The process analytics market is gaining traction, owing to the implementation of digital transformation that is driving users’ awareness for analyzing and understanding business processes, and the advent of the algorithmic business. Collaborations between process analytics and Enterprise Resource Planning (ERP) vendors, and the rise in the implementation of task level automation are some of the other growth factors for the process analytics market. MarketsandMarkets forecasts the global process analytics market size to grow from USD 185.3 million in 2018 to USD 1,421.7 million by 2023, at a Compound Annual Growth Rate (CAGR) of 50.3% during the forecast period.
The major players in the global process analytics market include Celonis (Germany), Fluxicon (Netherlands), Icaro Tech (Brazil), Kofax (US), Lana Labs (Germany), Minit (Slovakia), Logpickr (France), TimelinePI (US), Scheer (Germany), Monkey Mining (Netherlands), Worksoft (US), Puzzle Data (South Korea), QPR Software (Finland), Cognitive Technology (Malta), Signavio (Germany), SNP (US), Your Data (France), Process Mining Group (Open-Source), Software AG (Germany), Fujitsu (Japan), CA Technologies (US), Process Analytics Factory (Germany), StereoLOGIC (Ontario), Intellera (Canada), and ProcessGold (Netherlands). These leading players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to achieve growth in the process analytics market.
Celonis is one of the leading players in the process analytics market. The company is focused on delivering advanced process mining solutions to clients by releasing enhanced software solutions. For instance, in December 2016, Celonis launched Celonis Pi solution, which has 4 components that enable users to identify high priority issues and analyze their root cause to take immediate action. Moreover, it identifies potential issues and inefficiencies of processes in organizations, forecasts outcomes, and optimizes processes to achieve results. Celonis also focuses on partnering with the different players in the market to provide collaborative solutions to clients. For instance, in July 2016, Celonis made a reseller agreement with SAP. Through this partnership, SAP integrated its analytics software with the process mining software. By using this software, customers can identify bottlenecks, locate nonstandard processes and weaknesses, and determine solutions for the specific issues.
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QPR Software is one of the prominent players to provide process mining and analytics solutions. The company’s major products are focused on process analyzing, mining, management, and intelligence. Its process analyzer tool includes automatic process visualization, root cause analysis, Key Performance Indicators (KPI) analysis, and lead time analysis. The company has been highly focused on partnering with various organizations to provide its services and solutions across various industry verticals. For instance, in May 2018, QPR Software partnered with European Forestry and property management company. According to this partnership, QPR Software would provide QP Process Analyzer software licenses and implement the process management projects. Similarly, in February 2018, QPR Software partnered with Fennovoima. Through this agreement, QPR would deliver its mining solutions for the different product functionalities of Fennovoima. Moreover, the company has always focused on expanding its customer base across all industries. For instance, in March 2017, the company signed an agreement with Hansel. According to this agreement, QPR would provide a development functionality in the areas of strategies, processes, services, Information Technology (IT) and risk management, and information management.
Process Analytics Market by Process Mining Type (Process Discovery, Process Conformance & Process Enhancement), Deployment Type, Organization Size, Application (Business Process, It Process, & Customer Interaction), and Region - Global Forecast to 2023
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