Process Mining Software Market Expected to Reach US ~$11,096.7 Million and CAGR 49.0% by 2030 – Polaris Market Research
The global process mining software market size is expected to reach USD 11,096.7 million by 2030 according to a new study by Polaris Market Research.
The key factors, such as rising AI and ML implementation in process mining and its rising demand, boost the market growth. Its combination with Artificial Intelligence (AI) and Machine Learning (ML) can help businesses enhance their operational capabilities by providing business insight, enriched event logs, and larger datasets, among other benefits. As a result, AI integration with applications is expected to boost the industry worldwide in the near future.
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Further, businesses in a variety of industries are using technology to reduce investment costs and increase production. RPA (Robotic Process Automation) aids enterprises in increasing productivity and performance. Businesses are increasingly combining RPA with process mining tools to maximize both technologies’ impact. As a result, the growing convergence of the two technologies is expected to drive market expansion in the future years.
In essence, industry growth is expected to be bolstered by increasing digital transformation and increased adoption of information technology and automation. However, security and privacy concerns about customers’ and businesses’ data may impede industry expansion. Based on the component, the software segment accounted for the leading share in the market in 2021. This is due to the growing demand for solutions that can extract granular-level data from corporate systems to get insights and visualize workflow operations.
Additionally, the growing desire from businesses for application solutions that can be readily integrated into their existing BI infrastructure is driving category growth. The service segment is expected to grow at the fastest rate during the projected period. The growth of cloud-based solutions and the frequent updates necessary to keep the program running securely and smoothly are projected to boost demand for mining services.
Market players such as QPR, Software AG, Celonis GmbH, Fluxicon BV, Hyland Software, Inc., Minit, ABBYY Solutions Limited, myInvenio, an IBM Company, SAP, and UiPath, Inc. are some key players operating in the global market.
In June 2021, Cairo and Coberg, a worldwide technology consulting company, established a new strategic relationship with Celonis, the global leader in execution management. The Celonis Execution Management System (EMS) powered all business execution aspects, including real-time data acquisition, process and task mining, planning and simulation, graphical and daily management, and action flow.
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Polaris Market Research has segmented the process mining software market report based on component, deployment, application, industry vertical, and region:
Process Mining Software, Component Outlook (Revenue – USD Million, 2018 – 2030)
Process Mining Software, Deployment Outlook (Revenue – USD Million, 2018 – 2030)
Process Mining Software, Application Outlook (Revenue – USD Million, 2018 – 2030)
- Strategic Sourcing
- Contract Management
- Category Management
- Transactional Procurement
- Supplier Management
Process Mining Software, Industry Verticals Outlook (Revenue – USD Million, 2018 – 2030)
- Consumer Goods & Services
- Telecommunications & IT
- Logistics & Transportation
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