Process Mining Software Market expected to grow at a significant rate throughout the forecast period

 Process Mining Software Industry Overview

The global process mining software market size is estimated to reach over USD 7.95 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 50.1% from 2021 to 2028. The increasing awareness about the need to understand and analyze business processes driven by digital transformation is one of the key factors driving market growth. Additionally, the constant increase in data volumes across industries is driving the demand for process mining software and services.


Process Mining Software Market Segmentation

Grand View Research has segmented the global process mining software market based on component, deployment, application, industry vertical, and region:

Based on the Component Insights, the market is segmented into Software and Services

  • The software segment dominated the market with a revenue share of over 60% in 2020 and is likely to maintain its position throughout the forecast period. This can be attributed to the increasing demand for solutions that can draw out granular-level data from business systems to get insights and visualization of workflow processes.
  • The service segment is expected to expand at the highest CAGR of 56% during the forecast period. The demand for process mining services is expected to benefit from the adoption of cloud-based software solutions and frequent updates required to keep the software running securely and smoothly.


Based on the Application Insights, the market is segmented into Strategic Sourcing, Contract Management, Category Management, Transactional Procurement, and Supplier Management

  • The transactional procurement segment accounted for the largest revenue share of over 20% in 2020 and is likely to maintain its position throughout the forecast period. The dominance of this segment can be accredited to the increase in demand for better procurement solutions and services from enterprises owing to complexities associated with transactional procurement processes.
  • The category management segment is expected to register the highest CAGR over the forecast period. The growth of this segment can be primarily attributed to the growing demand from businesses for external marketplace analysis, category planning & strategy, and spend data management and analytics.


Based on the Industry Vertical Insights, the market is segmented into Manufacturing, Healthcare, BFSI, Consumer Goods & Services, Telecommunications & IT, Logistics & Transportation, and Others

  • The BFSI segment accounted for the largest revenue share of around 30% in 2020 and is expected to maintain its position throughout the forecast period. The dominance of this segment can be accredited to the intense competition among global banking and financial service organizations and their efforts to enhance customer experience and offer better services. Moreover, due to restricted budgets, BFSI organizations are shifting toward solutions that are robust yet cost-efficient, driving the demand for process mining software across the industry.
  • The consumer goods & services segment is projected to register the highest CAGR of around 56% over the forecast period. The growth of this segment can be attributed to the growing demand from consumer goods manufacturers to discover flaws in manufacturing processes and improve financial impact.


Based on the Deployment Insights, the market is segmented into On-premise and Cloud

  • The cloud segment dominated the market with a revenue share of more than 55% in 2020 and is expected to maintain its position throughout the forecast period. The segment is also likely to expand at the highest CAGR during the forecast period. 
  • The on-premise segment accounted for a significant market share of over 40% in 2020 and is projected to retain its position throughout the forecast period. The market growth of this segment can be primarily attributed to the demand for on-premise process mining software from large organizations owing to security concerns related to critical business data.


Process Mining Software Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The competitive landscape of the market is fragmented, featuring several global and regional players. Key participants are adopting strategies such as collaborations, partnerships, strategic agreements, business expansion, and mergers and acquisitions to expand their business scope and survive in the highly competitive environment. 

Some of the prominent players operating in the global process mining software market are:

  • ABBYY Solutions Limited
  • Celonis GmbH
  • Fluxicon BV
  • Hyland Software, Inc.
  • Minit
  • myInvenio, an IBM Company
  • QPR Software Plc
  • Signavio
  • Software AG
  • UiPath, Inc.

 

Order a free sample PDF of the Process Mining Software Market Intelligence Study, published by Grand View Research.

 

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