Process Mining Market by Component (Services, Software), Enterprise Size (Large Enterprises, Small & Medium Enterprises), Deployment, Application, End User - Global Forecast 2024-2030

Process Mining Market by Component (Services, Software), Enterprise Size (Large Enterprises, Small & Medium Enterprises), Deployment, Application, End User - Global Forecast 2024-2030

The Process Mining Market size was estimated at USD 2.63 billion in 2023 and expected to reach USD 3.16 billion in 2024, at a CAGR 20.11% to reach USD 9.49 billion by 2030.

Process mining is an innovative analytical discipline for discovering, monitoring, and improving real processes by extracting data-derived insights from event logs readily available in information systems. It offers a data-driven approach to analyzing the way processes are executed within an organization and helps understand the complexities of operational workflows. Increasing demand for automation and digitization across various industries and Industry 4.0 initiatives by the government have contributed to the growing adoption of process mining. Additionally, the growing importance of improving customer experience and the need for compliance with regulatory standards are urging businesses to adopt process mining solutions. Financial and banking institutions use process mining to streamline customer engagement and account opening and ensure regulatory compliance with legal standards. However, issues related to inaccurate and incomplete data and the difficulty of integrating process mining solutions pose technical constraints to the widespread utilization of process mining. Additionally, the risk of data breach and loss of data privacy raises concerns about the reliability and safety of process mining. Efforts by key players to invest in technological advancements, such as the integration of ML and AI with process mining, can help circumvent data privacy and security challenges.

Regional Insights

The Americas region, particularly the United States and Canada, is characterized by a robust and advanced technological landscape, numerous key players, and a strong inclination toward innovating business strategies through technological interventions. The region experiences frequent product launches and continuous process mining software upgrades. Europe has emerged as a crucial hub for process mining, with countries such as the UK, Germany, and France being early adopters. The demand for process mining in this region is supported by a robust regulatory framework that encourages transparency and efficiency in business operations. The presence of strong research and academic collaborations in data science and data analytics projects has contributed to continuous advancements in process mining. The Asia-Pacific market is rapidly expanding, owing to a surge in digital transformation initiatives across emerging economies such as China, India, Japan, and South Korea. This region exhibits a high potential for process mining, particularly because of the extensive manufacturing sector and the growing trend of adopting next-generation technologies to foster operational excellence and enhance customer experiences in business operations. The presence of a growing start-up ecosystem and small and medium-sized enterprises (SMEs) contributes to the continued demand for process mining solutions.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Process Mining Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Government initiatives promoting Industry 4.0 and robotic automation
    • Increasing number of monetary transactions in banking and financial institutions
    • Exponential adoption of process mining among SMEs and government organizations
    • Market Restraints
      • Issues associated with poor data quality and interoperability concerns
      • Market Opportunities
        • Advancements to improve performance attributes of process mining
        • Strategic partnerships among process mining vendors to accelerate product adoption
        • Market Challenges
          • Concerns regarding data privacy and security
          • Market Segmentation Analysis
            • Component: Increasing usage of software in process mining for robust analytical capabilities
            • Enterprise Size: Growing demand for process mining from large enterprises
            • Deployment: Growing popularity of cloud deployment in process mining for efficient solution
            • Application: Increasing application of process mining for contract management
            • End-User: Rising adoption of process mining in manufacturing sector
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Process Mining Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Process Mining Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Celonis Acquires Symbio, an Innovative Provider of AI-driven Business Process Management Software
              
              Celonis acquired Symbioworld GmbH, an AI-driven Business Process Management (BPM) software provider. This strategic move has resulted in the launch of an enhanced version of the Process Cockpit. The new version combines live process insights with data from Symbio, creating a unified user experience. With this integrated approach, users can leverage real-world data to design optimal processes, simplify operations, standardize tasks, and automate where possible to increase efficiency and ensure compliance. Organizations can consistently drive process improvement throughout the entire process management lifecycle with enhanced accuracy and precision by adopting a mining-first approach to process design.
              
              State of Oklahoma to Use Celonis to Strengthen Stewardship of Taxpayer Funds
              
              Celonis announced that the State of Oklahoma has successfully deployed its technology within the Office of Management and Enterprise Services (OMES). This implementation enables transparent and efficient budgeting and expenditure oversight. The decision to adopt process mining technology was driven by the OMES's need to address excess expenditures identified in a report from the Oklahoma Legislative Office of Fiscal Transparency. The report revealed that agency purchasing exceeded USD 3 billion in the fiscal year 2022. The OMES can gain data-driven insights to optimize various departments across public sector agencies by leveraging Celonis' Execution Management System.
              
              Gutsy Launches With Huge USD 51 Million Seed To Bring Process Mining To Security
              
              Twistlock, a company in the field of process mining, secured a significant seed funding round of USD 51 million. This funding was led by YL Ventures and Mayfield. Twistlock leverages the power of process mining, breaking down complex systems into individual processes to gain a deeper understanding of incidents. By combining process mining with data science, Twistlock is able to create a comprehensive map of how different processes interact, enhancing their cybersecurity capabilities.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Process Mining Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Process Mining Market, highlighting leading vendors and their innovative profiles. These include ABBYY Development Inc., Accenture PLC, Amazon Web Services, Inc., Appian Corporation Inc., Apromore Pty Ltd., Automation Anywhere, Inc., Capgemini SE, Celonis SE, CIGNEX, Cisco Systems Inc., EdgeVerve Systems Limited by Infosys, Everest Group, Fluxicon BV, Fujitsu Limited, Google LLC by Alphabet Inc., Hyland Software, Inc., iGrafx, LLC, International Business Machines Corporation, Inverbis Analytics SL, Kofax Inc., Mavim B.V., Mehrwerk GmbH, Microsoft Corporation, Oracle Corporation, Pegasystems Inc., QAD Inc., QPR Software PLC, Red Hat, Inc., Salesforce, Inc., SAP SE, Skan, Inc., Software AG, Soroco Americas Private Limited, UiPath, Inc., UpFlux, Wipro Limited, Workfellow Oy, Worksoft, Inc., and Zoho Corporation Pvt. Ltd..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Process Mining Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Component
              • Services
              • Software
                • Conformance Checking Tools
                • Continuous Monitoring & Analytics tools
                • Integration & Collaboration tools
                • Performance Analysis Tools
                • Process Discovery Tools
                • Process Enhancement & Simulation Tools
                • Visualization Tools
                • Enterprise Size
                  • Large Enterprises
                  • Small & Medium Enterprises
                  • Deployment
                    • On-Cloud
                    • On-Premise
                    • Application
                      • Category Management
                      • Contract Management
                      • Strategic Sourcing
                      • Supplier Management
                      • Transactional Procurement
                      • End User
                        • BFSI
                        • Healthcare
                        • IT & Telecommunication
                        • Logistics & Transportation
                        • Manufacturing
                        • Retail & Consumer Goods
                        • Region
                          • Americas
                            • Argentina
                            • Brazil
                            • Canada
                            • Mexico
                            • United States
                              • California
                              • Florida
                              • Illinois
                              • New York
                              • Ohio
                              • Pennsylvania
                              • Texas
                              • Asia-Pacific
                                • Australia
                                • China
                                • India
                                • Indonesia
                                • Japan
                                • Malaysia
                                • Philippines
                                • Singapore
                                • South Korea
                                • Taiwan
                                • Thailand
                                • Vietnam
                                • Europe, Middle East & Africa
                                  • Denmark
                                  • Egypt
                                  • Finland
                                  • France
                                  • Germany
                                  • Israel
                                  • Italy
                                  • Netherlands
                                  • Nigeria
                                  • Norway
                                  • Poland
                                  • Qatar
                                  • Russia
                                  • Saudi Arabia
                                  • South Africa
                                  • Spain
                                  • Sweden
                                  • Switzerland
                                  • Turkey
                                  • United Arab Emirates
                                  • United Kingdom
                                  
                                  
                                  Please Note: PDF & Excel + Online Access - 1 Year