Process Analytics Market Global Analysis of Key Manufacturers, Dynamics & Forecast 2019-2025
The process discovery segment held the largest process analytics market share and is estimated to hold a significant market share over the forecast timeline. The market growth is attributed to the increasing demand to mine extracted and cleaned data to create data-driven process models. The increasing internal frauds in procurement activities by employees in organizations are driving the market growth. The growing demand for analytical insights in organizations to improve operational efficiencies, develop better customer experiences, increase productivity, and deliver new services is further propelling the process analytics industry growth.
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Enterprises are using process analytics software to visualize business process flows based on data collected from systems for an end-to-end view of the existing operations, holistic, and business processes to reveal critical process intersections and hidden problems such as delays, bottlenecks, failures, and repetitions.
North America is estimated to hold a significant market share over the forecast timeline due to the presence of several prominent process analytics market players across various verticals. The enterprises present in the region are rapidly adopting process analytics software to improve their business processes and enhance their business decisions. Government organizations and commercial entities are increasingly adopting process analytics solutions over the traditional business process management to enhance their decision-making process.
Europe process analytics market is expected to show a significant CAGR over the forecast timeline due to the widespread adoption of innovative and advanced process analytics solutions among a large number of organizations across various verticals operating in the region. The presence of countries including the Netherlands and Germany is anticipated to contribute to the market growth due to the presence of numerous startups and their persistent strategic alliances such as mergers, acquisitions, and collaborations. Additionally, the other countries in the region are rapidly embracing process analytics software into their existing analytics portfolio to receive fast and accurate actionable insights to edge out other analytics-driven competitors.
The advent of advanced technologies, such as blockchain, AI, machine learning, and deep learning, is anticipated to integrate into the business process to improve decision making in organizations. The prominent process analytics market players are investing heftily in research & development activities to deploy these advanced technologies to process analytics software to improve the decision-making results for client organizations.
The AI is expected to be the key technology for optimizing the business process flow. For instance, in July 2019, Vodafone Group PLC deployed advanced technologies including data-visualization tools and artificial intelligence to enhance its global procurement process fast and cost-effectively. The organization will improve its tracking and monitoring of procurement activities carried out across all operating regions.
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Some of the other major players operating in the process analytics market are Celonis, CA Technologies (Broadcom Inc.), Cognitive Technologies, Fluxicon BV, Fujitsu Ltd., Icaro Tech, Kofax Inc., Lana Labs GmbH, Monkey Mining, QPR Software Plc, Software AG, and Worksoft, Inc.
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