The global Process Mining Software Market size is estimated to reach over USD 7.95 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 50.1% from 2021 to 2028. 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.
Restrictions imposed on global imports and exports
amid the COVID-19 pandemic hampered the operations of industries such as
transportation, logistics, and manufacturing. The resultant shortage of
resources encouraged businesses to seek new opportunities for cloud-based
solutions and adopt automation technologies.
Process mining software combines Business Intelligence
(BI), analytics, automation, critical change agents, and Artificial
Intelligence (AI) functions to help enterprises bridge the gap in siloed
data scattered across various business processes. Process mining also assists
organizations in discovering and fixing the inadequacies impeding the
performance of business processes.
The market has also benefitted from the high volumes
of data and the growing need to generate insights from data distributed across
enterprises. Businesses are in desperate need of tools that can enable
efficient data processing and data mapping. This, in turn, is boosting the
demand for process mining software solutions that offer features such as
automated process mapping and fact-based insights.
Related Press Release@ Process Mining Software Market Report
Process Mining Software Market
Report Highlights
- In terms of component, the software segment dominated the market in
2020 and is projected to retain its dominance over the forecast period.
This can be attributed to the increase in demand from enterprises for
software solutions that can be easily integrated into their prevailing BI
infrastructure. The services segment is anticipated to register the highest
CAGR of around 56.0% over the forecast period
- Based on deployment, the cloud segment reported the largest revenue
share in 2020 and it is expected to register the maximum growth rate over
the forecast period. This can be attributed to the rising acceptance of
the remote work model and adoption from small and medium as well as large
enterprises to integrate cloud technologies into their existing
infrastructure. The on-premise segment is expected to grow at a
significant rate throughout the forecast period
- In terms of industry vertical, the BFSI industry segment accounted
for the largest revenue share in 2020 and is expected to dominate the
market throughout the forecast period. As customers are increasingly
adopting digital devices and bank competitors are implementing digital
technologies, banks and financial services organizations are striving to
enhance customer experience and offer better services. Meanwhile, the
consumer goods and services industry segment is anticipated to expand at
the highest CAGR of over 56.6% over the forecast period
- Europe dominated the market in 2020 and is expected to retain its
dominance over the forecast period. This can be attributed to the growing
demand for analytics solutions from small & medium as well as large
enterprises in the region. Meanwhile, Asia Pacific is anticipated to
register the highest CAGR of around 53.9% over the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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