USD 373.9 million
Process Mining Software Market Size, Share, Growth Analysis, By Component(Software, Services), By Deployment(On-premise, Cloud), By Application(Strategic Sourcing, Contract Management, Category Management, Transactional Procurement), By Industry Verticals(Manufacturing, Healthcare, BFSI, Consumer Goods & Services), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2127 |
Region:
Global |
Published Date: July, 2001
Pages:
165
|Tables:
121
|Figures:
77
Process Mining Software Market Insights
Process Mining Software Market size was valued at USD 373.9 million in 2019 and is poised to grow from USD 557.11 million in 2023 to USD 13534.18 Million by 2031, growing at a CAGR of 49% in the forecast period (2024-2031).
Data mining techniques are used by process mining software, a type of business process management (BPM) software, to identify, model, and keep track of business processes. Process mining software can automatically create process models that can be used to enhance process performance by evaluating data from event logs.
The need for process mining software is increasing as firms increasingly seek to strengthen their process audits and compliance processes. The need for process mining software and services is also being fueled by the increasing adoption of cloud solutions and services, digital transformation projects, and companies' increasing awareness of the importance of understanding and analysing business processes. The COVID-19 epidemic caused a significant number of enterprises to switch from an on-premise strategy to the cloud, which led to the rapid expansion of the process mining software sector. For instance, organisations typically experience three effects as a result of digital transformation: a change in the business model, a change in the scope of the product and service offerings, and a change in the value chain. As a result of the digital revolution, businesses are being compelled to evaluate current procedures and make the required changes to enhance efficiency and customer experience.
US Process Mining Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Services
Fastest Growth
Services
Growth Rate
49% CAGR
Global Process Mining Software Market ($ Mn)
Country Share for Europe Region (%)
Country Share for Aisa Pacific Region (%)
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Process Mining Software Market Segmental Analysis
The Global Process Mining Software Market is segmented based on Component, Deployment, Application, Industry Vertical and Region. Based on Component Process Mining Software Market is segmented into Services, Software. Based on Deployment Process Mining Software Market is segmented into: Cloud-based, On-Premises. Based on Application Process Mining Software Market is categorized into Strategic Sourcing, Contract Management, Category Management, Transactional Procurement, Supplier Management. Based on Industry Vertical Process Mining Software Market is segmented into Manufacturing, Healthcare, BFSI, Consumer Goods & Services, Telecommunications & IT, Logistics & Transportation, Others. Based on region Process Mining Software Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Process Mining Software Market Analysis by Component
The process mining software market has been segmented into software and services based on component. With a revenue share of more than 50% in 2021, the software category led the market, and it is anticipated that this dominance would continue throughout the forecast period. This is due to the growing need for tools that can extract detailed data from corporate systems in order to get insights and visualise workflow operations.
During the projection period, the service category is anticipated to grow at the highest CAGR of 56%. The use of cloud-based software solutions and the regular updates necessary to keep the software operating safely and efficiently are predicted to increase demand for process mining services.
Process Mining Software Market Analysis by Deployment
The market has been segmented into on-premise and cloud deployments. With a revenue share of more than 55% in 2021, the cloud segment led the market, and it is anticipated that it would continue to do so for the duration of the forecast. This is attributable to the rising demand from businesses of all sizes for cloud-based process mining software solutions that provide cost-effectiveness, flexibility, scalability, and total visibility over all processes.
In 2021, the on-premise segment held a sizeable market share of more than 42%, and it is anticipated that it will continue to hold that position for the duration of the forecast period. Large businesses' demand for on-premise process mining software due to security concerns about important corporate data is primarily responsible for this segment's market growth.
Process Mining Software Market Analysis by Industry Vertical
The BFSI segment had the greatest revenue share of almost 30% in 2021, and it is anticipated that it would hold that position for the duration of the projected period. The fierce competition among international banking and financial service businesses and their efforts to improve customer experience and provide better services can be linked with the segment's development. Additionally, because of their limited resources, BFSI firms are turning to robust yet economical solutions, which is fueling the demand for process mining software throughout the sector.
Over the projection period, the consumer goods & services segment is anticipated to grow at a CAGR of almost 55%. The requirement from consumer goods producers to find defects in manufacturing processes and enhance financial effect is one factor driving the growth of this market. Due to the increasing use of smart and wearable medical devices, the healthcare business is another segment that is expanding quickly. However, the ability to enhance the consumer experience is one reason why the retail sector is also expanding significantly.
Global Process Mining Software Market By Component
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Process Mining Software Market Regional Insights
In 2021, Europe had the highest share geographically. The region has the highest acceptance rates for digital and automation tools and services. It is also one of the first to adopt advanced technology. Many industries are making the move to digital technology with the aid of automation. These sectors are constantly searching for novel solutions that will enable them to boost productivity while reducing investment expenses.
Additionally, in the following years, Asia Pacific is likely to see a significant CAGR. The usage of process mining software is anticipated to rise as a result of the increased need to enhance process compliance and audits. The creation of numerous startups and increasing cloud infrastructure investment by large, small, and medium-sized organisations are further factors propelling the regional industry forward. Organizations in developing countries still employ the conventional process technique based on interviews and sticky notes. Furthermore, the need for mining software in poor nations would be hampered by a lack of funding to integrate emerging technology to enhance the workflow or process.
Global Process Mining Software Market By Region
- Largest
- Fastest
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Process Mining Software Market Dynamics
Process Mining Software Market Driver
- The market for process mining software has undergone significant growth over the past few decades, fuelled by factors including the increasing installation of technology-based applications and the combination of RPA and processing mining applications.
- Businesses from all sectors are advancing toward digital transformation with the aid of automation. They are looking for technology that will enable them to boost productivity while paying for itself more affordably.
- Some of the key factors propelling the growth of the process mining software market include tracking event logs to find actual business processes and doing conformance checks to find abnormalities in business operations.
- Business intelligence, larger datasets, and enriched event logs are just a few advantages that artificial intelligence offers. Therefore, it is anticipated that process mining and artificial intelligence deployment will boost customer services and expand a market.
Process Mining Software Market Restraint
- Since process mining software utilises historical and real-time data to offer effective operation, a privacy and security issue could be to blame for limiting market growth. It has access to all commercial data as well as the private and confidential information of customers. It might not be safe and secure for user data.
- Companies in some countries continue to use the conventional process technique based on sticky notes and interviews. This conventional method is occasionally viewed as being excessively subjective and is met with understandable suspicion. Additionally, it is anticipated that the process mining software industry in emerging nations will be hindered by a lack of funding for the deployment of novel technologies in an organisation to improve the process or work-flow.
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Process Mining Software Market Competitive Landscape
The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. Additionally, software and service providers are spending a lot of money on research and development in order to incorporate the newest technology into their offerings and create advanced solutions that will give them a competitive edge in the market.. In our process mining software market reports, some of the leading process mining software companies are as follows: ABBYY Solutions Limited (US), Celonis GmbH (US), Fluxicon BV (Netherlands), Hyland Software, Inc. (US), Minit (US), MyInvenio, an IBM Company (Italy), QPR Software Plc (Finland), Signavio (Germany), Software AG (Germany), UiPath, Inc. (US).
TProcess Mining Software Market op Players Company Profiles
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UiPath
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Minit
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QPR Software
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myInvenio
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Software AG
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Signavio
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ProcessGold
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Icaro Tech
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Lana Labs
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TimelinePI
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Kofax
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Process Analytics Factory
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Worksoft
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PAFnow
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SNP Group
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Fujitsu
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Cognitive Technology
- Everflow.AI
Process Mining Software Market Recent Developments
- In June 2022, in order to produce a new edition of its industry-leading process mining software, QPR ProcessAnalyzer, QPR Software worked with Snowflake, the Data Cloud firm. In the quickly expanding process mining business, the latest version of the programme offers organisations unanticipated scalability and speed because it works natively on the Snowflake data platform.
- In June 2022, two of the largest process mining providers, Celonis and Signavio, have made important technological developments and incorporated features like automatic suggestions for process changes. Additionally, they have attracted the attention of commercial technology providers like SAP, which bought Signavio in 2021, and Microsoft, which added Minit to its line-up in 2022.
- In May 2022, a Process Mining Data Bank created by QPR Software can make it simple for public administration organisations to adopt process mining solutions to streamline their own operations.
Process Mining Software Key Market Trends
- User experience and accessibility are receiving more attention: Many process mining software providers are putting more of an emphasis on making their products easier to use and providing a positive user experience.
- Increasingly advanced data analysis: Process mining software is evolving, and suppliers are providing more sophisticated data analysis functions. This is a reaction to the increased desire from corporations for more information about their internal workings.
Process Mining Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by component, the software segment is estimated to have the largest share of the market with more than 50% of the global revenue share. By Deployment, the cloud based held the largest share of market by 50% due to the rising demand from businesses of all sizes for cloud-based process mining software solutions that provide cost-effectiveness, flexibility, scalability, and total visibility over all processes. The BSFI segment dominated the industry vertical by holding more than 30% share of the revenue. Region-wise, the Europe had dominated the market, followed by Aisa Pacific due to the expansion in consumer purchasing power and the number of online shopping portals
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 373.9 million |
| Market size value in 2031 | USD 13534.18 Million |
| Growth Rate | 49% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Process Mining Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Process Mining Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Process Mining Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Process Mining Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Process Mining Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Process Mining Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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