[Research Report] The process mining market size is expected to grow from US$ 1.21 billion in 2022 to US$ 22.64 billion by 2030; it is estimated to record a CAGR of 44.2% from 2022 to 2030.
Process Mining Market Analyst Perspective:
The need for process mining software is being driven by the growing necessity for enterprises to enhance their process audits and compliance procedures. The increasing use of cloud solutions and services, digital transformation projects, and an increased need to understand and analyze organizational business processes are some of the factors driving the market. The COVID-19 pandemic caused many firms to switch from on-premise to cloud computing, which led to the process mining market share expansion.
Businesses are embracing technology and software solutions to improve their business operations and attain efficiency across a range of procedures. They are becoming more and more digitally aware and agile. Solutions like process mining integrate data mining and process analytics to help businesses retrieve detailed information from their record-keeping systems. Because of the ability to visualize processes, businesses are better equipped to make judgments about their current processes and put better business plans into action by management teams. Furthermore, it aids businesses in identifying areas for automation and optimization. Soon, process mining software companies will have significant growth prospects due to integrating cutting-edge technology such as artificial intelligence (AI) and machine learning (ML) with the software. Thus, integration with technologies such as artificial intelligence (AI) and machine learning (ML) is expected to bring new process mining market trends.
Process Mining Market Overview:
Process mining is a method for monitoring, analyzing, and improving processes. Process mining is an approach that takes publicly available knowledge from information system event logs and uses it to find, track, and enhance real-world business processes. Process mining assists organizations in gaining a full understanding of the processes that support their clients. Process mining includes automatic identification and extraction of processes, monitoring compliance, mining social networks, building simulation models automatically, and providing recommendations based on historical model extension and repair.
Customers can use process mining to find problems with their business processes and create a prioritized list of the most expensive inefficiencies in their companies. Process mining provides enhanced productivity through process simplification, cycle time improvement, and bottleneck elimination; decreases expenses related to repetition, rework, and manual procedures; increases compliance by identifying fraudulent or non-compliant procedures; offers business optimization through process improvement and real-time monitoring; and provides better customer-centric processes leading to increased customer satisfaction and service.
With the increasing complexity of operations and technological advances, process mining has become a critical solution across a wide variety of industries to improve process flows.
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Process Mining Market: Strategic Insights
Market Size Value in US$ 1.21 billion in 2022 Market Size Value by US$ 22.64 billion by 2030 Growth rate CAGR of 44.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Process Mining Market: Strategic Insights
| Market Size Value in | US$ 1.21 billion in 2022 |
| Market Size Value by | US$ 22.64 billion by 2030 |
| Growth rate | CAGR of 44.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Process Mining Market Driver:
Increasing Complexity of Business Processes to Fuel Process Mining Market Growth During Forecast Period
Business complexity refers to forming a large, interconnected network of technologies, data, products or services, and people within an organization. The larger the company, the more complex the business will be. Nowadays, businesses have to manage an ever-increasing number of tools and data, making them more complex. At the same time, market conditions and working environments are changing faster than ever, making it necessary for businesses to react and make decisions quickly. In order to react to change effectively, companies need a clear understanding of their processes, tools, and data.
Additionally, it might be challenging for some firms to understand how different parts affect one another and which ones are essential to the operation due to the complex web of interconnected data, technology, and processes. Organizations are under tremendous pressure to adapt to this mix of accelerated change and greater complexity. In order to stay competitive in the market, organizations need a way to clarify business complexity. Many firms now face a higher level of complexity due to the COVID-19 pandemic than they did a few years ago. The COVID-19 pandemic accelerated the change in business processes, requiring enterprises to adapt to a new market quickly, provide new tools to support a remote workforce, and step up their attempts to undergo digital transformation. The focus on digitization remains a priority for organizations nowadays. All these factors increase the complexity of business processes within an organization. As business grows, it is critical to simplify the complexity to boost productivity, scale innovation, and lower risk.
Process mining has proven to be a useful tool for evaluating the current state of business process performance, identifying improvement areas, and assessing the results of process improvements. Thus, the increasing complexity of business processes drives the process mining market growth.
Process Mining Market Report Segmentation and Scope:
The process mining market analysis has been carried out considering the following segments: component, deployment, enterprise size, industry vertical, and geography. Based on component, the market is bifurcated into software and services. By deployment, the market is divided into cloud and on-premises. In terms of enterprise size, the market is segmented into large enterprises and SMEs. Based on industry vertical, the market is segmented into IT and telecom, BFSI, manufacturing, retail and eCommerce, healthcare, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Process Mining Market Segmental Analysis:
Based on deployment, the cloud segment held a larger process mining market share. Cloud-based solutions provide richer, more personalized services than on-premise solutions, such as centralized user collaboration, messaging, and alerting features. With these benefits, cloud-based solutions also provide businesses with economic and technical advantages, such as eliminating the need to invest in and maintain an IT infrastructure and interdependent software release cycles.
Process Mining Market Players Analysis:
Celonis SE; IBM Corporation; Software AG; QPR Software; Hyland Software, Inc.; UiPath; Cloud Software Group, Inc (TIBCO Software); ABBYY; Microsoft; and Fluxicon BV are among the key players profiled in the process mining market report.
Process Mining Market Report Scope
Process Mining Market Recent Developments:
The process mining market forecast can help stakeholders in this marketplace plan their growth strategies. Inorganic and organic strategies such as mergers and acquisitions are highly adopted by the market players to mark their position in the process mining market. A few recent key developments are listed below:
- In September 2023, QPR Software and Novacon entered into a partnership to transform process mining solutions in Hungary. This partnership combines Novacon's extensive experience in Lean management and process automation with QPR's cutting-edge process mining knowledge and software, QPR ProcessAnalyzer.
- In May 2023, Celonis announced the launch of new process mining innovations to deliver fast, substantial value to customers. These new product capabilities enable companies to find and capture business value within their processes rapidly.
- In May 2023, Pegasystems Inc. announced the launch of Pega Process Mining with generative AI-ready APIs to enable continuous workflow optimization. These new process mining capabilities make it easier for Pega users of all skill levels to find and solve process inefficiencies that might be hindering their business operations.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Enterprise Size, and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Increasing complexity of business processes and huge digital transformation across enterprises are the driving factors impacting the process mining market grrowth.
The process mining was valued at US$ 1.21 billion in 2022 and is projected to reach US$ 22.64 billion by 2030; it is expected to grow at a CAGR of 44.2% during 2022–2030.
Cloud based process mining solutions is the future trend of the process mining market.
The key players, holding majority shares, in process mining includes Celonis SE, UiPath, Software AG, IBM Corporation, and Hyland Software, Inc. among others.
The Europe held the largest market share in 2022, followed by North America and Asia Pacific.
Europe is anticipated to grow with the highest CAGR over the forecast period.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Process Mining Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Process Mining Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Process Mining Market - Global Market Analysis
6.1 Process Mining - Global Market Overview
6.2 Process Mining - Global Market and Forecast to 2030
7. Process Mining Market – Revenue Analysis (USD Million) – By Component, 2020-2030
7.1 Overview
7.2 Software
7.3 Services
8. Process Mining Market – Revenue Analysis (USD Million) – By Deployment, 2020-2030
8.1 Overview
8.2 Cloud
8.3 On-Premises
9. Process Mining Market – Revenue Analysis (USD Million) – By Enterprise Size, 2020-2030
9.1 Overview
9.2 Large Enterprises
9.3 SMEs
10. Process Mining Market – Revenue Analysis (USD Million) – By Industry Vertical, 2020-2030
10.1 Overview
10.2 IT and Telecom
10.3 BFSI
10.4 Manufacturing
10.5 Retail and Ecommerce
10.6 Healthcare
10.7 Others
11. Process Mining Market - Revenue Analysis (USD Million), 2020-2030 – Geographical Analysis
11.1 North America
11.1.1 North America Process Mining Market Overview
11.1.2 North America Process Mining Market Revenue and Forecasts to 2030
11.1.3 North America Process Mining Market Revenue and Forecasts and Analysis - By Component
11.1.4 North America Process Mining Market Revenue and Forecasts and Analysis - By Deployment
11.1.5 North America Process Mining Market Revenue and Forecasts and Analysis - By Enterprise Size
11.1.6 North America Process Mining Market Revenue and Forecasts and Analysis - By Industry Vertical
11.1.7 North America Process Mining Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Process Mining Market
11.1.7.1.1 United States Process Mining Market, by Component
11.1.7.1.2 United States Process Mining Market, by Deployment
11.1.7.1.3 United States Process Mining Market, by Enterprise Size
11.1.7.1.4 United States Process Mining Market, by Industry Vertical
11.1.7.2 Canada Process Mining Market
11.1.7.2.1 Canada Process Mining Market, by Component
11.1.7.2.2 Canada Process Mining Market, by Deployment
11.1.7.2.3 Canada Process Mining Market, by Enterprise Size
11.1.7.2.4 Canada Process Mining Market, by Industry Vertical
11.1.7.3 Mexico Process Mining Market
11.1.7.3.1 Mexico Process Mining Market, by Component
11.1.7.3.2 Mexico Process Mining Market, by Deployment
11.1.7.3.3 Mexico Process Mining Market, by Enterprise Size
11.1.7.3.4 Mexico Process Mining Market, by Industry Vertical
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 United Kingdom
11.2.5 Russia
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Pre and Post Covid-19 Impact
13. Industry Landscape
13.1 Mergers and Acquisitions
13.2 Agreements, Collaborations, Joint Ventures
13.3 New Product Launches
13.4 Expansions and Other Strategic Developments
14. Competitive Landscape
14.1 Heat Map Analysis by Key Players
14.2 Company Positioning and Concentration
15. Process Mining Market - Key Company Profiles
15.1 Celonis SE
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
Note - Similar information would be provided for below list of companies
15.2 IBM Corporation
15.3 Software AG
15.4 QPR Software
15.5 Hyland Software, Inc.
15.6 UiPath
15.7 Cloud Software Group, Inc (TIBCO Software)
15.8 ABBYY
15.9 Microsoft
15.10 Fluxicon BV
16. Appendix
16.1 Glossary
16.2 About The Insight Partners
16.3 Market Intelligence Cloud
The List of Companies - Process Mining Market
- Celonis SE
- IBM Corporation
- Software AG
- QPR Software
- Hyland Software, Inc.
- UiPath
- Cloud Software Group, Inc (TIBCO Software)
- ABBYY
- Microsoft
- Fluxicon BV
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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