Process Mining Software Industry Overview
The global process mining software market size was valued at USD 322.02 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 50.1% from 2021 to 2028.
The rising need to strengthen process auditing and compliance processes across organizations is fueling the demand for process mining software. Additionally, the growing adoption of cloud solutions and services, digital transformation initiatives, and the rising awareness about understanding and analyzing business processes among organizations are also driving the demand for process mining software and services. A large number of businesses moved from an on-premise approach to the cloud amid the COVID-19 pandemic, thus resulting in the rapid growth of the process mining software industry.
Gather more insights about the market drivers, restrains and growth of the Global Process Mining Software Market
Moreover, despite the challenges and a sharp decrease in revenues of various industries during the peak of the pandemic, most industries managed to recover quickly. This can be mainly attributed to the adoption of cloud solutions and digitization across business processes. However, the availability of open-source alternatives is likely to hamper the market growth. For instance, Apromore Pty Ltd, a Melbourne-based process mining software company, offers an open-source solution along with a collaborative workspace and robust library.
Enterprises are increasingly becoming digitally agile and conscious, adopting technologies and software solutions to boost their business operations and achieve efficiency across various processes. Process mining solutions combine process analytics and data mining to assist organizations in extracting granular level data from their systems of records. This allows organizations to visualize their processes, which, in turn, enables management teams to make the right decisions about current processes and implement better business strategies. In addition, it also helps enterprises recognize opportunities for automation and optimization. Furthermore, the integration of advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI) with process mining software is expected to provide major growth opportunities for process mining software businesses in the near future.
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Process Mining Software Market Segmentation
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)
- Software
- Services
Process Mining Software Deployment Outlook (Revenue, USD Million, 2016 - 2028)
- On-premise
- Cloud
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)
- Manufacturing
- Healthcare
- BFSI
- Consumer Goods & Services
- Telecommunications & IT
- Logistics & Transportation
- Others
Process Mining Software Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- July 2020: Celonis GmbH announced a partnership with Tata Consultancy Services (TCS), an India-based information technology consulting company. With the help of Celonis’s process mining expertise, TCS aims to help its customers in achieving better operational efficiency and flexibility.
Key Companies profiled:
Some prominent players in the global process mining software market include
- ABBYY Solutions Limited
- Celonis GmbH
- Fluxicon BV
- Hyland Software, Inc.
- Minit
- myInvenio, an IBM Company
- QPR Software Plc
- Signavio
- Software AG
- UiPath, Inc.
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