PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1371232
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1371232
The process mining market is projected to grow from USD 1.8 billion in 2023 to USD 12.1 billion by 2028, at a compound annual growth rate (CAGR) of 45.6% during the forecast period. The growth of the process mining market is primarily driven by escalating intricacies within operational workflows, surging integration of digital advancements and increasing demand for enhanced process transparency and governance.
Scope of the Report | |
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Years Considered for the Study | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | USD (Billion) |
Segments | By Offering, Mining Algorithms, Data Source, Vertical, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
"By offering, services segment is expected to register the fastest market growth rate during the forecast period"
The services market is poised for robust growth, primarily fueled by the need for specialized expertise and tailored solutions within the process mining market. As businesses navigate increasingly intricate processes and seek to extract maximum value from their operational data, the need for adept service providers offering customized implementations, training, and ongoing support becomes imperative. This surge in demand for service-centric offerings stems from the recognition that proficient guidance enhances the efficacy of process mining tools, ensuring optimal utilization and delivering sustained value throughout the forecast period.
"By data source, enterprise resource planning (ERP) systems segment is expected to account for the largest market share during the forecast period"
Enterprise resource planning (ERP) systems segment is set to dominate the process mining market. Primarily, ERP systems serve as comprehensive platforms that consolidate diverse business processes, making them a primary data source for process mining. The widespread adoption of ERP systems across various industries positions them as a central hub for critical operational data. Moreover, the increasing recognition of the strategic value derived from integrating process mining with ERP systems enhances their significance in the market. Businesses are increasingly leveraging process mining to gain actionable insights into their ERP-driven workflows, enabling them to optimize processes, identify bottlenecks, and enhance overall operational efficiency.
"By Region, North America is slated to grow at the fastest rate and Europe to have the largest market share during the forecast period"
North America to attain the highest growth rate in the process mining market due to the region's robust embrace of cutting-edge technologies and digital transformation initiatives. With a dynamic business landscape and a strong focus on innovation, North American enterprises are keenly investing in process mining solutions to optimize their intricate business processes. Europe is poised to dominate the regional segment of the process mining market. The region has been at the forefront of embracing and implementing advanced technologies, leading to a robust digital infrastructure. Stringent regulatory frameworks in Europe, particularly regarding data privacy and compliance, have fueled the adoption of process mining tools.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), vice presidents, innovation and technology directors, system integrators, and executives from various key organizations operating in the Process mining market.
The report includes the study of key players offering process mining software and services. The major players in the process mining market include IBM (US), ABBYY (US), Celonis (US), UiPath (US), Software AG (Germany), SAP Signavio (Germany), QPR Software (Finland), Microsoft (US), Appian (US), Pegasystems (US), Mehrwerk (Germany), Kofax (US), Soroco (US), iGrafx (US), Nintex (US), Automation Anywhere (US), Hyland Software (US), Fluxicon (Netherlands), Datapolis (Poland), Apromore (Australia), BusinessOptix (US), StereoLOGIC (Canada), Worksoft (US), Inverbis Analytics (Spain), Skan.ai (US), Mindzie (US), Cyclone Robotics (China), Upflux (Brazil), Puzzledata Inc. (South Korea), Kyp.ai (Germany), Workfellow (Finland).
Research coverage
This research report categorizes the process mining market by Offering (Software and Services), by Mining Algorithms (Discovery Algorithms, Conformance Checking Algorithms, Enhancement & Extension Algorithms, Clustering & Classification Algorithms, Sequence Analysis Algorithms, Deep Learning Algorithms, Temporal Process Mining Algorithms and Others), by Data Source (Enterprise Resource Planning (ERP) Systems, Customer Relationship Management (CRM) Systems, IoT Devices & Sensors, Custom Applications & Databases, Workflow & BPM Systems, Document Management Systems, Supply Chain & Logistics Data, Financial Systems Data and Other Data Sources), by Vertical (BFSI, Manufacturing, IT & ITeS, Healthcare & Life Sciences, Retail & eCommerce, Energy & Utilities, Transportation & Logistics, Government & Defense, Education and Other Veticals), and by region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the process mining market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the process mining market. Competitive analysis of upcoming startups in the process mining market ecosystem is covered in this report.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall process mining market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.