Global Process Mining Software Market Forecast, Trend Analysis And Competition Tracking - Market Insights: 2015 – 2031

Global Process Mining Software Market Introduction

The global process mining software market was valued at US$ 365.3 million in 2020, and is projected to grow at a CAGR of 49.7%.

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Process mining software allows the user to see what processes are running on a machine. Process mining software can be used to determine if there are any issues with the current process or show how long it takes for a certain task to execute. It is possible to use process mining software to look for bottlenecks in the system and find ways to mitigate them.

This software is a set of tools with two primary applications: analysis of current processes and improvement of current process. The process mining software allows for the visualization of all possible shortcomings and gaps in an existing process and predicts their consequences.

Process mining software aids in the identification of corrective actions that will improve efficiency and productivity. Process analysis also helps to identify opportunities for innovation with strict adherence to agreed-upon procedures.

Process mining software is a set of tools that has been designed to measure how individual workflows are performing in the digital domain. These tools are not limited to quantifying performance, but also can exist as an aid to create or redesign existing workflows and identify opportunities for improvement. Process mining software functions by monitoring and analyzing data streams of events and machine inputs in order to allow organizations to understand what they should do more of, less of, and what's not worth the time.

The process mining software can be deployed to a company’s computer and it will automatically generate a map of the process. It can then show where inefficiencies or errors may be present in the process. Process Mining Software has been used by companies such as Dell, SAP, and Microsoft. The software captures anonymized data from computer systems to provide insights on how long activities take, which tasks are most frequently repeated, where bottlenecks occur, etc.

The global process mining software market is segregated into deployments, end users, and regions. On the basis of deployment, the global process mining software market is sub-segmented into on premise, and cloud-based. With respect to end user, the global process mining software market is distributed into manufacturing, healthcare, BFSI, consumer goods & services, telecommunications & IT, logistics & transportation, and other end users. On the basis of region, the global process mining software market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Rising adoption of automation, information technologies across businesses

The increased adoption of cyber-physical systems and automation has created a shift in the way of doing business. The workplace is moving away from manual, people-centric tasks and towards automated, computerized processes and solutions. This shift has also led to a greater need for process mining software: software that records and analyzes the data of any process. These pieces of software are then used to identify where changes or improvements could be made to increase efficiency or effectiveness.

Digital Transformation

Digital transformation typically has effects on companies by affecting the way they operate, a change in the proposed offerings and a product update, as well as a change in the value chain. Digital transformation, in general, compels companies to evaluate their business operations to ensure that necessary changes are made in order to improve efficiency and customer satisfaction. Hence, an enterprise moves increasingly toward process mining to use existing processes more and boost the use of data-driven analyses to provide real-time analysis of their modifications. Process mining offers reliable levels of understanding & visibility into the real-time performance of business processes & operations prior to beginning any initiatives to automate & redesign the processes. Various software vendors specialize in producing various software for conducting business processes. Those software applications can help companies in two ways: by guiding them throughout the production process and storing relevant data for later use, and improving their current business operations by enabling them to get the most out of their overall procedures.

Lack of awareness in emerging nations

In emerging nations, companies are applying the tried-and-true standard approach of taking notes and conducting interviews. The traditional process technique is sometimes known as sketchy and is treated with justifiable skepticism. In addition, not enough budgets are adopted to offset the process of upgrading technologies inside a company to enhance productivity or enhance the workflow. As a result, there are lowered prospects for blockchain software development in emerging markets.

COVID-19 Impact Analysis

The Coronavirus disease has taken a toll on customer habits and business procedures in various industries. It has impacted manufacturers and distributors most because of the global scope and lack of resources as geographic trading restrictions were enforced. A situation that results in economic growth can't be sustained for an extended time. However, the big effect that factors such as a degrading supply chain, low sales, remote working conditions, and a limited workforce have on the industry have focused more on promoting digital and automated technologies. Industries, such as banking, retail, and IT & telecommunications, have used online digital solutions to provide services to their audience during the crisis.

Regional Analysis

The global process mining software market is segmented into into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Markets in the Asia Pacific region are anticipated to account for the largest share an account of the increasing business competition in the region, and the growing automation, countries including China, Japan, and South Korea.

Competitive Landscape

• ABBYY Solutions Limited

• Celonis GmbH

• Fluxicon BV

• Hyland Software, Inc.

• Minit

• myInvenio, an IBM Company

• QPR Software Plc

• Signavio

• Software AG

• UiPath Inc.

• Other Key Players

Report Scope

• Forecast Period: 2022-2031

• Actual Year: 2021

• Historical Data Available for: 2015-2020

Global Process Mining Software Market by Deployment

• On Premise

• Cloud-Based

Global Process Mining Software Market by End User

• Manufacturing

• Healthcare

• BFSI

• Consumer Goods & Services

• Telecommunications & IT

• Logistics & Transportation

• Other End Users