SAN FRANCISCO, Nov. 8, 2021 /PRNewswire/ -- The global process mining software market size is estimated to reach over USD 7.95 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 50.1% from 2021 to 2028. The increasing awareness about the need to understand and analyze business processes driven by digital transformation is one of the key factors driving market growth. Additionally, the constant increase in data volumes across industries is driving the demand for process mining software and services.
Key Insights & Findings:
- In terms of component, the software segment dominated the market in 2020 and is projected to retain its dominance over the forecast period. This can be attributed to the increase in demand from enterprises for software solutions that can be easily integrated into their prevailing BI infrastructure. The services segment is anticipated to register the highest CAGR of around 56.0% over the forecast period
- Based on deployment, the cloud segment reported the largest revenue share in 2020 and it is expected to register the maximum growth rate over the forecast period. This can be attributed to the rising acceptance of the remote work model and adoption from small and medium as well as large enterprises to integrate cloud technologies into their existing infrastructure. The on-premise segment is expected to grow at a significant rate throughout the forecast period
- In terms of industry vertical, the BFSI industry segment accounted for the largest revenue share in 2020 and is expected to dominate the market throughout the forecast period. As customers are increasingly adopting digital devices and bank competitors are implementing digital technologies, banks and financial services organizations are striving to enhance customer experience and offer better services. Meanwhile, the consumer goods and services industry segment is anticipated to expand at the highest CAGR of over 56.6% over the forecast period
- Europe dominated the market in 2020 and is expected to retain its dominance over the forecast period. This can be attributed to the growing demand for analytics solutions from small & medium as well as large enterprises in the region. Meanwhile, Asia Pacific is anticipated to register the highest CAGR of around 53.9% over the forecast period
Read 100 page market research report, "Process Mining Software Market Size, Share & Trends Analysis Report By Component (Software, Services), By Deployment, By Application, By Industry Vertical, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
Restrictions imposed on global imports and exports amid the COVID-19 pandemic hampered the operations of industries such as transportation, logistics, and manufacturing. The resultant shortage of resources encouraged businesses to seek new opportunities for cloud-based solutions and adopt automation technologies.
Process mining software combines Business Intelligence (BI), analytics, automation, critical change agents, and Artificial Intelligence (AI) functions to help enterprises bridge the gap in siloed data scattered across various business processes. Process mining also assists organizations in discovering and fixing the inadequacies impeding the performance of business processes.
The market has also benefitted from the high volumes of data and the growing need to generate insights from data distributed across enterprises. Businesses are in desperate need of tools that can enable efficient data processing and data mapping. This, in turn, is boosting the demand for process mining software solutions that offer features such as automated process mapping and fact-based insights.
Grand View Research has segmented the global process mining software market based on component, deployment, application, industry vertical, and region:
- Process Mining Software Component Outlook (Revenue, USD Million, 2016 - 2028)
- Process Mining Software Deployment Outlook (Revenue, USD Million, 2016 - 2028)
- Process Mining Software Application Outlook (Revenue, USD Million, 2016 - 2028)
- Strategic Sourcing
- Contract Management
- Category Management
- Transactional Procurement
- Supplier Management
- Process Mining Software Industry Vertical Outlook (Revenue, USD Million, 2016 - 2028)
- Consumer Goods & Services
- Telecommunications & IT
- Logistics & Transportation
- Process Mining Software Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
List of Key Players in the Process Mining Software Market
- ABBYY Solutions Limited
- Celonis GmbH
- Fluxicon BV
- Hyland Software, Inc.
- myInvenio, an IBM Company
- QPR Software Plc
- Software AG
- UiPath, Inc.
Check out more studies related to business management software, conducted by Grand View Research:
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- Business Software And Services Market – The global business software and services market size was valued at USD 389.86 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 11.3% from 2021 to 2028. The rapid increase in the volume of enterprise data and growing automation of business processes across several end-use industries is expected to drive demand
- Business Intelligence Software Market – The global business intelligence software market size was valued at USD 24.9 billion in 2018 and is expected to witness a CAGR of 10.1% from 2019 to 2025. Large organizations have adopted the "Big Data" approach to organizing internal and external datasets.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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