Global Process Mining Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Process Mining Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Process mining software monitors event logs to identify how IT or business processes are performed by employees of a company. Along with machine learning, some process mining solutions may provide actionable, proactive insights to support process improvement and data-driven decision-making for enterprises.

Market Overview:

The latest research study on the global Process Mining Software market finds that the global Process Mining Software market reached a value of USD 666.54 million in 2022. It’s expected that the market will achieve USD 2393.7 million by 2028, exhibiting a CAGR of 23.75% during the forecast period.

Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency.

COVID-19 is, first and foremost, a global humanitarian challenge. Thousands of health professionals are heroically battling the virus, putting their own lives at risk. Governments and industry are working together to understand and address the challenge, support victims and their families and communities, and search for treatments and a vaccine.
COVID-19 has seen a consistent case decline in countries that had experienced rapid case growth early (esp. China, South Korea). However, cases outside of Asia are growing dramatically, driven primarily by complexes in Europe, the United States, and the Middle East.
In addition to the direct damage it does to human health, COVID-19 is sure to have an enormous economic impact. COVID-19 has a huge impact on the operation of the Process Mining Software industry, of which the impact on the SMEs in the downstream application market is more obvious. The suspension of production not only exacerbates the shortage of funds for SMEs, but also reduces the solvency of enterprises and may affect production and sales. Some enterprises have fallen into business difficulties and even went bankrupt, thereby reducing or even suspending the service of Process Mining Software. Therefore, the demand for Process Mining Software will decline. The development of the global process mining software industry is limited to a certain extent.

Market Driver Analysis

Digital transformation has increased the awareness of enterprises to understand and analyze business processes and promote enterprises to adopt process mining software.
Digital transformation usually affects companies in three ways: changes in business models; recommendations to change products and services; and changes in the value chain. Digital transformation forces companies to evaluate existing processes to make necessary changes to improve productivity and customer experience. Therefore, companies turn to process mining to enhance existing processes and conduct data-centric analysis to provide them with improved real-time updates. Process mining can better understand and visualize the real-time performance of business processes and operations before starting to execute plans aimed at automating and redesigning processes. Different process mining software vendors provide innovative solutions to promote business processes and help companies conduct audits and analysis.
On the other hand, track event logs to discover actual business processes and perform conformance checks to identify inconsistencies or abnormalities in business procedures are some important factors driving the growth of the process mining software market. Moreover, provide organizational insights and integrating with existing business software and IT infrastructure are some of the other factors driving the growth of the process mining software market.

Market Restraints Analysis

In emerging countries, many companies still use traditional process methods based on notes and interviews. Sometimes, this traditional method is considered too subjective and has been reasonably suspected. In addition, the budget is insufficient to deploy new technologies in the organization to enhance processes or workflows, which will hinder the development of process mining software markets in emerging countries.
In addition, the price of labor costs is on the rise. Affected by economic development and national policies, prices have undergone great changes, thereby increasing the cost of the industry.

Region Overview:

In 2022, the share of the Process Mining Software market in Europe stood at 42.27%.

Company Overview:

Celonis is one of the major players operating in the Process Mining Software market, holding a share of 44.41% in 2021.

Celonis

Celonis is the market leader in AI-enhanced Process Mining and Process Excellence. Celonis helps companies in every industry remove friction from critical business processes and improve execution. The system knows how processes really run, senses friction in real time, and acts with intelligent automation and recommendations. Companies around the world, including Siemens, Uber, Citi, Coca-Cola, and Vodafone, have harnessed the power of Celonis to drive execution and outcomes, generating millions of dollars in value.

Signavio

Signavio is a vendor of Business Process Management (BPM) software based in Berlin and Silicon Valley. Its main product is Signavio Process Manager, a web-based business process modeling tool.

Segmentation Overview:

By type, Cloud Based segment accounted for the largest share of market in 2022.

Cloud Based

Cloud-based software is hosted on the vendor’s servers and accessed through a web browser. it offers scalability, flexibility, and optimized processes.

Web Based

A web-based application is any program that is accessed over a network connection using HTTP, rather than existing within a device’s memory. Web-based applications often run inside a web browser.

Application Overview:

By application, the Large Enterprises segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Process Mining Software market covered in Chapter 3:

QPR ProcessAnalyzer
Fujitsu
Icaro
Celonis
Datapolis
Kofax
ABBYY
Signavio
Disco
Lana Labs
Minit
Software AG
myInvenio

In Chapter 4 and Chapter 14.2, on the basis of types, the Process Mining Software market from 2018 to 2029 is primarily split into:

Cloud Based
Web Based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Process Mining Software market from 2018 to 2029 covers:

Large Enterprises
SMEs

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)