Process Mining Market worth $12.1 billion by 2028, growing at a CAGR of 45.6%: Report by MarketsandMarketsâ„¢
Chicago, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The Process Mining Market is estimated to be worth USD 1.8 billion in 2023 and is projected to reach USD 12.1 billion by 2028 at a CAGR of 45.6% during the forecast period according to a new report by MarketsandMarkets™.
Browse in-depth TOC on "Process Mining Market"
500 - Tables
70 - Figures
450 - Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=176608355
Process Mining Market Dynamics:
Drivers :
- Increasing complexity of business processes
- Rising adoption of digital transformation
- Growing need for process visibility and control
Restraints:
- Lack of awareness and understanding
- Data security and privacy concerns
- Data quality and availability issues
Opportunities:
- Artificial intelligence and machine learning integration
- Rising demand for cloud based solutions
- Increasing focus on sustainability
List of Key Players in Process Mining Market:
- IBM
- ABBYY
- Celonis
- UiPath
- Software AG
- SAP Signavio
- Pegasystems
- QPR Software
- Microsoft
- Appian
Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=176608355
There is a noticeable uptick in the complexity of business processes, creating a demand for advanced solutions to navigate and optimize these intricacies. Simultaneously, the widespread adoption of digital transformation initiatives is contributing significantly to the market's growth. Organizations are recognizing the importance of embracing digital technologies to stay competitive and relevant. Furthermore, there is a growing imperative for enhanced process visibility and control. As businesses expand and diversify, the need to gain insights into and exert control over various processes becomes increasingly critical.
One of the most profound impacts on the process mining market has been the advancement of big data analytics, artificial intelligence (AI) and machine learning (ML) technologies. These technologies have empowered organizations to analyze large volumes of data and extract meaningful insights, enabling a more in-depth understanding of business processes. The advent of big data analytics has been instrumental in enabling organizations to handle and process vast amounts of data generated by their operations. The integration of machine learning and AI in process mining has elevated its analytical capabilities. These technologies enable the identification of complex relationships within process data, prediction of future process behaviors, and the automatic discovery of process models.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=176608355
By offering, the services segment is projected to grow at the fastest rate during the forecast period. Process mining implementations can be intricate, requiring specialized knowledge and expertise. Professional and managed service providers offer a pool of skilled professionals who can efficiently handle the complexity of deploying and managing process mining solutions. By mining algorithms, the deep learning algorithms segment is expected to witness the fastest growth rate between 2023–2028, driven by the the ability to forecast potential bottlenecks, deviations, or inefficiencies in a process which in turn enhances the proactive nature of process optimization.
By vertical, manufacturing segment is projected to have the highest growth rate during the forecast period. The growth drivers are complexity of manufacturing processes, integration with industry 4.0 initiatives, demand for supply chain optimization, and continuous improvement culture. Process mining provides manufacturers with a data-driven approach to streamline operations, reduce costs, and improve productivity. By data source, financial systems data to experience the most rapid growth during the forecast period. The primary growth drivers for financial systems data include the increasing complexity of financial processes, rising adoption of digital financial services, and the need for real-time analytics in finance.
The process mining market has been segmented into five key regions: North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. Forecasts suggest that Europe is estimated to seize the largest market share throughout the projected period, with the North America region anticipated to exhibit the most rapid growth rate. Within Europe, both process mining software and services have proven highly effective across diverse organizations and industry verticals. In the North America, businesses are known for their proactive approach to digital transformation and robust IT infrastructure. Notably, Asia Pacific, the Middle East & Africa, followed by Latin America, are witnessing a significant upswing in the adoption of process mining software and services.
Browse Adjacent Markets: Analytics Market Research Reports & Consulting
Related Reports:
Data Annotation and Labeling Market
Customer Journey Analytics Market
Connected Device Analytics Market
About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
