Process Mining Software Market Expected to Reach $26 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Process Mining Software Market," The process mining software market size was valued at $526.96 million in 2021, and is estimated to reach $26 billion by 2031, growing at a CAGR of 47.9% from 2022 to 2031.

Process mining software is designed to help businesses on how processes are being performed. This is particularly important for larger businesses that cannot manually observe every process. Process mining tools help businesses adjust and optimize their workflows and processes as needed. In addition, process mining is related to BPM planning, and involves searching data logs generated by enterprise applications for potential sources of process improvement via automation. Process mining software may perform algorithmically-driven analysis where no models are present, and gather intelligence for model creation. Once discovered, models can be compared, validated, and optimized within the same software. Furthermore, factors such as increasing adoption of robotic process automation, surge in demand for AI technology, and rise in use of digital transformation technology, drive the growth of the process mining software industry. Moreover, rising innovations in the tech industry are expected to provide lucrative growth opportunities for the market in the upcoming years. However, lack of awareness in emerging nations and increasing security concerns hampers the market growth.

Depending on organization size, the large enterprises dominated the Process mining software market share in 2021, and is expected to continue this trend during the forecast period due to increase in adoption of process mining software in large enterprises to operate all process effectively. However, the SMEs segment is expected to register highest growth rate in the upcoming years, owing to increase in usage of process mining software solutions by SMEs globally for better decision making.

Region wise, the Process mining software industry was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to surge in automation in various organizations in U.S. and Canada. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rapid digital transformation in industries in countries like China and India.  

The global COVID-19 pandemic has drastically affected businesses across the world. However, COVID has positively impacted the adoption of process mining software due to adoption of emerging technology such as Industrial Internet of Things (IIoT), artificial intelligence (AI)-powered solutions, simulation technology, big data, analytics and cloud-based technologies. Furthermore, process mining software is a great option, as industries move toward digitalization, as it provides agile efficiency by eliminating manual tasks and reduces physical workload on workers, as well as it provides real-time reporting features, which enhance the growth of the market. Furthermore, rise in investment in advanced technology and increase adoption of AI and ML technology are anticipated the growth of the market during the forecast period.

KEY FINDINGS OF THE STUDY

• By component, the software segment accounted for the largest Process mining software market share in 2021.
• By region, North America generated highest revenue in 2021.
• By industry vertical, the BFSI segment accounted for the largest Process mining software market forecast in 2021.

The key players that operate in the Process mining software market analysis are ABBYY, Celonis, Fluxicon , Hyland Software , Minit, QPR, SAP Signavio , Software AG , UiPath Inc, FortressIQ, Kofax Inc, SkanAI, PAFnow, Orange, myInvenio, Exeura, and Logpickr Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the process mining software market.