The global process mining software market size is estimated to showcase robust growth owing to the increasing implementation of artificial intelligence (AI) in the software by leading industry players, observes Fortune Business Insights™ in its report, titled, “Process Mining Software Market Size, Share & COVID-19 Impact Analysis, By Type (Cloud-base, and On-premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End User (BFSI, Healthcare, Retail, Manufacturing, IT and Telecommunication, Logistics and Transportation, and Others), and Regional Forecast, 2021-2028.” As per our findings, the market value stood at USD 421.9 million in 2020 and is anticipated to reach USD 10,383.0 million by 2028, exhibiting a CAGR of 49.3% during the forecast period.
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Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers & Restraints-
Integration of Software with Latest Technologies to Drive Growth
Advantages, such as regular insights from real-time analysis and efficient operational business tasks, are the key factors driving developers and leading corporations to integrate artificial intelligence with process mining software. An increasing demand for such software is augmenting the growth. For instance, in April 2020, Automation Hero introduced Hero_Sonar, an AI-enabled intelligent process mining software. The software offers valuable insights from low-quality data, which helps in developing AI decision models. However, the high risk associated with customers’ privacy is predicted to hinder process mining software market growth.
Presence of Key Players to Help Europe Dominate
Europe is anticipated to dominate the global market with a value of USD 165.3 million in 2020. Increasing demand for process mining software in the energy space amid the surging digital transformation across industries is projected to drive its growth in the region. In addition, the presence of key players in major countries of the region is estimated to further propel growth.
North America is predicted to register a considerable process mining software market share during the projected timeline. One of the major factors set to propel the demand for this software in the region is the increasing adoption of automation in the U.S.
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A List of Key Manufacturers Operating in the Global Market:
- UiPath (New York, United States)
- Celonis GmbH (Munich, Germany)
- Exeura (Italy)
- Fluxicon BV (The Netherlands)
- Fujitsu Ltd. (Tokyo, Japan)
- Hyland Software, Inc. (Ohio, United States)
- Minit (Bratislava, Slovakia)
- QPR Software Plc (Finland)
- Software AG (Darmstadt, Germany)
- ABBYY Solutions Ltd. (United States)
- Cognitive Technology Ltd (myInvenio) (Italy)
- Apromore Pty Ltd (Melbourne, Australia)
- BusinessOptix (United States)
- EverFlow (NJ, United States)
- Kofax (California, United States)
- Lana Labs GmbH (Berlin, Germany)
- Signavio GmbH (Berlin, Germany)
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