The process mining market is set to experience rapid growth, projected to surge from USD 1.8 billion in 2023 to USD 12.1 billion by 2028, at a CAGR of 45.6% during the forecast period of 2023–2028.
This remarkable expansion is driven by a confluence of factors. First and foremost, As businesses grow and expand, their processes become more complex and interconnected. This can make it difficult to understand and manage these processes effectively. Moreover, businesses are adopting digital transformation initiatives to improve their efficiency, agility, and customer experience. Additionally, businesses need to have visibility into and control over their processes in order to operate efficiently and effectively. Process mining can help businesses to gain real-time visibility into their processes, identify bottlenecks and inefficiencies, and take corrective action. In this dynamic landscape, process mining is poised to revolutionize the industry, providing agility, efficiency, and innovation on an unprecedented scale.
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By offering, continuous monitoring & analytics tools software segment to register the largest market share during the forecast period
Continuous monitoring tools offer real-time insights into business processes, allowing organizations to make immediate and informed decisions. These tools are driven by the need for enhanced operational efficiency and data-driven decision-making. Key trends include integration with robotic process automation (RPA) and organizations demanding transparency and interpretability in AI-driven insights, ensuring that decision-makers can understand and trust the recommendations provided by process mining tools.
By mining algorithms, deep learning algorithms segment is poised for the fastest growth rate during the forecast period
Deep learning algorithms is a rapidly evolving segment within the process mining market, addressing the need for handling complex and large data. It’s driven by the need to handle large volumes of data from diverse sources, including unstructured data such as event logs. Moreover, trends like improved accuracy and prediction and integration with advanced technologies, are reshaping the process mining landscape. Deep learning algorithm’s ability to model complex structures makes it well-suited for uncovering hidden insights and nuances in processes.
By region, North America to account for highest growth rate during forecast period
The North America process mining market is witnessing remarkable growth, fueled by several key drivers and trends. The region’s enterprises are keen on adopting technologies that enhance operational efficiency and agility, and process mining aligns well with these objectives. Moreover, the region’s propensity for fostering strategic partnerships and collaborations between technology providers, consulting firms, and enterprises creates an ecosystem conducive to the growth of process mining.
Some major players in the process mining market include IBM (US), ABBYY (US), Celonis (US), UiPath (US), Software AG (Germany), SAP Signavio (Germany), Pegasystems (US), QPR Software (Finland), Microsoft (US), and Appian (US).
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