Process Analytics Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4135
Process Analytics Market size is projected to soar to new heights in the upcoming years potentially fueled by the need for streamlining business processes.
Organizations across various industries are scaling up their efforts in accelerating digital business transformation to gain grounds among their consumers and parallelly catalyze their growth. Additionally, rising adoption of algorithmic operation in business processes is as well likely to augment the growth of process analytics industry over 2021 to 2027.
Based on the deployment mode, cloud process analytics market is poised to garner massive gains through 2027. It is the process of storing and analyzing data on cloud and making use of it to extract actionable business insights. Cloud analytics are applied to large data collections to detect patterns, produce crucial information, and predict future outcomes that are useful to business decision makers.
With regards to process mining types, the process discovery segment is slated to accrue tremendous gains in the overall market given the ability to process discovery bots to monitor an organization’s business processes for a stipulated time frame. These models function on employee machines in a non-intrusive way, without disturbing their daily work and gathering data on how employees make use of applications to perform specific tasks.
Process conformance or conformance analysis segment is predicted to gain significant impetus over the stipulated timeframe. This is because it is considered to be one of the critical features of process mining to analyze process steps if they conform to the actual process.
Business process analytics across process analytics industry is set to gain considerable prominence globally as these allow organizations to gain end-to-end and real-time visibility into complex business processes. These processes often span multiple system both within and outside an organization.
Furthermore, customer interaction analytics are gaining immense popularity as these involve taking raw data trapped in audio of recorded emails, calls, and other customer interactions and turning it into structured data that can be analyzed and searched.
Geographically, developed nations across Europe, including the Germany and Netherlands, are expected to emerge as lucrative process analytics market. This growth can be accounted for region-wide acceptance of innovations and latest analytics technology. Moreover, various process analytics and ERP vendors have been incorporating the process analytics software into their current portfolio, which is impelling the market statistics.
Cognitive Technologies, Fujitsu Global, Celonis GmbH, Kofax Inc., Fluxicon, Lana Labs, Icaro Tech, Monkey Mining, and CA Technologies (Broadcom Inc.), amongst others are some of the prominent names partaking in global process analytics industry. These behemoths have been relentlessly working towards gaining a strong ground in the market by engaging in various industrial tactics like acquisitions, mergers, product diversification, and others.
In October 2020, leading IT unicorn, Celonis GmbH, had announced acquiring Integromat to launch and augment the world’s first Execution Management System. The aim behind this move was to up the process mining opportunities for various enterprises while easing out the challenges of business processes.
Similarly, Kofax Inc., had in 2020 declared expansion of its Intelligent Automation platform to manage workflow for AI capabilities and Robotic Process Automation. The upgradation is expected to enhance the ways to help customers drive business value from intelligent automation projects.
COVID-19 impact on process analytics market growth
The prevalent COVID-19 pandemic has compelled various companies to radically rethink and restructure their strategies and the way they operate to survive and sustain the competition in the industry. To this end, companies have been shifting to process analytics tools and solutions to streamline their business operations, thus paving way for development of process analytics market even during the ongoing pandemic phase.
This process analytics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market, by Process Mining Type
- Process Discovery
- Process Conformance
- Process Enhancement
Market, By Deployment Model
Market, By Enterprise Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
Market, By Application
- Business Process
- Information Technology Process
- Customer Interaction
Market, By End-Use
- 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
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