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Process analytics is a specialized branch of business intelligence that assists organizations to monitor business performance. It helps organizations to connect multiple recordings of the same business entity such as customer interaction, business process, and information technology process. It is also used to gain real-time and end-to-end visibility of the business process. It provides visibility to complex business problems.
Process analytics assist users in correlating data across various data sources and boarding new data sources. Advancement in process analytics with emerging technologies is likely to drive the growth of the process analytics market. The outbreak of COVID-19 helped in boosting the process analytics market, owing to the rapid adoption of advanced analytics solutions, artificial intelligence (AI), and machine learning technologies to monitor COVID 19 spread across the globe.
Key Market Driver -
• Increasing implementation of task level automation system, is likely to drift the demand for solutions. • Adoption of cloud, AI, and business analytics tools are also expected to drive the growth of the market. • Investment from leading vendor and enterprises is anticipated for the major growth of market.
Key Market Restraint -
• Increasing competition from open sources is expected to hinder the growth of the market. • Lack of expertise in operating the process analytics techniques are expected to restrict the market growth.
Major companies operating in the market are IBM Corporation, Oracle Corporation, MicroStrategy Incorporated, Alpine Data Labs, Tableau Software Inc. SAS Institute, Splunk Inc. SAP SE, Microsoft Corporation, Verint Systems Inc., Fujitsu, CA Technologies, Kofax, Process Mining Group, Software AG, Process Gold, Cognitive, Scheer and Process Analytics Factory.
Players operating in the market are enhancing their growth by investing in various business strategies such as product launch, partnerships, mergers, and advanced up-gradation. For instance, in October 2020, Process Analytics Factory launched an advanced program based on PAF now process mining solution. The program helps organizations in accelerating their digitization of projects.
North America is expected to hold the largest market share among all the regions. The growth in the region is owing to the initial adoption of advanced process analytics technology across enterprises. Key players across the countries such as US and Canada, are offerings solutions based on core technologies such as the cloud, for fast and efficient operations. Process analytics is helping enterprises across the region in becoming more technologically effective.
Europe is having significant growth in the market, owing to the rising demand for analytic solutions and services across healthcare and manufacturing sectors. Furthermore, the region is amongst the largest contributor of process analytics revenue, owing to the presence of major players in countries such as Germany, UK, France and other. The Asia Pacific is expected to grow with the highest growth rate, as the government and manufacturing commercial enterprises are increasingly investing to adopt process analytics solutions.
Further, the Middle East and Africa is also having rapid growth as the region is witnessing high demand for analytics solutions such as process analytics, web analytics, and location analytics. Process analytics is considered one of the foremost segments in the field of market research.
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