PUBLISHER: 360iResearch | PRODUCT CODE: 1466693
PUBLISHER: 360iResearch | PRODUCT CODE: 1466693
[192 Pages Report] The Process Mining Market size was estimated at USD 2.63 billion in 2023 and expected to reach USD 3.16 billion in 2024, at a CAGR 20.11% to reach USD 9.49 billion by 2030.
Process mining is an innovative analytical discipline for discovering, monitoring, and improving real processes by extracting data-derived insights from event logs readily available in information systems. It offers a data-driven approach to analyzing the way processes are executed within an organization and helps understand the complexities of operational workflows. Increasing demand for automation and digitization across various industries and Industry 4.0 initiatives by the government have contributed to the growing adoption of process mining. Additionally, the growing importance of improving customer experience and the need for compliance with regulatory standards are urging businesses to adopt process mining solutions. Financial and banking institutions use process mining to streamline customer engagement and account opening and ensure regulatory compliance with legal standards. However, issues related to inaccurate and incomplete data and the difficulty of integrating process mining solutions pose technical constraints to the widespread utilization of process mining. Additionally, the risk of data breach and loss of data privacy raises concerns about the reliability and safety of process mining. Efforts by key players to invest in technological advancements, such as the integration of ML and AI with process mining, can help circumvent data privacy and security challenges.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 2.63 billion |
Estimated Year [2024] | USD 3.16 billion |
Forecast Year [2030] | USD 9.49 billion |
CAGR (%) | 20.11% |
Component: Increasing usage of software in process mining for robust analytical capabilities
Process mining services are vital in the overall structure, modularizing complex tasks using modern AI methods to model processes and discover patterns. It empowers businesses to make data-driven operational decisions catering to real-time situations. Process mining software is associated with powerful analytical capabilities, automation, and data visualization tools. Conformance-checking tools are a critical component of the process mining market as they help to identify deviations and non-compliance issues by comparing the actual process execution with an existing process model. Continuous monitoring & analytics tools help track and analyze process performance data, providing real-time insights that drive process efficiency and business agility. Integration & collaboration tools help bridge gaps in organizational structures and improve interdepartmental functioning. Performance analysis tools offer insights into process performance by analyzing cycle time, throughput, and resource utilization metrics. Process discovery tools enable enterprises to extract knowledge from information system event logs and help construct a process model. Process enhancement & simulation tools can optimize existing processes and simulate the outcomes of process changes before they are implemented. Visualization tools play a significant role in presenting complicated process interactions in an easy-to-understand manner. They help to communicate process insights to non-technical stakeholders, enhancing cross-functional collaboration.
Enterprise Size: Growing demand for process mining from large enterprises
Large enterprises typically consist of numerous levels, decision-makers, and processes, characterized by extensive operations involving a vast array of functions and have a profound need for process mining. These massive corporations with numerous departments prefer comprehensive suites with end-to-end process visualization. SMEs with inherently smaller-scale operations and resources prefer cost-effective yet potent process mining solutions. This group prefers solutions that are easy to implement and manageable and provide essential process mapping and analytics capabilities. However, both large enterprises and SMEs aim to streamline their processes and increase efficiency, leveraging process mining tools to better understand, analyze, and improve their operational workflows.
Deployment: Growing popularity of cloud deployment in process mining for efficient solution
The cloud deployment method offers an efficient, scalable, and flexible solution to companies across various industries, supported by most service providers. The growing need for cloud computing is often observed among small to medium businesses (SMBs) due to its reduced upfront costs, allowing them to utilize advanced process mining tools without considerable capital investments. Additionally, organizations that prefer quick deployment and instant updates to keep up with the fast-paced market trends gravitate to adopt the cloud model. The on-premise deployment is popular among larger enterprises prioritizing data privacy and control. This solution allows companies to host process mining tools on their infrastructure, providing greater security. On-premise is often preferred for organizations with strict regulatory compliance requirements, where data cannot leave their servers. Furthermore, businesses that desire full control over their data, alterations, and system dependability often opt for on-premise deployment.
Application: Increasing application of process mining for contract management
Process mining can be employed in contract management to understand the entire contract lifecycle. It uncovers hidden bottlenecks, inefficiencies, deviations, and risks in the procedures, assisting organizations in contract compliance, cost control, and enhancement of negotiation strategies. Process mining helps identify the right sourcing strategies, streamline sourcing procedures, monitor supplier performance, and pursue continuous improvement by extracting and analyzing data across various stages. It also facilitates the evaluation of sourcing decisions and strategies. Process mining can significantly enhance supplier management by offering real-time visibility into supplier performance, tracking supplier compliance, and identifying the root causes of issues. It also helps detect patterns flagging anomalies and non-compliance, helping organizations take preemptive actions. Process mining can transform transactional procurement by uncovering hidden inefficiencies and process deviations that often go unnoticed. Visualizing every step of the procurement process helps identify bottlenecks, streamline operations, and establish standard procedures, thereby improving operational efficiency.
End-User: Rising adoption of process mining in manufacturing sector
The BFSI sector has an increasing demand for process mining technology due to the complexity and importance of banking processes. The need for streamlined operations, risk reduction, and enhanced customer experience are driving factors. The healthcare sector, given its intricate processes, greatly benefits from process mining. The technology ensures patient safety and effective medical procedures and helps meet regulatory compliance. Process mining is crucial for optimizing complex tasks in the IT and telecommunication sectors, thereby reducing costs and improving service delivery. Process mining in the logistics & transportation industry enhances visibility throughout the supply chain, decreasing administrative work and operational costs. The manufacturing sector relies heavily on process mining to optimize production lines, reduce waste, and enhance product quality. Process mining in the retail sector ensures smoother operations, enhanced supply chain visibility, and improved customer satisfaction.
Regional Insights
The Americas region, particularly the United States and Canada, is characterized by a robust and advanced technological landscape, numerous key players, and a strong inclination toward innovating business strategies through technological interventions. The region experiences frequent product launches and continuous process mining software upgrades. Europe has emerged as a crucial hub for process mining, with countries such as the UK, Germany, and France being early adopters. The demand for process mining in this region is supported by a robust regulatory framework that encourages transparency and efficiency in business operations. The presence of strong research and academic collaborations in data science and data analytics projects has contributed to continuous advancements in process mining. The Asia-Pacific market is rapidly expanding, owing to a surge in digital transformation initiatives across emerging economies such as China, India, Japan, and South Korea. This region exhibits a high potential for process mining, particularly because of the extensive manufacturing sector and the growing trend of adopting next-generation technologies to foster operational excellence and enhance customer experiences in business operations. The presence of a growing start-up ecosystem and small and medium-sized enterprises (SMEs) contributes to the continued demand for process mining solutions.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Process Mining Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Process Mining Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Process Mining Market, highlighting leading vendors and their innovative profiles. These include ABBYY Development Inc., Accenture PLC, Amazon Web Services, Inc., Appian Corporation Inc., Apromore Pty Ltd., Automation Anywhere, Inc., Capgemini SE, Celonis SE, CIGNEX, Cisco Systems Inc., EdgeVerve Systems Limited by Infosys, Everest Group, Fluxicon BV, Fujitsu Limited, Google LLC by Alphabet Inc., Hyland Software, Inc., iGrafx, LLC, International Business Machines Corporation, Inverbis Analytics SL, Kofax Inc., Mavim B.V., Mehrwerk GmbH, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., QAD Inc., QPR Software PLC, Red Hat, Inc., Salesforce, Inc., SAP SE, Skan, Inc., Software AG, Soroco Americas Private Limited, UiPath, Inc., UpFlux, Wipro Limited, Workfellow Oy, Worksoft, Inc., and Zoho Corporation Pvt. Ltd..
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Process Mining Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Process Mining Market?
3. What are the technology trends and regulatory frameworks in the Process Mining Market?
4. What is the market share of the leading vendors in the Process Mining Market?
5. Which modes and strategic moves are suitable for entering the Process Mining Market?