August 29, 2022 06:27 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Aug. 29, 2022 (GLOBE NEWSWIRE) — The need for Process Mining Software Market is increasing as firms increasingly seek to strengthen their process audits and compliance processes. The demand for Process Mining Software Market and services is also being fueled by the increasing adoption of cloud solutions and services, digital transformation projects, and companies’ increasing awareness of the importance of understanding and analyzing business processes. In addition, the COVID-19 epidemic caused a significant number of enterprises to switch from an On-Premises strategy to the cloud, which led to the rapid expansion of the Process Mining Software Market sector.
The Global Process Mining Software Market revenue is expected to reach a value USD 6600.1 Million in 2028.
The Global Market revenue was valued at USD 610.5 Million in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 48.7% during the forecast period; states Vantage Market Research, in a report, titled “Process Mining Software Market Size, Share & Trends Analysis Report by Component (Software, Services), by Deployment (On-Premise, Cloud), by Application (Strategic Sourcing, Contract Management, Category Management, Transactional Procurement, Supplier Management), by Industry Vertical (Manufacturing, Healthcare, BFSI, Consumer Goods & Services, Telecommunications & IT, Logistics & Transportation, Other Verticals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
Key Industry Findings & Insights from the report:
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Implementation of AI to Surge Demand for Process Mining Software Market
Software businesses are investing in artificial intelligence and process mining. This integration provides real-time analysis and more opportunities for companies to enhance their operational capabilities. Machine learning and deep learning, two Artificial Intelligence (AI) approaches, larger datasets, business intelligence, and more decadent event logs are just a few advantages. For example, 88% of firms that applied machine learning in their business processes experienced a 200% improvement, according to the 2018 Accenture Process Reimagined report. Additionally, it is anticipated that merging AI and process mining will enhance customer service and boost business profits. For instance, in March 2020, Celonis GmbH and Source Code Technology Holdings worked together to offer customers AI support. As a result, customers can utilize the system to gather data, using AI and machine learning to optimize and speed up business processes. Thus, implementing artificial intelligence with process mining will likely boost market growth.
Fusion of Robotic Process Automation RPA and Process Mining Software Market
With the help of automation, businesses across all industries are undergoing digital changes. They are looking for technology that can minimize their investment expenses while assisting them in maximizing efficiency. The need for Robotic Process Automation (RPA) to boost productivity and performance is fueled by this quick expansion. To increase the automation impact, businesses are integrating RPA with this software. The program can offer essential insights throughout the RPA application, including novel solutions that need to be improved and strategy development, among others. Both business processes driven by people and those driven by data and information technology can use the integrated solution. In addition, it offers RPA analysis and monitoring for upcoming advancements. In order to obtain real-time insights and analysis of the operation, businesses are implementing process mining automation. For instance, In February 2021, Software AG, an enterprise software company, partnered with automation anywhere to improve the automation processes. Automation Anywhere RPA process mining and management will be reserved on Software AG’s ARIS platform. This will also support businesses with management operations and automation.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The report on Process Mining Software Market highlights:
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Europe is expected to dominate the growth of Process Mining Software Market in 2021. Europe is predicted to steer the Process Mining Software Marketplace proportion due to the early adoption of advanced technology and the highest adoption of digital and automation tools and services. Furthermore, the Europe market is expanding because of the rising demand from various businesses for reliable process analysis software solutions.
List of Prominent Players in Process Mining Software Market:
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on “Process Mining Software Market Size, Share & Trends Analysis Report by Component (Software, Services), by Deployment (On-Premise, Cloud), by Application (Strategic Sourcing, Contract Management, Category Management, Transactional Procurement, Supplier Management), by Industry Vertical (Manufacturing, Healthcare, BFSI, Consumer Goods & Services, Telecommunications & IT, Logistics & Transportation, Other Verticals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
April 2021, Celonis GmbH collaborated with IBM Corporation and Red Hat to provide more flexibility and technology deployment for the Celonis Execution management system. It helps customers use automation, intelligence, and process mining for enterprise system processes and operations.
April 2020, Celonis GmbH introduced AI-assisted process mining software’s next-generation platform. The new release is expected to aid enterprises and clients in developing purpose-built operational apps.
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