The Global Process Mining Software Market size is expected to reach $3. 5 billion by 2026, rising at a market growth of 39. 9% CAGR during the forecast period. A kind of programming that examines data in enterprise application, events, and logs with an aim to know how business processes are really working is termed as process mining software.
New York, April 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Process Mining Software Market By Type, By Enterprise Size, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06064815/?utm_source=GNW
To recognize loopholes and other areas of inefficiency so that they can be enhanced is the objective of process mining software. Using Process mining software, it becomes possible to enhance workflow in process-oriented fields like business process reengineering (BPR) and business management (BPM). It is believed by the providers of process mining software that the technology can analyze millions of transaction records and identify abnormalities from regular workflows that might indicate higher risk.
The technology finds potential applicability in the most common and complicated business processes implemented in the majority of companies, like order to cash, accounts payable, and supply chain management. In order to identify the reason for unanticipated delays in invoice processing, a company may use process mining software, for instance, by analyzing the logs of the accounts payable module in an ERP system. There are many advantages of the efficiencies provided by process mining software includes low risk, enhanced customer experience, more profit margin, and higher transparency of IT systems and business processes.
Customer behavior and company operations across industries have been significantly modified by the outbreak of the COVID-19 crisis. The manufacturing & logistics and transportation industries are majorly affected by the pandemic due to the scarcity of resources as borders were closed. This would hinder the market growth for the short term. On the other hand, disturbance in supply-chain, low sales, remote working environment, and low availability of workforce, are some of the aspects that have fueled the adoption of digital and automation technologies.
Based on Type, the market is segmented into On-premise and Cloud. The cloud-based segment would display a promising growth rate throughout the forecast period. The demand for cloud-based process mining software is boosted by the surge in the adoption of cloud technologies in industries. Besides, this technology offers effective and faster process insights that enhance optimization and the ability to compete. The development of on-premises software is declining as only some big enterprises with high spending limits are putting investment in this technology.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Sized Enterprises. Larger enterprises adopted the technology in initial phases, and are anticipated to get the highest revenue share throughout the forecast period. The software provides efficient business optimization and data-driven decision-making for large enterprises, those with massive and large business data.
End User Outlook
Based on End User, the market is segmented into BFSI, IT & Telecom, Manufacturing, Retail, Logistics & Transportation, Healthcare and Others. The BFSI segment would get the highest revenue share throughout the forecast period. The rising adoption of automation and a broad consumer base would boost the demand for process mining software in the BFSI industry. The software assists banks and financial companies handle their external and internal processes very smoothly, which enhances customer satisfaction. Moreover, the consistently upgrading norms and guidelines need the software to keep the services in-line.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America would display notable growth throughout the forecast period due to the rising demand for emerging technologies to maximize the business process. The increasing installation of automation is boosting the demand for the software to manage the massive data. The U.S. would get the highest revenue share in the region due to the presence of well set-up industries like retail, healthcare, and BFSI among others. These industries aim to enhance operational efficiency by highly incorporating emerging technologies like the Internet of Things, AI, and machine learning. This would boost the growth of the regional market.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; SAP SE is the major forerunner in the Process Mining Software Market. Companies such as Hyland Software, Inc., ABBYY Solutions Limited, Fujitsu Limited, UiPath, Inc., and Celonis GmbH are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE (Signavio GmbH), Fujitsu Limited, Software AG, UiPath, Inc., Hyland Software, Inc., Kofax, Inc. (Thoma Bravo LLC), Apromore Pty. Ltd., myInvenio, ABBYY Solutions Limited, and Celonis GmbH.
Recent strategies deployed in Process Mining Software Market
Partnerships, Collaborations, and Agreements:
Feb-2021: Celonis joined hands with Protiviti, a global consulting firm. Under this collaboration, the companies provide Controls Excellence Process Mining App. Protiviti introduced its Controls Excellence App based on the Celonis Execution Management System platform. This app uses machine learning, advanced analytics, and data visualization to assist business leaders to recognize control failures in real-time, pinpoint the main cause of the failure, and make data-driven decisions to increase process effectiveness and efficiency.
Feb-2021: Software AG collaborated with Automation Anywhere, a developer of robotic process automation software. Under this collaboration, Software AG’s ARIS platform can bookend Automation Anywhere RPA with process mining and process management. It enhances the discovery of automation opportunities and management of automated processes.
Nov-2020: Signavio joined hands with Blue Prism, a UK multinational software corporation. The collaboration aims to combine process efficiency with enhanced RPA to assist companies to make and scale intelligent automation safely, dependably, and collaboratively and also make sure the best possible return on RPA investment. Together, the companies help companies reinvigorate their process automation journey.
Oct-2020: UiPath came into partnership with Expleo, a trusted partner for end-to-end, integrated engineering, quality services, and management consulting for digital transformation. The partnership aims to assist clients to make flexible, transparent, and robust automation solutions. Customers would get the support to drive productivity, accelerate their market and cost efficiencies and also decrease the burden of mundane, administrative tasks.
Oct-2020: ABBYY partnered with Alteryx, a leader in analytic process automation. Through the partnership, the companies provide process intelligence capabilities that support the Alteryx Analytic Process Automation Platform. The platform unites data science, analytics, and data-centric process automation in a single self-service platform. ABBYY combines process intelligence to both data and operational processes to automate or else complicated hand-offs.
Jul-2020: Celonis formed a partnership with Tata Consultancy Services (TCS), a leading global IT services, consulting, and business solutions organization. The partnership aims to help customers simplify their business processes for more operational resilience and efficiency. Under this partnership, TCS helps users to adopt process mining to evaluate processes, recognize bottlenecks and exceptions, and optimize or redesign them with more usage of intelligent automation.
Jul-2020: Signavio signed a partnership agreement with FortressIQ, the company delivering end-to-end process insights for the modern enterprise. Together, the companies offer a top-down and bottom-up modeling, mining, discovery, governance, and monitoring framework for all processes and tasks within a company.
Jun-2020: Celonis entered into a partnership with Infosys, an Indian multinational technology company. In this partnership, customers can initiate the long-term transformation projects with substantial operational savings, tackling the challenges that generally come with crowded technology landscapes, blends of legacy & homegrown systems, and operational silos that intimidate digital transformation agendas.
May-2020: Software AG teamed up with Kryon, the leading full-cycle automation solution provider. Under this collaboration, Software AG’s Process Mining and Process Management offerings and Kryon Process Discovery real-time customer behavior insights and Full Cycle Automation Suite, make the only capability in the market that offers all building blocks for successful RPA.
May-2020: Apromore came into partnership with Nortal, a multinational strategic change, and technology company. In this partnership, Apromore’s leading-edge technology integrated into Nortal’s complete solutions product line in Estonia in the field of business analytics and optimization.
May-2020: Signavio partnered with Deloitte, an Anglo-American multinational professional services network. The partnership aimed to address the increasing global demand for solutions and services in the sectors of digital transformation, process digitization, and automation.
Jan-2020: Celonis partnered with Appian, a low-code automation platform. In this partnership, Appian’s low-code automation platform integrates with the robust process mining technology of the Celonis Intelligent Business Cloud (IBC). This partnership would speed up the digital business process transformation and continuous process enhancements for joint customers.
Acquisition and Mergers:
Oct-2020: Celonis acquired Integromat, a Czech startup. The acquisition helped to accelerate the automation side of the company. Through the acquisition, the company expanded its product portfolio from being majorly a process mining tool that aims at surfacing the insights to the way processes are executed and develop an execution management system.
Aug-2020: Hyland took over Another Monday, German-based robotic process automation (RPA) software developer. This acquisition added a feature-rich, end-to-end RPA software solution, which is more configurable expanded Hyland’s process automation offerings, and strengthen their content services product portfolio.
Oct-2019: UiPath took over ProcessGold, a leading process mining vendor based in the Netherlands. The acquisition helped UiPath to become the first vendor to provide a solution that brings together both process mining and RPA capabilities.
Aug-2019: ABBYY acquired TimelinePI, developer of cloud-based business process management solutions. Through this acquisition, ABBYY’s deep understanding of enterprise content in all its forms integrated with the critical process context offered by the TimelinePI technology enables users to get a level of digital intelligence earlier unavailable.
Apr-2018: Hyland completed the acquisition of OneContent from US-based health record technology firm, Allscripts. The acquisition allowed access to patient records for healthcare staff via electronic solutions. This acquisition complemented Hyland Healthcare’s aim of integrating information management and company medical imaging with business process and case management offerings.
Product Launches and Product Expansions:
Mar-2021: Hyland introduced various new advancements and solutions. These solutions are delivered on its strategy to offer companies the most modern platform to improve customer experience, lead digital transformation, increase data security and fulfill modern business imperatives. Advancements in the Hyland platform include Content Composer Foundation EP 3; Perceptive Content Foundation Enhancement Pack (EP) 3; Brainware for Invoices; Brainware Foundation EP2; Priority Work Management solution.
Oct-2020: Hyland launched Hyland Experience Capture (HxC), an intelligent, web-based scanning, classification, and data extraction tool, and Hyland RPA, end-to-end robotic process automation (RPA) suite. The launch of these solutions added to Hyland’s content services suite complement Hyland’s mission to be the leading provider of advanced content services solutions leading digital transformation.
Oct-2020: ABBYY launched Timeline 5, the only end-to-end Process Intelligence platform. This platform offers 360-degree visibility into business operations by integrating insights from people, processes, and content. By using its latest task mining capabilities and patent-pending process mining technology, Timeline evaluates desktop customer interaction data and effortlessly connects it with process details mined from system event data.
Aug-2020: Software AG unveiled ARIS Process Mining SaaS, a new cloud platform for its popular process mining tool. It helps companies understand and fix process bottlenecks and inefficiencies to help their organization work more efficiently. ARIS Process Mining can easily be accessed via the cloud and are easy to utilize for those with no technical training. People with minimal office skills can understand the reality of their department’s process execution in under an hour.
Jul-2020: Fujitsu introduced the world’s first AI technology that precisely captures important features, which includes the distribution and probability of high-dimensional data to enhance the precision of AI detection and judgment. Fujitsu integrated deep learning technology with its expertise in image compression technology, to create an AI technology that improves the processing of high-dimensional data with extensive learning technology, and to precisely take out data features.
Apr-2020: Celonis unveiled the next generation of its platform, helping clients and partners to create purpose-built Operational Applications. Celonis Operational Applications integrate Celonis’ leading process mining engine with business context, AI, and automation to recognize friction in processes and take intelligent action to improve business operations for a favorable outcome.
Scope of the Study
Market Segments covered in the Report:
By Enterprise Size
• Large Enterprises
• Small & Medium Sized Enterprises
By End User
• IT & Telecom
• Logistics & Transportation
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• SAP SE (Signavio GmbH)
• Fujitsu Limited
• Software AG
• UiPath, Inc.
• Hyland Software, Inc.
• Kofax, Inc. (Thoma Bravo LLC)
• Apromore Pty. Ltd.
• ABBYY Solutions Limited
• Celonis GmbH
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