Process Analytics Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4135
Process Analytics Market size is estimated to grow at a significant CAGR from 2019 to 2025 due to growing need to identify gaps and enhance the business process for better results. The process analytics software offers process intelligence and optimization to several enterprises to improve business performance. Additionally, the software offers intelligence and visibility into the business process and activities of organizations. The growing need to visualize business process flows and real-time monitoring & alerting of organizations related to the business process is driving the market growth.
The process discovery segment held the largest process analytics market share and is estimated to hold a significant market share over the forecast timeline. The market growth is attributed to the increasing demand to mine extracted and cleaned data to create data-driven process models. The increasing internal frauds in procurement activities by employees in organizations are driving the market growth. The growing demand for analytical insights in organizations to improve operational efficiencies, develop better customer experiences, increase productivity, and deliver new services is further propelling the process analytics market growth.
Large enterprises held a large market share in 2018 and are anticipated to dominate the process analytics market share over the forecast timeline due to the increasing need to track and monitor the business process in real-time. Large enterprises have a global presence with numerous offices across the globe, requiring the real-time monitoring & alerting and visualization of business process flows to improve the decision-making process.
Enterprises are using process analytics software to visualize business process flows based on data collected from systems for an end-to-end view of the existing operations, holistic, and business processes to reveal critical process intersections and hidden problems such as delays, bottlenecks, failures, and repetitions.
Europe process analytics market is expected to show a significant CAGR over the forecast timeline due to the widespread adoption of innovative and advanced process analytics solutions among a large number of organizations across various verticals operating in the region. The presence of countries including the Netherlands and Germany is anticipated to contribute to the market growth due to the presence of numerous startups and their persistent strategic alliances such as mergers, acquisitions, and collaborations. Additionally, the other countries in the region are rapidly embracing process analytics software into their existing analytics portfolio to receive fast and accurate actionable insights to edge out other analytics-driven competitors.
North America is estimated to hold a significant market share over the forecast timeline due to the presence of several prominent process analytics market players across various verticals. The enterprises present in the region are rapidly adopting process analytics software to improve their business processes and enhance their business decisions. Government organizations and commercial entities are increasingly adopting process analytics solutions over the traditional business process management to enhance their decision-making process.
The advent of advanced technologies, such as blockchain, AI, machine learning, and deep learning, is anticipated to integrate into the business process to improve decision making in organizations. The prominent process analytics market players are investing heftily in research & development activities to deploy these advanced technologies to process analytics software to improve the decision-making results for client organizations. The AI is expected to be the key technology for optimizing the business process flow. For instance, in July 2019, Vodafone Group PLC deployed advanced technologies including data-visualization tools and artificial intelligence to enhance its global procurement process fast and cost-effectively. The organization will improve its tracking and monitoring of procurement activities carried out across all operating regions.
Process analytics solution providers are focusing on strategic alliances with other market players to improve their offerings and expand their geographical presence. For instance, in September 2018, Blue Prism partnered with Celonis to accelerate its digital transformation by automating mission-critical business processes while providing them with analytical insights to drive operational efficiencies, develop better customer experiences, increase productivity, and deliver new services. Additionally, in September 2018, Automation Anywhere partnered with Celonis to enable its client organizations to streamline and automate processes, ensuring they operate at maximum efficiency.
Some of the other major players operating in the process analytics market are Celonis, CA Technologies (Broadcom Inc.), Cognitive Technologies, Fluxicon BV, Fujitsu Ltd., Icaro Tech, Kofax Inc., Lana Labs GmbH, Monkey Mining, QPR Software Plc, Software AG, and Worksoft, Inc.
Process Analytics Market by Process Mining Type, 2014-2025 (USD Million)
- Process Discovery
- Process Conformance
- Process Enhancement
By Deployment Model, 2014-2025 (USD Million)
By Enterprise Size, 2014-2025 (USD Million)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Enterprise Size, 2014-2025 (USD Million)
- Business Process
- Information Technology Process
- Customer Interaction
By End-Use, 2014-2025 (USD Million)
- Energy & Utilities
- IT & Telecom
- Retail & Ecommerce
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- CA Technologies (Broadcom Inc.)
- Cognitive Technologies
- Fluxicon BV
- Fujitsu Ltd.
- Icaro Tech
- Kofax Inc.
- Lana Labs GmbH
- Monkey Mining
- QPR Software Plc
- Software AG
- Worksoft, Inc.
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