Process Mining Software Market

Market Synopsis:

The Global Process Mining Software Market was valued at USD 610.5 Million in 2021 and is expected to reach a value of USD 6600.1 Million by 2028. The Global Market is anticipated to expand by exhibiting a Compound Annual Growth Rate (CAGR) of 48.7% over the forecast period.

Enterprises are adopting technology and software solutions to improve their business operations and achieve efficiency across various processes. They are also becoming more digitally nimble and conscientious. Process analytics and data mining are combined in process mining solutions, which help businesses collect detailed data from their record-keeping systems. This process allows businesses to see how their processes work, which facilitates management teams to decide how best to change existing procedures and develop more effective company plans. It also aids businesses in identifying potential for automation and optimization. Furthermore, Process Mining Software enterprises are anticipated to experience significant development prospects in the near future as a result of the integration of cutting-edge technologies like Machine Learning (ML) and Artificial Intelligence (AI) with process mining software.

The need for Process Mining Software is increasing as firms seek to strengthen their processes, audits, and compliance. The demand for this software and services is also fueled by the increasing adoption of cloud solutions and services, digital transformation projects, and companies' increasing awareness of the importance of understanding and analyzing business processes. The COVID-19 epidemic caused many enterprises to switch from an On-Premises strategy to the cloud, which led to the rapid expansion of the Process Mining Software sector. Furthermore, most industries recovered rapidly despite the difficulties and a substantial decline in revenues during the pandemic's peak. The use of cloud technologies and the digitization of many business operations are mostly to be blamed.

Market Segmentation:

The Process Mining Software Market is segmented based on Component, Deployment, Application, Industry Vertical, and Region. Based on the Component market is further segmented into Software and Services. Furthermore, based on the segment Deployment, market is further segmented into On-Premises and Cloud. In addition, based on the Application market is further segmented into Strategic Sourcing, Contract Management, Category Management, Transactional Procurement, and Supplier Management. Likewise, based on the Industry Vertical, the market is further segmented into Manufacturing, Healthcare, BFSI, Consumer Goods & Services, Telecommunications & IT, Logistics & Transportation, and Other Verticals.

Based on Application:

The Transactional Procurement category held the most significant market share and is anticipated to keep it throughout the forecast period. Due to the complexity of Transactional Procurement procedures, businesses' demand for improved procurement solutions and services is a surge, which can be attributed to this segment's dominance. Over the projection period, the Category Management segment is anticipated to have the most remarkable Compound Annual Growth Rate (CAGR). This market's expansion can be primarily ascribed to the rise in company need for spending data management and analytics, category planning and strategy, and external marketplace analysis.

Based on Industry Vertical:

The BFSI segment had the most outstanding revenue share, and it is anticipated that it will hold that position for the forecast duration. 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 supremacy. Additionally, because of their limited resources, BFSI firms are turning to robust yet economical solutions, fueling the demand for Process Mining Software throughout the sector. Over the projection period, the Consumer Goods & Services segment is anticipated to grow. The requirement from consumer goods producers to find defects in manufacturing processes and enhance the financial effect is one factor driving the growth of this market.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

During the projection period, Asia Pacific is expected to grow at the highest Compound Annual Growth Rate (CAGR). This expansion is due to the rising demand from businesses to improve process audits and compliance. The rising expenditure on cloud infrastructure by both large and small and medium-sized enterprises and the creation of numerous startups are also crucial factors in expanding the regional market. However, the demand for mining software in developing nations would be hampered by a lack of funding to integrate emerging technology to enhance the process or workflow.

Competitive Landscape:

The key players in the Global Process Mining Software Market include- ABBYY Solutions Limited, Celonis GmbH, Fluxicon BV, Hyland Software Inc., Minit, myInvenio - an IBM Company, QPR Software PLC, SAP, Software AG, UiPath Inc. and others.

Segmentation of the Global Process Mining Software Market: