The global Process Mining Software market size is expected to be worth around US$ 12.95 billion by 2030, according to a new report by Vision Research Reports.
The global Process Mining Software market size was valued at US$ 422.02 million in 2020 and is anticipated to grow at a CAGR of 51.1% during forecast period 2021 to 2030.
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|Market Size||US$ 12.95 Billion by 2030|
|Growth Rate||CAGR of 51.1% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Component, Deployment, Application, Industry Vertical|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||ABBYY Solutions Limited; Celonis GmbH; Fluxicon BV; Hyland Software, Inc.; Minit; myInvenio, an IBM Company; QPR Software Plc; SAP; Software AG; UiPath, Inc.|
The increasing awareness about the need to understand and analyze business processes driven by digital transformation is one of the key factors driving market growth. Additionally, the constant increase in data volumes across industries is driving the demand for process mining software and services.
The rising need to strengthen process auditing and compliance processes across organizations is fueling the demand for process mining software. Additionally, the growing adoption of cloud solutions and services, digital transformation initiatives, and the rising awareness about understanding and analyzing business processes among organizations are also driving the demand for process mining software and services. A large number of businesses moved from an on-premise approach to the cloud amid the COVID-19 pandemic, thus resulting in the rapid growth of the process mining software industry.
By Component Analysis
In terms of the component, the process mining software market has been divided into software and services. The software segment dominated the market with a revenue share of over 60% in 2020 and is likely to maintain its position throughout the forecast period.
The service segment is expected to expand at the highest CAGR of 56% during the forecast period. The demand for process mining services is expected to benefit from the adoption of cloud-based software solutions and frequent updates required to keep the software running securely and smoothly.
By Application Analysis
The transactional procurement segment accounted for the largest revenue share of over 20% in 2020 and is likely to maintain its position throughout the forecast period. The category management segment is expected to register the highest CAGR over the forecast period. The growth of this segment can be primarily attributed to the growing demand from businesses for external marketplace analysis.
By Industry Vertical Analysis
The BFSI segment accounted for the largest revenue share of around 30% in 2020 and is expected to maintain its position throughout the forecast period. The consumer goods & services segment is projected to register the highest CAGR of around 56% over the forecast period.
By Deployment Analysis
In terms of deployment, the market has been divided into on-premise and cloud. The cloud segment dominated the market with a revenue share of more than 55% in 2020 and is expected to maintain its position throughout the forecast period.
The on-premise segment accounted for a significant market share of over 40% in 2020 and is projected to retain its position throughout the forecast period.
By Regional Analysis
Europe accounted for the largest revenue share of around 50% in 2020 and is expected to maintain its dominance over the forecast period. The region is renowned for the early adoption of advanced technology and the highest adoption of digital and automation tools and services.
Asia Pacific is anticipated to expand at the highest CAGR of over 54.9% over the forecast period. This can be attributed to the increasing need among enterprises to enhance process auditing and compliance.
- ABBYY Solutions Limited
- Celonis GmbH
- Fluxicon BV
- Hyland Software, Inc.
- myInvenio, an IBM Company
- QPR Software Plc
- Software AG
- UiPath, Inc.
- By Component
- By Deployment
- By Application
- Strategic Sourcing
- Contract Management
- Category Management
- Transactional Procurement
- Supplier Management
- By Industry Vertical
- Consumer Goods & Services
- Telecommunications & IT
- Logistics & Transportation
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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