Process Mining Market Trends and Analysis by 2030

[Research Report] The process mining market size is expected to grow from US$ 1.21 billion in 2022 to US$ 22.64 billion by 2030; it is estimated to record a CAGR of 44.2% from 2022 to 2030.

Process Mining Market Analyst Perspective:

The need for process mining software is being driven by the growing necessity for enterprises to enhance their process audits and compliance procedures. The increasing use of cloud solutions and services, digital transformation projects, and an increased need to understand and analyze organizational business processes are some of the factors driving the market. The COVID-19 pandemic caused many firms to switch from on-premise to cloud computing, which led to the process mining market share expansion.

Businesses are embracing technology and software solutions to improve their business operations and attain efficiency across a range of procedures. They are becoming more and more digitally aware and agile. Solutions like process mining integrate data mining and process analytics to help businesses retrieve detailed information from their record-keeping systems. Because of the ability to visualize processes, businesses are better equipped to make judgments about their current processes and put better business plans into action by management teams. Furthermore, it aids businesses in identifying areas for automation and optimization. Soon, process mining software companies will have significant growth prospects due to integrating cutting-edge technology such as artificial intelligence (AI) and machine learning (ML) with the software. Thus, integration with technologies such as artificial intelligence (AI) and machine learning (ML) is expected to bring new process mining market trends.

Process Mining Market Overview:

Process mining is a method for monitoring, analyzing, and improving processes. Process mining is an approach that takes publicly available knowledge from information system event logs and uses it to find, track, and enhance real-world business processes. Process mining assists organizations in gaining a full understanding of the processes that support their clients. Process mining includes automatic identification and extraction of processes, monitoring compliance, mining social networks, building simulation models automatically, and providing recommendations based on historical model extension and repair.

Customers can use process mining to find problems with their business processes and create a prioritized list of the most expensive inefficiencies in their companies. Process mining provides enhanced productivity through process simplification, cycle time improvement, and bottleneck elimination; decreases expenses related to repetition, rework, and manual procedures; increases compliance by identifying fraudulent or non-compliant procedures; offers business optimization through process improvement and real-time monitoring; and provides better customer-centric processes leading to increased customer satisfaction and service.

With the increasing complexity of operations and technological advances, process mining has become a critical solution across a wide variety of industries to improve process flows.

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Process Mining Market: Strategic Insights

Process Mining Market Driver:

Increasing Complexity of Business Processes to Fuel Process Mining Market Growth During Forecast Period

Business complexity refers to forming a large, interconnected network of technologies, data, products or services, and people within an organization. The larger the company, the more complex the business will be. Nowadays, businesses have to manage an ever-increasing number of tools and data, making them more complex. At the same time, market conditions and working environments are changing faster than ever, making it necessary for businesses to react and make decisions quickly. In order to react to change effectively, companies need a clear understanding of their processes, tools, and data.

Additionally, it might be challenging for some firms to understand how different parts affect one another and which ones are essential to the operation due to the complex web of interconnected data, technology, and processes. Organizations are under tremendous pressure to adapt to this mix of accelerated change and greater complexity. In order to stay competitive in the market, organizations need a way to clarify business complexity. Many firms now face a higher level of complexity due to the COVID-19 pandemic than they did a few years ago. The COVID-19 pandemic accelerated the change in business processes, requiring enterprises to adapt to a new market quickly, provide new tools to support a remote workforce, and step up their attempts to undergo digital transformation. The focus on digitization remains a priority for organizations nowadays. All these factors increase the complexity of business processes within an organization. As business grows, it is critical to simplify the complexity to boost productivity, scale innovation, and lower risk.

Process mining has proven to be a useful tool for evaluating the current state of business process performance, identifying improvement areas, and assessing the results of process improvements. Thus, the increasing complexity of business processes drives the process mining market growth.

Process Mining Market Report Segmentation and Scope:

The process mining market analysis has been carried out considering the following segments: component, deployment, enterprise size, industry vertical, and geography. Based on component, the market is bifurcated into software and services. By deployment, the market is divided into cloud and on-premises. In terms of enterprise size, the market is segmented into large enterprises and SMEs. Based on industry vertical, the market is segmented into IT and telecom, BFSI, manufacturing, retail and eCommerce, healthcare, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Process Mining Market Segmental Analysis:

Based on deployment, the cloud segment held a larger process mining market share. Cloud-based solutions provide richer, more personalized services than on-premise solutions, such as centralized user collaboration, messaging, and alerting features. With these benefits, cloud-based solutions also provide businesses with economic and technical advantages, such as eliminating the need to invest in and maintain an IT infrastructure and interdependent software release cycles.

Process Mining Market Players Analysis:

Celonis SE; IBM Corporation; Software AG; QPR Software; Hyland Software, Inc.; UiPath; Cloud Software Group, Inc (TIBCO Software); ABBYY; Microsoft; and Fluxicon BV are among the key players profiled in the process mining market report.

The regional trends and factors influencing the Process Mining Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Process Mining Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Process Mining Market Report Scope

Process Mining Market Players Density: Understanding Its Impact on Business Dynamics

The Process Mining Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Process Mining Market Recent Developments: 

The process mining market forecast can help stakeholders in this marketplace plan their growth strategies. Inorganic and organic strategies such as mergers and acquisitions are highly adopted by the market players to mark their position in the process mining market. A few recent key developments are listed below:

• In September 2023, QPR Software and Novacon entered into a partnership to transform process mining solutions in Hungary. This partnership combines Novacon's extensive experience in Lean management and process automation with QPR's cutting-edge process mining knowledge and software, QPR ProcessAnalyzer.

• In May 2023, Celonis announced the launch of new process mining innovations to deliver fast, substantial value to customers. These new product capabilities enable companies to find and capture business value within their processes rapidly.

• In May 2023, Pegasystems Inc. announced the launch of Pega Process Mining with generative AI-ready APIs to enable continuous workflow optimization. These new process mining capabilities make it easier for Pega users of all skill levels to find and solve process inefficiencies that might be hindering their business operations.