Surge in need to strengthen audit and compliance processes across organizations, rise in adoption of cloud solutions & services, prevalence of digital transformation initiatives, and growth in awareness of business process understanding & analytics among organizations are expected to drive the growth of the global process mining software market. Increase in internet penetration and rapid adoption of automation and digital technology during the pandemic had a positive impact on the market.
Portland, OR , Sept. 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global process mining software market generated $527 million in 2021, and is projected to reach $26 billion by 2031, growing at a CAGR of 47.9% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Report coverage & details:
Market Size in 2021
Market Size in 2031
No. of Pages in Report
Component, Deployment Model, Enterprise Size. Application, Industry Vertical, and Region
Surge in need to strengthen audit and compliance processes across organizations
Surge in internet penetration across the globe
Rise in adoption of cloud solutions & services,
Growth in awareness of business process understanding & analytics among organizations
Privacy & data security apprehensions
The process mining software market experienced a positive impact, owing to the stringent regulatory procedures imposed by governments of various countries across the globe.
Lockdowns resulted in an increase in internet penetration, and hence it paved way for rapid technological advancements along with the digital transformation initiatives taken by governments of some countries.
There was an increase in the adoption of numerous breakthrough merging technologies such as the Industrial Internet of Things (IIoT), artificial intelligence (AI)-powered solutions, simulation technology, big data, analytics, and cloud-based technologies.
In addition, surge in investment in advanced technology and increase adoption of AI and ML technology by organizations are further expected to create ample opportunities for the industry.
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The report offers a detailed segmentation of the global process mining software market based on component, deployment model, enterprise size, application, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on component, the software segment held the largest market share in 2021, holding more than three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is expected to cite the fastest CAGR of 49.6% during the forecast period.
Get detailed COVID-19 impact analysis on the process mining software market:
Based on deployment model, the on premise segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The cloud segment, on the other hand, is expected to cite the fastest CAGR of 49.4% during the forecast period.
Based on enterprise size, the large enterprises segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is expected to cite the fastest CAGR of 50.4% during the forecast period.
Based on region, the market across North America held the dominating market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 51.1% during the forecast period.
The key players analyzed in the global process mining software industry report include ABBYY, Celonis, Fluxicon , Hyland Software , Minit, QPR, SAP Signavio , Software AG , UiPath Inc, FortressIQ, Kofax Inc, SkanAI, PAFnow, Orange, myInvenio, Exeura, and Logpickr Inc.
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The report analyzes these key players in the process mining software market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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