Process Mining Software Market Research, 2031
The global process mining software market size was valued at $527 million in 2021, and is projected to reach $26 billion by 2031, growing at a CAGR of 47.9% from 2022 to 2031.
The growth in need to strengthen audit and compliance processes across organizations drives the demand for process mining software. In addition, rise in adoption of cloud solutions & services, digital transformation initiatives, and growth in awareness of business process understanding & analytics among organizations drive the demand for process mining software market growth. However, privacy & data security apprehensions hamper the market growth. Furthermore, the integration of process mining software with advanced technologies such as machine learning (ML) and artificial intelligence (AI) is expected to provide significant growth opportunities for the process mining software industry during the forecast period.
Process mining solutions automatically discover, monitor, and provide actionable insights on business processes. They help to gain a deep understanding of processes to quickly adapt to ever-changing business conditions. Moreover, they continuously optimize operations, drive digital transformation, implement resilience strategies and meet automation targets.The process mining software market is segmented on the basis of component, deployment mode, enterprise size, application, industry vertical, and region.
On the basis of component, the market is bifurcated into software and services. Depending on services, the market is divided into professional services and managed services. Depending on professional services, the market is further classified into training & education, integration & deployment, and support & maintenance.
By organization size, it is categorized into large enterprises and SMEs. On the basis of deployment, the market is divided into cloud and on-premise. Depending on application, the market is segregated into strategic sourcing, contract management, category management, transactional procurement, and supplier management. By industry vertical, the market is fragmented into BFSI, healthcare, retail, manufacturing, IT & telecom, logistics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the process mining software market analysis are ABBYY, Celonis, Fluxicon , Hyland Software , Minit, QPR, SAP Signavio , Software AG , UiPath Inc, FortressIQ, Kofax Inc, SkanAI, PAFnow, Orange, myInvenio, Exeura, and Logpickr Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
By offering, the software segment dominated growth of the process mining software market share in 2021, and is expected to maintain its dominance in the upcoming years due to adoption of AI technology and the use of cloud-based process mining software. However, the services segment is expected to witness highest growth rate during the forecast period due to rise in adoption of process mining software services among end users as they ensure effective functioning of solutions and platforms throughout the business process.
North America dominates the process mining software industry. Growth of the market in this region is attributed to several factors such as increase in digitalization and adoption of process mining software solutions by the various sectors such as manufacturing, BFSI, and governments. Moreover, presence of key players provides ample growth opportunities for market growth. However, Asia-Pacific is expected to witness highest growth rate during the forecast period due to increasing business competition in the region.
Top Impacting Factors
Increase in demand for AI technology
AI and process mining are being pursued by software firms. This integration enables real-time analysis and gives businesses more opportunities to improve their operational capabilities. Machine learning and deep learning are two AI techniques that provide a variety of advantages such as larger datasets, business intelligence, and richer event logs. In addition, Artificial intelligence provides multiple benefits such as business intelligence, bigger datasets, and enriched event logs. So, implementation in Artificial intelligence with process mining is expected to give increased customer services. Therefore, investors are enabling process mining software to have efficient business process, which in turn is driving the growth of the market.
Increase in use of digital transformation technology
Digitization is the process of converting data or information into a digital format with the adoption of advance technology. It plays very important role in the business sector owing to growing need among the process mining providers for providing enhanced customer services and to improve the security of the customer. Furthermore, SaaS helps organization to offer digital service to their customers and saves time on the business process, which propels the growth of the market.
In addition, rise in demand for digital transformation technology in the business institutions and growing dependency of various banks on SaaS solutions drives the growth of the market. In addition, market players across the globe are adopting various advance technology such as Robotic process automation, big data and artificial intelligence to increase the productivity with minimal resource utilized drives the growth of the market share.
COVID-19 Impact Analysis
The global COVID-19 pandemic has drastically affected businesses across the world. However, COVID has positively impacted the adoption of process mining software due to adoption of emerging technology such as Industrial Internet of Things (IIoT), artificial intelligence (AI)-powered solutions, simulation technology, big data, analytics and cloud-based technologies. Furthermore, process mining software is a great option, as industries move toward digitalization, as it provides agile efficiency by eliminating manual tasks and reduces physical workload on workers, as well as it provides real-time reporting features, which enhance the growth of the market. Furthermore, rise in investment in advanced technology and increase adoption of AI and ML technology are anticipated the growth of the market during the forecast period.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the Process Mining Software Market Forecast, current trends, estimations, and dynamics of the process mining software market analysis from 2021 to 2031 to identify the prevailing process mining software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the process mining software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global process mining software market trends, key players, market segments, application areas, and market growth strategies.
Process Mining Software Market Report Highlights
| Aspects | Details |
 By Component |
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 By Deployment Model |
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 By Enterprise Size |
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 By Application |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | Hyland Software, Inc., UiPath, Inc., ABBYY Solutions Limited, Software AG, Fluxicon BV, Minit, Celonis GmbH, Signavio, .IBM CORPORATION, QPR Software Plc |
Analyst Review
In accordance with insights by CXOs of leading companies, the global process mining software market is projected to witness prominent growth, especially in Asia-Pacific and Europe. This growth is attributed to increased investments by organizations for automation and adoption of cloud-based process mining software solutions. In addition, adoption of IoT and AI in process mining software provides ample growth opportunities for process mining software market.
The cloud-based segment is expected to show a promising growth rate during the forecast period. The demand for cloud-based process mining software is increasing due to the rapid adoption of cloud technology in the industry. In addition, this technology provides insight into efficient and rapid processes that increase optimization and competitiveness.
Moreover, enterprises make significant investments in mergers and acquisitions to enhance their existing solutions and deliver new solutions as well as develop automation technologies. For instance, in October 2020, Celonis acquired Integromat, a Czech startup. The acquisition helped to accelerate the automation side of the company. Through the acquisition, the company expanded its product portfolio from being majorly a process mining tool that aims at surfacing the insights to the way processes are executed and develop an execution management system.
Prominent market players explore new technologies and platforms to meet increase in customer demands. Product launches, partnerships, and acquisitions are expected to enable them to expand their product portfolios and penetrate different regions. For instance, in July 2021, ABBYY, a Digital Intelligence company, partnered with First Consulting to help companies become more efficient with the support of best-in-class intelligent automation solutions. By combining ABBYY’s technologies with first consulting RPA services, ABBYY’s Digital Intelligence platform is expected to help first consulting to create more value for customers by adding content and increasing process understanding within ABBYY digital transformation initiatives.
The growth in need to strengthen audit and compliance processes across organizations drives the demand for process mining software. In addition, rise in adoption of cloud solutions & services, digital transformation initiatives, and growth in awareness of business process understanding & analytics among organizations drive the demand for process mining software and services.
North America dominates the process mining software industry. Growth of the market in this region is attributed to several factors such as increase in digitalization and adoption of process mining software solutions by the various sectors such as manufacturing, BFSI, and governments.
The global process mining software market size was valued at $526.96 million in 2021, and is projected to reach $25,979.47 million by 2031, registering a CAGR of 47.9% from 2022 to 2031.
The key players that operate in the Process mining software market are ABBYY, Celonis, Fluxicon , Hyland Software , Minit, QPR, SAP Signavio , Software AG , UiPath Inc, FortressIQ, Kofax Inc, SkanAI, PAFnow, Orange, myInvenio, Exeura, and Logpickr Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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