Global Process Mining Software Market Size Value Estimated to Reach USD 11,096.7 Million By 2030, at 49.0% CAGR: Polaris Market Research
NEW YORK, March 30, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "Process Mining Software Market Share, Size, Trends, Industry Analysis Report, By Component (Services, Software); By Deployment (Cloud-based, On-Premises); By Application; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030" in its research database.
According to research report published by Polaris Market Research, the global process mining software market size expected to reach USD 11,096.7 Million By 2030 from USD 373.9 Million in 2021, at a compound annual growth rate (CAGR) of 49.0% during forecast period 2022 to 2030.
Process mining is software that allows the user to monitor, discover, and improve processes running on a machine. This software is related to data science and process management to visualize all possible issues and gaps in an existing process, predict their consequences, and find ways to mitigate them. Enterprises analyze data through this software to know how business processes are working and how long the current process takes for a certain task to execute in the digital domain. Process discovery, conformance checking, and performance mining.
The process mining software can be installed on a company's computer to discover where inefficiencies or errors may be present in the process. It helps to minimize the cost and maximize efficiency. Major companies such as Dell, SAP, and Microsoft use this software. Examples of process mining software are Celonis, IBM BlueworksLive, process mining, etc. The growing need to improve enterprises' audits and compliance processes is increasing the demand for mining software.
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Process Mining Software Market: Growth Drivers
Implementation of artificial intelligence, increase in adoption of cloud-based technologies, increasing adoption of automation, digital transformation initiatives, a fusion of robotic process automation are driving the growth of the process mining software market. Also, the rising awareness about understanding and analyzing business processes among organizations are also fueling the demand for process mining software. Software providers are investing a higher amount in implementing artificial intelligence and process mining. Also, a large number of businesses acquired a cloud-based approach during the COVID-19 pandemic, thus resulting in the faster growth of the process mining software market. Moreover, the combination of advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI) with process mining software is anticipated to create growth opportunities in the process mining software market during the forecast years.
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Process Mining Software Market: Report Scope
Process Mining Software Market: Segmentation
Based on the industry verticals segment, the BFSI segment accounted for the largest market share in 2021 and is expected to maintain its position throughout the forecast period. This growth can be accredited to strong competition among global banking and financial service companies and their efforts to improve client experience and provide better services. Moreover, due to budget constraints, BFSI organizations are moving towards both strong and cost-effective solutions, driving the demand for process mining software across the market.
Based on the deployment segment, the cloud segment led the market with the largest market share. The cloud segment is expected to continue its dominance over the forecast period owing to the growing demand from companies for cloud-based process mining software solutions due to their characteristics such as flexibility, scalability, and complete visibility over every process, along with cost-efficiency.
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Geographic Overview: Process Mining Software Market
Europe accounted for the highest revenue share in 2021. The region is one of the first to adopt advanced technologies and digital and automation tools and services. In addition, various enterprises from numerous sectors are adopting robust process analysis software solutions, driving market growth in the European market. Furthermore, Asia Pacific is anticipated to generate the highest CAGR in the global market in 2021 due to the increasing need among businesses to enhance process audits and compliance. In addition, the rising cloud infrastructure investments from large, small, and medium businesses and many startups are also boosting the growth of the regional market.
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The market is primarily segmented based on component, deployment, application, industry vertical, and region.
Process Mining Software Market: By Deployment Outlook
Process Mining Software Market: By Component Outlook
Process Mining Software Market: By Application Outlook
Process Mining Software Market: By Industry Verticals Outlook
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