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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

12-05-2023 01:22 PM CET | IT, New Media & Software

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"The increasing demand for seamless process visibility & control and the growing adoption of digital transformation are expected to drive the process mining market."

The process mining market is projected to grow from USD 1.8 billion in 2023 to USD 12.1 billion by 2028, at a compound annual growth rate (CAGR) of 45.6% during the forecast period. The growth of the process mining market is primarily driven by escalating intricacies within operational workflows, surging integration of digital advancements and increasing demand for enhanced process transparency and governance.

"By offering, services segment is expected to register the fastest market growth rate during the forecast period"

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The services market is poised for robust growth, primarily fueled by the need for specialized expertise and tailored solutions within the process mining market. As businesses navigate increasingly intricate processes and seek to extract maximum value from their operational data, the need for adept service providers offering customized implementations, training, and ongoing support becomes imperative. This surge in demand for service-centric offerings stems from the recognition that proficient guidance enhances the efficacy of process mining tools, ensuring optimal utilization and delivering sustained value throughout the forecast period.

"By data source, enterprise resource planning (ERP) systems segment is expected to account for the largest market share during the forecast period"

Enterprise resource planning (ERP) systems segment is set to dominate the process mining market. Primarily, ERP systems serve as comprehensive platforms that consolidate diverse business processes, making them a primary data source for process mining. The widespread adoption of ERP systems across various industries positions them as a central hub for critical operational data. Moreover, the increasing recognition of the strategic value derived from integrating process mining with ERP systems enhances their significance in the market. Businesses are increasingly leveraging process mining to gain actionable insights into their ERP-driven workflows, enabling them to optimize processes, identify bottlenecks, and enhance overall operational efficiency.

"By Region, North America is slated to grow at the fastest rate and Europe to have the largest market share during the forecast period"

North America to attain the highest growth rate in the process mining market due to the region's robust embrace of cutting-edge technologies and digital transformation initiatives. With a dynamic business landscape and a strong focus on innovation, North American enterprises are keenly investing in process mining solutions to optimize their intricate business processes. Europe is poised to dominate the regional segment of the process mining market. The region has been at the forefront of embracing and implementing advanced technologies, leading to a robust digital infrastructure. Stringent regulatory frameworks in Europe, particularly regarding data privacy and compliance, have fueled the adoption of process mining tools.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), vice presidents, innovation and technology directors, system integrators, and executives from various key organizations operating in the Process mining market.

By Company: Tier I-25%, Tier II-55%, and Tier III-20%
By Designation: C-Level Executives-35%, D-Level Executives-45%, and Managers-20%
By Region: North America- 35%, Europe - 30%, Asia Pacific- 20% and Middle East Africa- 9%, Latin america-6%

The report includes the study of key players offering process mining software and services. The major players in the process mining market include IBM (US), ABBYY (US), Celonis (US), UiPath (US), Software AG (Germany), SAP Signavio (Germany), QPR Software (Finland), Microsoft (US), Appian (US), Pegasystems (US), Mehrwerk (Germany), Kofax (US), Soroco (US), iGrafx (US), Nintex (US), Automation Anywhere (US), Hyland Software (US), Fluxicon (Netherlands), Datapolis (Poland), Apromore (Australia), BusinessOptix (US), StereoLOGIC (Canada), Worksoft (US), Inverbis Analytics (Spain), Skan.ai (US), Mindzie (US), Cyclone Robotics (China), Upflux (Brazil), Puzzledata Inc. (South Korea), Kyp.ai (Germany), Workfellow (Finland).

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