Global Process Mining Software Market – Introduction
- Process mining software normally examines log and other data generated by business processes to enhance process improvement and identify automation opportunities for enterprises. Process mining software requires to be capable of business processing and appropriately interpreting data from other software.
- 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. In the event that an enterprise follows a business process management approach, process mining solutions can easily provide real-time insights into the prebuilt workflow performance.
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Digital Transformation: Most prominent driving factor for the process mining software market
- Digital transformation usually impacts enterprises in three ways: change of the business model; change of the proposal of products & services; and change of the value chain. Digital transformation forces enterprises to evaluate existing processes to make essential changes to enhance productivity and customer experience. Hence, an enterprise shifts toward process mining to enhance the existing process and for data-focused analyses to provide them real-time updates of their improvements. Process mining provides better understanding & visibility of the real-time performance of business processes & operations prior to starting initiatives to automate & redesign the processes. Different process mining software vendors provide innovative solutions to facilitate the business processes and help enterprises audit, analyze, and improve their existing business processes.
- Therefore, digital transformation augments awareness among enterprises to understand & analyze business processes.
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Europe to hold major share of the global process mining software market
- In terms of region, the global process mining software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Europe is anticipated to account for major share of the global process mining software market during the forecast period due to the wide-ranging acceptance of technological innovations & the upcoming analytics technology among process mining software vendors operating in the region, indicating potential growth of the process mining software market. North America is estimated to be the second largest market for process mining software from 2019 to 2027. Increasing emphasis on task-level automation and increasing investment by process mining software vendors is likely to drive the market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global process mining software market during the forecast period due to increasing necessity to improve process compliance & auditing, which is expected to increase the adoption of process mining software in the region.
Global Process Mining Software Market – Competitive Landscape
- In November 2019, Celonis decided to raise around US$290 Million series C funding for AI-based process mining solutions to make enterprises more efficient. The investment would help the company to enhance its market position worldwide.
- In October 2019, Minit decided to raise around US$7 Million series A funding for product development and expand its product portfolio specifically in North America.
Key Players Operating in the Global Market
- Celonis GmbH
- Fluxicon BV
- Fujitsu Ltd.
- Hyland Software, Inc.
- QPR Software Plc
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