Global Process Mining Software Market – Introduction
- Process mining software normally examines log and other data generated by business processes to enhance process improvement and identify automation opportunities for enterprises. Process mining software requires to be capable of business processing and appropriately interpreting data from other software.
- Process mining software monitors event logs to identify how IT or business processes are performed by employees of a company. Along with machine learning, some process mining solutions may provide actionable, proactive insights to support process improvement and data-driven decision-making for enterprises. In the event that an enterprise follows a business process management approach, process mining solutions can easily provide real-time insights into the prebuilt workflow performance.
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Digital Transformation: Most prominent driving factor for the process mining software market
- Digital transformation usually impacts enterprises in three ways: change of the business model; change of the proposal of products & services; and change of the value chain. Digital transformation forces enterprises to evaluate existing processes to make essential changes to enhance productivity and customer experience. Hence, an enterprise shifts toward process mining to enhance the existing process and for data-focused analyses to provide them real-time updates of their improvements. Process mining provides better understanding & visibility of the real-time performance of business processes & operations prior to starting initiatives to automate & redesign the processes. Different process mining software vendors provide innovative solutions to facilitate the business processes and help enterprises audit, analyze, and improve their existing business processes.
- Therefore, digital transformation augments awareness among enterprises to understand & analyze business processes.
Lack of awareness in emerging nations expected to significantly hamper the process mining software market
- In emerging nations, companies are still following the traditional process approach based on sticky notes and interviews. This traditional approach is sometimes regarded as overly subjective and treated with justifiable skepticism. Additionally, shortage of budgets to deploy novel technologies in an organization to enhance the process or work-flow is expected to hamper the process mining software market in emerging nations.
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Europe to hold major share of the global process mining software market
- In terms of region, the global process mining software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Europe is anticipated to account for major share of the global process mining software market during the forecast period due to the wide-ranging acceptance of technological innovations & the upcoming analytics technology among process mining software vendors operating in the region, indicating potential growth of the process mining software market. North America is estimated to be the second largest market for process mining software from 2019 to 2027. Increasing emphasis on task-level automation and increasing investment by process mining software vendors is likely to drive the market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global process mining software market during the forecast period due to increasing necessity to improve process compliance & auditing, which is expected to increase the adoption of process mining software in the region.
Global Process Mining Software Market – Competitive Landscape
- In November 2019, Celonis decided to raise around US$290 Million series C funding for AI-based process mining solutions to make enterprises more efficient. The investment would help the company to enhance its market position worldwide.
- In October 2019, Minit decided to raise around US$7 Million series A funding for product development and expand its product portfolio specifically in North America.
Key Players Operating in the Global Market
- Celonis GmbH
- Fluxicon BV
- Fujitsu Ltd.
- Hyland Software, Inc.
- QPR Software Plc
- Software AG
Global Process Mining Software Market: Research Scope
Global Process Mining Software Market, by Component
Global Process Mining Software Market, by Type
- Enhancement (Extension)
Global Process Mining Software Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Process Mining Software Market, by Application
- Business Process
- Ongoing Monitoring & Optimization
- Critical Process Intersections
- Hidden Problems
Global Process Mining Software Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.