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

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.