Process Mining Software Market By Component (Software, Service), By Deployment Model (On Premise, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Application (Strategic Sourcing, Contract Management, Category Management, Transactional Procurement, Supplier Management), By Industry Vertical (BFSI, Healthcare, Retail, Manufacturing, IT and Telecom, Logistics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Process mining is used to analyze and monitor business processes. The software helps organizations to capture data from enterprise transactions and provide important insights on how business processes are performing. In addition, process mining solutions help to create end-to-end comprehensive process models by analyzing all the data from the systems involved in running business processes. It is basically a three-step process. First, the system records the activities of people and automation solutions as they work in an organization. Secondly, the mining process then converts this data into event logs and lastly, the solution provides stakeholders with powerful insights to discover new process models.
The growing need to strengthen audit and compliance processes across organizations has increased the demand for process mining software. In addition, increasing adoption of cloud solutions and services, digital transformation initiatives, and growing awareness of business process understanding and analysis in organizations will increase the demand for process mining software and services. However, data privacy and security are hindering the growth of the market. Furthermore, the integration of process mining software with advanced technologies such as machine learning (ML) and artificial intelligence (AI) is expected to provide significant growth opportunities for the process mining software industry during the forecast period.
The process mining software market is segmented based on component, deployment mode, enterprise size, application, industry vertical, and region. On the basis of component, the market is bifurcated into software and services. Depending on services, the market is divided into professional services and managed services. Depending on professional services, the market is further classified into training & education, integration & deployment, and support & maintenance. By organization size, it is categorized into large enterprises and SMEs. On the basis of deployment, the market is divided into cloud and on-premise. Depending on application, the market is segregated into strategic sourcing, contract management, category management, transactional procurement, and supplier management. By industry vertical, the market is fragmented into BFSI, healthcare, retail, manufacturing, IT & telecom, logistics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the Process mining software market are ABBYY, Celonis, Fluxicon , Hyland Software , Minit, QPR, SAP Signavio , Software AG , UiPath Inc, FortressIQ, Kofax Inc, SkanAI, PAFnow, Orange, myInvenio, Exeura, and Logpickr Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the process mining software market analysis from 2021 to 2031 to identify the prevailing process mining software market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the process mining software market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global process mining software market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
Software
Service
Service Type
Professional Service
Managed Service
By Deployment Model
On Premise
Cloud
By Enterprise Size
Large Enterprises
SMEs
By Application
Strategic Sourcing
Contract Management
Category Management
Transactional Procurement
Supplier Management
By Industry Vertical
BFSI
Healthcare
Retail
Manufacturing
IT and Telecom
Logistics
Others
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Netherlands
Rest Of Europe
Asia-Pacific
China
India
Japan
Australia
Singapore
South Korea
Rest Of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
ABBYY Solutions Limited
Celonis GmbH
Fluxicon BV
Hyland Software, Inc.
Minit
.IBM CORPORATION
QPR Software Plc
Signavio
Software AG
UiPath, Inc.
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