Press release
Process Analytics Market Growth Trends, Regulations and Competitive Landscape Outlook to 2025
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.
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Process analytics solution providers are focusing on strategic alliances with other market players to improve their offerings and expand their geographical presence. For instance, in September 2018, Blue Prism partnered with Celonis to accelerate its digital transformation by automating mission-critical business processes while providing them with analytical insights to drive operational efficiencies, develop better customer experiences, increase productivity, and deliver new services. Additionally, in September 2018, Automation Anywhere partnered with Celonis to enable its client organizations to streamline and automate processes, ensuring they operate at maximum efficiency.
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.
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.
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Large enterprises held a large market share in 2018 and are anticipated to dominate the process analytics market share over the forecast timeline due to the increasing need to track and monitor the business process in real-time. Large enterprises have a global presence with numerous offices across the globe, requiring the real-time monitoring & alerting and visualization of business process flows to improve the decision-making process.
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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