Process Mining Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

Key Highlights:
• The global Process Mining Market size was valued at USD 0.98 billion in 2023 growing at a CAGR of 47.14% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Process Mining Market size accounted for USD 0.98 Billion in 2023, growing at a CAGR of 47.14% from 2023 to 2033. Process mining is a field of business process management that involves the analysis of event data generated during the execution of processes in an organization. The main goal of process mining is to discover, monitor, and improve real processes by extracting knowledge from event logs readily available in today's information systems.

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The Process Mining market is primarily driven by the increasing need for organizations to optimize operational efficiency and enhance business processes through data-driven insights derived from event logs.

Key Players
Some of the major Process Mining Market players holding high market shares include Celonis, UiPath, Minit, Pega, and Signavio. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include QPR Software, Fluxicon, Disco (by Fluxicon), MyInvenio, and Everflow.

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Segmental Analysis
Based on Components, the Process Mining market is segmented into Software, and Service. The dominance of the Software segment in the Process Mining market is attributed to the increasing demand for advanced analytics tools and automation solutions to extract actionable insights from vast amounts of event data, enabling organizations to optimize their business processes effectively.
Based on the Application, the Process Mining market is Strategic Sourcing, Contract Management, Category Management, Transactional Procurement, and Supplier Management. The projected high CAGR in the Strategic Sourcing segment is attributed to the growing adoption of digital procurement solutions, automation technologies, and the emphasis on cost reduction and supply chain efficiency by organizations worldwide.
Based on the Vertical, the Process Mining market is BFSI, Healthcare, Retail, Manufacturing, IT and Telecom, Logistics, and Others. The projected high CAGR in the BFSI segment is attributed to the increasing demand for advanced analytics, compliance management, and fraud detection solutions to enhance operational efficiency and mitigate risks in the highly regulated financial industry.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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