In terms of revenue, the Global Process Mining Software Market is expected to reach USD 6600.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 48.40% from 2022 to 2028.
The Process Mining Software can be installed on a company's computer to find potential inefficiencies or flaws. Process Mining Software can be installed on the business's computer to identify potential inefficiencies or faults in the process. It promotes cost-effectiveness and efficiency. Businesses use this software to analyze data to understand how business processes operate and how long it currently takes for a specific job to complete in the digital world. Process exploration, compliance analysis, and performance analysis. To assist businesses in bridging the gap in siloed data spread across numerous business processes, Process Mining Software integrates Business Intelligence (BI), analytics, automation, key change agents, and Artificial Intelligence (AI) features.
Key Highlights from Report:
· The Software sector dominated the market, which had the biggest revenue share and is anticipated to hold a significant share in the market in 2021. This is due to the growing need for tools to extract detailed data from corporate systems to get insights and visualize workflow operations. 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.
· The Cloud sector dominated the market, which had the highest revenue share overall and is anticipated to hold this position for the duration of the forecast. This results from 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 every process.
· North America is estimated to hold the largest share in the market in 2021. Businesses' growing need to improve process audits and compliance. The growing investments are also aiding the expansion of the regional market in cloud infrastructure being made by large, small, and medium-sized organizations and many startups.
The market for Process Mining Software is expanding because of artificial intelligence, rising cloud-based technology usage, rising automation adoption, digital transformation initiatives, and a fusion of robotic process automation. Additionally, the demand for Process Mining Software is fuelled by organizations' growing awareness of the need to understand and analyze business processes. The need for Process Mining Software and services is also fuelled 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.
North America holds the largest Process Mining Software Market share over the forecast period because firms need to improve process audits and compliance more and more. Additionally, the growing investments in cloud infrastructure from large, small, and medium-sized organizations and many startups are promoting the expansion of the regional market. The area was among the first to adopt cutting-edge technologies, digital tools, and automated services. Different businesses also adopt strong process analysis software solutions across numerous industries, fuelling market expansion.
The Global Process Mining Software Market is Segmented as follows:
- Strategic Sourcing
- Contract Management
- Category Management
- Transactional Procurement
- Supplier Management
- Industry Vertical
- Consumer Goods & Services
- Telecommunications & IT
- Logistics & Transportation
- Other Verticals
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Process Mining Software Market is:
ABBYY Solutions Limited, Celonis GmbH, Fluxicon BV, Hyland Software Inc., Minit, myInvenio - an IBM Company, QPR Software PLC, SAP, Software AG, UiPath Inc.
The Global Process Mining Software Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|