The global process mining market is expected to grow at a compound annual growth rate (CAGR) of 45.6%, from an anticipated USD 1.8 billion in 2023 to USD 12.1 billion by 2028 Over the course of the projection period
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Here's a breakdown of the key growth factors for the Process Mining market:
Rising Demand for Operational Efficiency: Businesses are constantly seeking ways to improve efficiency and streamline operations. Process mining provides valuable insights into how processes actually function, allowing businesses to identify bottlenecks, eliminate redundancies, and optimize workflows
Growing Adoption of Digital Transformation Initiatives: Digital transformation initiatives often involve the automation and optimization of business processes. Process mining serves as a critical tool for analyzing existing processes, identifying areas for improvement, and measuring the effectiveness of digital transformation efforts
Increasing Regulatory Compliance Requirements: Businesses face a growing number of complex regulations. Process mining can help ensure compliance by identifying deviations from established procedures and highlighting potential risk areas
Enhanced Focus on Data-Driven Decision Making: Businesses are increasingly recognizing the importance of data-driven decision making. Process mining provides data-rich insights into process performance, enabling businesses to make informed decisions about process optimization and improvement strategies
Integration with Robotic Process Automation (RPA): Process mining can be used to identify processes ripe for automation with RPA, while RPA can streamline data collection for process mining analysis. This synergy creates a powerful combination for process optimization
Technological Advancements: Advancements in artificial intelligence (AI), machine learning, and cloud computing are significantly enhancing process mining capabilities. AI can automate process discovery and analysis, while cloud-based solutions offer scalability and accessibility for businesses of all sizes
Growing Awareness of Process Mining Benefits: The market is witnessing a growing awareness of the benefits of process mining. As more success stories emerge, and businesses recognize the potential return on investment (ROI), adoption rates are expected to climb
Focus on Customer Experience: Process mining can be used to analyze customer journeys and identify areas for improvement. This helps businesses optimize customer touchpoints and enhance overall customer experience
Accessibility Through Cloud-Based Solutions: Cloud-based process mining solutions offer lower upfront costs and easier deployment compared to traditional on-premise systems. This is making process mining more accessible to a wider range of businesses
Evolving Regulatory Landscape for Data Privacy: As data privacy regulations evolve, process mining vendors are developing solutions that ensure compliance with these regulations, mitigating concerns for businesses wary of data security risks
These factors, coupled with the growing need for process optimization and data-driven insights, are creating a positive outlook for the Process Mining market in the years to come.
Here is the market share and key offerings for companies in the Process Mining Market:
IBM (US):
ABBYY (US):
Celonis (US):
UiPath (US):
Software AG (Germany):
SAP Signavio (Germany):
Pegasystems (US):
Kofax (US):
QPR Software (Finland):
Related Reports:
Process Mining Market by Offering (Software (Process Discovery Tools, Conformance Checking Tools), Services), Mining Algorithm (Deep Learning, Sequence Analysis), Data Source (ERP Systems, CRM Systems), Vertical and Region - Global Forecast to 2028
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