DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The global process mining software market size is estimated to reach over USD 7.95 billion by 2028 and 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.
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.
Process Mining Software Market Report Highlights
- 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
Market Variables, Trends & Scope
Market Driver Analysis
- Increase in Awareness for Understanding and Analyzing Business Processes Driven by Digital Transformation
- Increase in Volumes of Data
Market Restraint/Challenge Analysis
- Availability of the Open-Source Alternatives
Market Opportunity Analysis
- Increasing Investments in Digital Optimization & Transformation and Integration of Advanced Technologies with Process Mining Software
Market Lineage Outlook
- Parent Market Outlook
Penetration & Growth Prospect Mapping
Porter's Five Forces Analysis
Pest Analysis
COVID-19 Impact on Process Mining Software Market
Companies Mentioned
- Abbyy Solutions Limited
- Celonis Gmbh
- Fluxicon Bv
- Hyland Software, Inc.
- Minit
- Myinvenio, An Ibm Company
- Qpr Software Plc
- Sap
- Software Ag
- Uipath, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/bs2vnb
