurement segment was responsible for the largest revenue share due to the growing demand for superior procurement solutions and services from firms related to its complexities. By industry verticals, the BFSI segment dominated the market. There was acute competition amongst financial assistance and global banking organizations and their endeavors to intensify customer experience and provide better services.
By region, Europe is emerging as a dominant region due to the advanced technology’s early adoption and high adoption of automation services and tools. Further, the growing demand from several firms for a robust process analysis software solution is also pushing the growth of the European market. The Asia Pacific is another emerging region as a powerful player in this market. It can be owed to growing requirements amidst enterprises to enhance compliance and process auditing. The increasing cloud infrastructure disbursing by big and small, and medium enterprises and the appearance of many start-ups are also the significant drivers of growth of this region. The market in North America is anticipated to gain growth that is exponential because of the growing demand for progressive technologies to amend the business process. The overflowing application of automation is charging the need for the software to manage extensive data.
Browse the full “Process Mining Software Market Share, Size, Trends, Industry Analysis Report, By Component (Services, Software); By Deployment (Cloud-based, On-Premises); By Application; By Industry Vertical; By Region; Segment Forecast, 2022 – 2030” Report at https://www.polarismarketresearch.com/industry-analysis/process-mining-software-market
Key Highlights of The Report
- Large scale particulars on factors reckoned to impact the growth of the market and share of the market
- The report provides the current scenario growth prospects market in the future in several geographical regions
- The aggressive topographical analysis on the market, along with quantitative and qualitative information, is furnished
- There is an execution of SWOT analysis along with PORTER’s five force analysis
- The comprehensive analysis offers an insight into the market, highlighting the growth rate and business possibilities
The market primarily depends on the deployment, component, application, industry verticals, and region
Process Mining Software Market: By Deployment
- Cloud-based
- On-Premises
Process Mining Software Market: By Component
- Software
- Services
Process Mining Software Market: By Application
- Strategic Sourcing
- Contract Management
- Category Management
- Transactional Procurement
- Supplier Management
Process Mining Software Market: By Industry Verticals
- Manufacturing
- Healthcare
- BFSI
- Consumer Goods & Services
- Telecommunications &IT
- Logistics &Transportation
- Others
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