The ‘Global Process Mining Software Market Price, Size, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global process mining software market, assessing the market on the basis of its segments like component, deployment mode, application, industry vertical, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Process Mining Software Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 856 million
- Forecast CAGR (2023-2028): 40.20%
- Forecast Market Size (2028): USD 7,218 million
The global process mining software market is being driven by rapid digitalisation across various industry verticals, increasing launch of various processes, and requirements for process maintenance. Rising awareness regarding the advantages of process mining software such as improved efficiencies, proactive improvements, smoother workflows, and reduced need for manual evaluation are further contributing to the market growth. More companies worldwide are investing in process mining software as a means to save costs without sacrificing service quality. With the rising penetration of the cloud, companies are increasingly switching to cloud deployment modes for process mining software to achieve greater flexibility, transparency, and real-time updates.
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The banking, financial services and insurance (BFSI) industry is a key end user process mining software which is contributing to the expansion of the process mining software market. Extensive compliance regulations, rising competition amongst different companies in the sector, and increasing focus on improving customer experiences and satisfaction are driving the adoption of process mining software in the BFSI industry. Through process mining software, financial institutions and banks can improve their various processes, including internal and external processes. The usage of process mining software also helps in reducing costs for BFSI companies while still providing reliable results. Increasing adoption of digital technologies by banking companies is also aiding the growth of the process mining software market.
Process Mining Software Industry Definition and Major Segments
Process mining software refers to a form of programming that is utilised to analyse data related to various applications to examine the status and operational success of various processes. Through process mining software, end-users can identify areas of inefficiency and bottlenecks which can then be improved. Process mining software is suited for studying processes accurately and efficiently, without requiring manual analysis.
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Based on component the market is bifurcated into:
- Software
- Services
On the basis of deployment mode, the market is divided into:
- On-Premise
- Cloud
By application, the market is segmented into:
- Strategic Sourcing
- Contract Management
- Category Management
- Transactional Procurement
- Supplier Management
Based on industry vertical, the market is classified into:
- Manufacturing
- Healthcare
- Banking, Financial Services and Insurance
- Consumer Goods and Services
- Telecommunications and IT
- Logistics and Transportation
- Others
On the basis of region, the market is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Process Mining Software Market Trends
Among the key trends in the process mining software market is the rising demand for process software mining software from smaller companies. In companies with limited budgets, process mining software helps in saving costs while facilitating continuous monitoring and measurements of various processes. The versatility of process mining software enables its applications in nearly any process, ranging from contract management and strategic sourcing, to category management and transactional procurement.
Advancements in technology of process mining software and increasing incorporation of technologies such as artificial intelligence and machine learning are further anticipated to augment the process mining software market. Improvements in technology aid in specific applications and uses of process mining software while artificial intelligence and machine learning aid in automating and improving existing protocols as well as analytical and monitoring capabilities.
Growing demand for process mining software services is another crucial trend in the market, preferred by companies more complex processes. The use of process mining software services enables companies to fully outsource their process mining software needs, while keeping up-to-date with latest technologies in the market. Furthermore, costs related to establishing an in-house team to operate and manage process mining software can be avoided by opting for process mining software services.
Key Market Players
The major players in the global process mining software market report are:
- IBM Corporation
- ABBYY Solutions Ltd
- Celonis SE
- Fluxicon BV
- Hyland Software, Inc.
- Minit
- QPR Software Plc
- Software AG
- UiPath Inc.
- Fujitsu Limited
- Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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