50.3% Growth Rate for Process Analytics Market by 2023 | Celonis, Fluxicon , Icaro Tech, Kofax , Lana Labs, Minit , Logpickr , TimelinePI , Scheer , Monkey Mining, Work soft, Puzzle Data, QPR Software ans Others.
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The Global Process Analytics Market size is expected to grow from US$ 185.3 Million in 2018 to US$ 1,421.7 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 50.3% during the forecast period. The implementation of digital transformation that is driving users’ awareness for analyzing and understanding business processes,and the advent of the algorithmic business are the major driving factors for the process analytics market.
“The process conformance sub segment is expected to grow at the highest CAGR during the forecast period.”
In the process conformance sub segment, the data mining software is used for process conformance checks, wherein the event logs are checked against ideal processes. The process mining software converts the event logs into a process model and checks them against ideal and pre-defined processes.
“The on-premises sub segment is expected to account for the larger market size in the deployment type segment during the forecast period.”
The on-premises deployment type refers to the installation of the software in premises of an organization. The software is delivered on a one-time license fee, along with an annual services agreement, which includes free up gradation and installation of new functionalities. The deployment of on-premises process analytics software requires dedicated infrastructure and servers.
“Europe is expected to account for the largest market size, and North America is projected to show the highest growth rate during the forecast period.”
Europe is the largest contributor to the process analytics market, due to the widespread acceptance of innovations and the upcoming analytics technology among the large numbers of vendors operating in the region. Germany and the Netherlands are the top countries contributing to the process analytics market in Europe. Along with these countries, several other European countries are also incorporating the process analytics software into their existing analytics portfolio to receive quick and actionable executive insights to keep pace with their analytics-driven competitors in the other regions.
The major objective of the report is to define, describe, and forecast the process analytics market size by process mining type, deployment type, organization size, application, and region. The report provides detailed information on the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market. The report attempts to forecast the market size with respect to the 5 key regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles the key market players and comprehensively analyzes their core competencies.
#Top Key Players in the “Process Analytics Market” include are Celonis (Germany), Fluxicon (Netherlands), Icaro Tech (Brazil), Kofax (US), Lana Labs (Germany), Minit (Slovakia), Logpickr (France), TimelinePI (US), Scheer (Germany), Monkey Mining (Netherlands), Work soft (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), Stereo LOGIC (Ontario), Intellera (Canada), and Process Gold (Netherlands).
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Competitive Landscape of Process Analytics Market:
2 Market Ranking Analysis
3 Competitive Scenario
3.1 New Product Launches and Product Enhancements
3.2 Business Expansions
3.3 Mergers and Acquisitions
3.4 Partnerships, Agreements, and Collaborations
#Target Audience for Process Analytics Market: Process analytics vendors, Data scientists, Integration services providers, Cloud services providers, Big data analytics vendors, Business process management vendors, Consultancy firms and advisory firms, Regulatory agencies, Technology consultants, Governments.
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