Process Analytics Market to Reach $18.6 Billion, by 2031 at 44.6% CAGR: Allied Market Research

Allied Market Research recently published a report, titled, "Process Analytics Market Share By Process Mining Type (Process discovery, Process conformance, Process enhancement), By Deployment Mode (On Premise, Cloud), By Organization Size (Large Enterprises, Small and Medium Enterprises), By Application (Business Process, Information Technology Process, Customer Interaction): Global Opportunity Analysis and Industry Forecast, 2021-2031."

According to the report, the global process analytics industry generated $469.86 million in 2021, and is expected to reach $18.6 billion by 2031, witnessing a CAGR of 44.6% from 2022 to 2031.

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Process analytics is a type of system that helps in analyzing and controlling the manufacturing processes. It also measures critical quality parameters and performance attributes of raw and in-process materials. In addition, it enables in-process data to be used for assessing the quality of a batch during manufacture, significantly reduces the need for finished product testing, and as a result, improves lead times. Furthermore, digital transformation is empowering users' awareness for analyzing and understanding business processes and increase in adoption of algorithmic business are the significant growth opportunities for the future prospects of process analytics market forecast. In addition, rise in implementation of task-level automation is positively impacting the growth of the process analytics market. However, competition from open-source alternatives is hampering the demand for commercial solutions and lack of skills and expertise limit the market growth. On the contrary, the need to focus on enhancing the customer experience is expected to offer remunerative opportunities for expansion of the process analytics industry during the forecast period.

Digital transformation, rise in adoption of algorithmic business, and increase in implementation of task-level automation drive the growth of the global process analytics market. However, surge in competition from open-source alternatives along with lack of skills and expertise restrains the market growth. On the other hand, the focus on improving the customer experience present new opportunities in the coming years.

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Covid-19 Scenario

The demand for process analytics solutions increased considerably due to changes in work culture during the pandemic. Businesses and organizations adopted the "work from home" culture, and the need to analyze process to improve efficiency and serve the needs of customers increased with changing market conditions.
Organizations are utilizing process analytics solutions across end user industries to avail benefits such as gaining situational awareness, receiving real-time alerts, and determining areas of improvement. This in turn, is augmenting the growth of the global process analytics market.

Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global process analytics market, and is projected to continue its lead position by 2031. This is attributed to increase in spending on data analytics and data processing solutions in the region. However, Asia-Pacific is estimated to witness the largest CAGR of 47.0% during the forecast period. This is due to rise in digital and economic transformation of the region.

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Leading Market Players

Scheer Gmbh
Worksoft, Inc.
Minit
Monkey Mining BV
ABBYY
Celonis
Fluxicon BV
Icaro Tech
Kofax Inc.
Logpickr

The report analyzes these key players in the global Process Analytics Market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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