PUBLISHER: Allied Market Research | PRODUCT CODE: 1179780
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179780
Process mining is used to analyze and monitor business processes. The software helps organizations to capture data from enterprise transactions and provide important insights on how business processes are performing. In addition, process mining solutions help to create end-to-end comprehensive process models by analyzing all the data from the systems involved in running business processes. It is basically a three-step process. First, the system records the activities of people and automation solutions as they work in an organization. Secondly, the mining process then converts this data into event logs and lastly, the solution provides stakeholders with powerful insights to discover new process models.
The growing need to strengthen audit and compliance processes across organizations has increased the demand for process mining software. In addition, increasing adoption of cloud solutions and services, digital transformation initiatives, and growing awareness of business process understanding and analysis in organizations will increase the demand for process mining software and services. However, data privacy and security are hindering the growth of the market. Furthermore, the integration of process mining software with advanced technologies such as machine learning (ML) and artificial intelligence (AI) is expected to provide significant growth opportunities for the process mining software industry during the forecast period.
The process mining software market is segmented based on component, deployment mode, enterprise size, application, industry vertical, and region. On the basis of component, the market is bifurcated into software and services. Depending on services, the market is divided into professional services and managed services. Depending on professional services, the market is further classified into training & education, integration & deployment, and support & maintenance. By organization size, it is categorized into large enterprises and SMEs. On the basis of deployment, the market is divided into cloud and on-premise. Depending on application, the market is segregated into strategic sourcing, contract management, category management, transactional procurement, and supplier management. By industry vertical, the market is fragmented into BFSI, healthcare, retail, manufacturing, IT & telecom, logistics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the Process mining software market are ABBYY, Celonis, Fluxicon , Hyland Software , Minit, QPR, SAP Signavio , Software AG , UiPath Inc, FortressIQ, Kofax Inc, SkanAI, PAFnow, Orange, myInvenio, Exeura, and Logpickr Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
By Component
By Deployment Model
By Enterprise Size
By Application
By Industry Vertical
By Region