Process Mining Software Market Size, Share & COVID-19 Impact Analysis, By Type (Cloud-based and On-premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End-user (BFSI, Healthcare, Retail, Manufacturing, IT & Telecommunication, Logistics & Transportation, and Others), and Regional Forecast, 2022-2029

The global process mining software market size was valued at USD 627.0 million in 2021 and is projected to grow from USD 933.1 million in 2022 to USD 15,546.4 million by 2029, exhibiting a CAGR of 49.5% during the forecast period. Based on our analysis, the global market exhibited an average growth of 48.5% in 2020 as compared to 2019.

In the scope of the study, we have considered software offered by the companies such as Celions GmbH (Celonis Process Mining), Software AG (ARIS Process Mining Basic), and UiPath (UiPath Platform). Further, Celions GmbH offers planning and simulation, process and task mining, visual and daily management, and real-time data ingestion. Similarly, UiPath provides process mining, task capture, and an automation hub.

Process mining software examines event log data to understand better how a business works and find inefficiencies and bottlenecks in the process. The demand for this software is expanding as firms implement automation, information technology, and digital transformation. Besides, to increase sales, companies use a variety of organic and inorganic approaches such as partnerships, mergers, collaborations, and acquisitions. For instance,

• In 2019, Sartorius, a German pharmaceutical firm, used Celonis GmbH process mining to increase customer satisfaction and delivery performance.


• Similarly, in January 2021, Signavio, a supplier of process management and process information, was bought by SAP SE. Signavio and SAP SE will collaborate to offer end-users a 360-degree depiction of each business process through behavior mining, standardized process mining, benchmarking data, KPIs, and customer experience analysis.

COVID-19 IMPACT

Growing Uncertainty during COVID-19 Pandemic to Boost Demand

Across industries, the pandemic had a significant impact on customers’ behavior and business operations. It also significantly impacted the manufacturing, logistics, & transportation industries due to lack of resources as were borders closed. For a time, this slowed the market's expansion. Factors such as low sales, supply chain disruption, distant working environments, and a restricted staff, on the other hand, accelerated the adoption of digital and automation technology.

Industries, such as BFSI, retail, and IT & telecommunication, have instantly implemented cloud-based solutions to provide services to their customers during the pandemic crisis.

• For instance, in July 2020, Tata Consultancy Services teamed up with Celonis GmbH, an AI-based process mining company, to assist its clients in streamlining their business processes for increased efficiency and operational resilience. As a result, during the post-pandemic period, demand for process mining software is likely to skyrocket.

LATEST TRENDS

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Fusion of Robotic Process Automation RPA and Processing Mining Software to Boost Process Mining Software Market Expansion

Companies across industries are undergoing digital transformations with the assistance of automation. They are looking for technologies that can help them optimize productivity while also lowering investment costs. This rapid growth fuels the demand for Robotic Process Automation (RPA) to improve performance and productivity. Businesses are also integrating RPA with this software to maximize the automation impact. Throughout the RPA application, the software can provide key insights such as innovative solutions that require improvements, strategy planning, and others.

The integrated solution can be applied to both human-driven and information technology-based data-driven business processes. It provides analysis and monitoring of RPA for future improvements. Thus, companies are adopting process mining automation to gain real-time insights and analysis of the operation. For instance, 

• In February 2021, Software AG partnered with Automation Anywhere to improve the automation processes. Automation Anywhere RPA process mining and management will be reserved on Software AG's ARIS platform. This will also support businesses with management operations and automation.


• In May 2020, Kryon, a full-cycle automation supplier, partnered with Software AG to connect the ARIS platform for process mining with a process-driven RPA solution. The platform provides real-time user automation suits and behavior analytics to the client.

DRIVING FACTORS

Implementation of AI to Surge Demand for Process Mining Software

Software companies are investing in artificial intelligence and process mining. This integration provides real-time analysis and more chances for enterprises to improve their operational capabilities. Machine learning and deep learning are two AI techniques that offer various benefits, including larger datasets, business intelligence, and richer event logs. According to the 2018 Accenture Process Reimagined report, 88% of businesses that used machine learning in their business processes saw a 200% improvement. Furthermore, combining AI with process mining is projected to improve customer service and increase corporate revenues. For instance,

• In March 2020, Celonis GmbH collaborated with Source Code Technology Holdings to provide AI support to customers. Customers may collect data from the system and use AI and machine learning to speed up and improve business operations.

Thus, implementing artificial intelligence with process mining is likely to boost market growth.

Similarly, in May 2021, UiPath released new tools for AI-powered enterprise administration, discovery, and governance to scale end-user automation. Advanced process mining tools coupled with the automation hub are among the new capabilities, allowing end-users to adopt and discover automation that improves operational efficiency and speeds up the goal-achieving process.

RESTRAINING FACTORS

Privacy and Security Issues to Hamper Market Growth

To support efficient operations, process mining software uses real-time and historical data from the firm. It has access to the company's business and its customers' private and confidential information. This information is vital, and it may attract hackers. Furthermore, the process mining software collects client data, which may compromise users' privacy. It lacks the user's data's safety and security. This is expected to hamper the process mining software market growth.

SEGMENTATION

By Type Analysis

Growing Demand for Quick Insights to Drive Cloud-based Software Segment

Based on type, the market is bifurcated into cloud-based and on-premises.

The cloud-based segment is expected to gain maximum market share with the highest growth rate during the forecast period. The increasing adoption of cloud technologies in industries is driving the demand for cloud-based process mining software. Also, this technology provides efficient and rapid process insights that improve optimization and capacity to compete. The growth of on-premises software is lowering as only a few large enterprises with maximum spending capacity invest in this technology.

• For instance, in August 2020, Software AG launched ARIS Process Mining SaaS, a cloud platform for process mining tools. This software will assist firms in identifying and correcting process inefficiencies and bottlenecks, allowing them to operate more efficiently.

By Enterprise Size Analysis

Availability of Operation Optimization in Lower Cost to Fuel Demand in SMEs

Based on enterprise size, the process mining software market is studied for large enterprises and small & medium enterprises.

Large enterprises were the early adopters of the software and are expected to gain maximum revenue share during the forecast period. The software offers effective business optimization and data-driven decision-making for large enterprises with huge clients and large business data.

Small & medium enterprises are likely to showcase remarkable growth due to the low cost and excellent capabilities. The software helps in improving customer experience with quicker deliveries by eliminating unnecessary steps. The SMEs with limited employees are adopting the software to boost their decision-making capabilities. Enabled by this, the demand for this software from the small & medium enterprises is expected to rise, which will help the market grow.

By End-user Analysis

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High Emphasis on Automation to Boost Software Adoption in BFSI

Based on end-user, the market is categorized into BFSI, healthcare, retail, manufacturing, IT & telecommunication, logistics & transportation, and others (energy & utilities and others)

The BFSI industry is expected to gain maximum process mining software market share during the forecast period. The increasing adoption of automation and a vast client base will likely drive the demand for this software in the BFSI industry. The software helps banks and financial organizations manage their external and internal processes seamlessly, which improves customer satisfaction. Further, the frequently updating regulations and compliances require the software to keep the services in line. Similarly, the manufacturing industry is expected to rank second in the segment's revenue share due to the increasing automation adoption in the industry. Also, the software provides measures and solutions for better quality products that are likely to drive market expansion.

The healthcare industry is expected to showcase exponential growth during the forecast period. The growing adoption of smart and wearable medical devices boosts the demand for software to gain related insights. The software supports improving patient care at a reduced cost. Similarly, the retail industry is projected to showcase significant growth during the forecast period owing to its capabilities to improve customer experience. For instance, Walmart reduced its customer waiting time by implementing process mining software. This is projected to surge the demand for software across the industries.

REGIONAL INSIGHTS

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By region, the process mining software market is examined across five main regions, North America, South America, Europe, Asia Pacific, and the Middle East & Africa.

Europe is expected to dominate the global market in terms of share during the forecast period. The vastly growing digital transformation across industries is surging the demand for software in European countries. Large and small businesses in this region are adopting innovative and efficient analytical techniques to improve business operations. Germany and the U.K. are expected to lead the Europe market. The other factor driving the market growth in the region is the presence of prominent key players.

• For instance, in September 2020, Celonis GmbH, a Germany-based artificial intelligence company, improved the process mining and process excellence software. It chose Coca-Cola European Partners (CCEP) to alter its end-to-end processes to increase efficiency, save money, and improve customer happiness.

The market in North America is expected to gain exponential growth during the forecast period owing to the increasing demand for advanced technologies to optimize the business process. The surging implementation of automation fuels the demand for the software to handle the vast data. The U.S. is likely to gain maximum revenue share in the region due to well-established industries such as BFSI, retail, and healthcare. These industries are focusing on improving operational efficiency by integrating advanced technologies such as AI, the internet of things, and machine learning. This is expected to fuel the market growth in the region.

• For instance, in November 2019, Celonis GmbH obtained USD 290 million to improve company efficiency through artificial intelligence-driven data and process mining. Celonis will use the funds to expand its marketing and sales efforts, notably in the United States.

Asia Pacific is expected to gain steady growth during the forecast period due to the region increasing business competition. Countries including China, Japan, and South Korea are showing substantial potential for the process mining automation market in the upcoming years with the growing automation. Further, a significantly increasing demand for cloud-based software is expected to fuel the market growth. Similarly, the Middle East & Africa and South America are likely to showcase steady growth during the forecast period. The increasing focus of governments on digital transformation is driving various investments in the Middle Eastern countries. For instance, Celonis GmbH announced a partnership with lean management consultancy, the Principles, to bring process excellence capabilities to Saudi Arabia and the Middle East. This is projected to drive the software market growth in the regions.

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• For instance, in June 2021, Celonis GmbH and Coberg collaborated to provide customers in the Middle East and Africa access to the Celonis Execution Management solution. Customers in the region can also benefit from process mining and execution and process consultancy, which aids businesses in their digital transformation.

KEY INDUSTRY PLAYERS

Prominent Players are Entering into Partnership and Collaboration to Expand Business

QPR Software Plc, ABBYY Solutions Ltd., Software AG, Cognitive Technology Ltd, UiPath, Lana Labs GmbH, Kofax, Celonis GmbH, and other major businesses are focusing on extending their product offerings. These companies are financing advanced technology integration to improve software efficiency and capabilities. They collaborate, acquire, and partner with the service industry to create creative solutions for enterprises' digital transformation.

April 2021 – Celonis GmbH collaborated with IBM Corporation and Red Hat to provide more flexibility and technology deployment for the Celonis Execution Management System. It helps customers use automation, intelligence, and process mining for enterprise system processes and operations.

April 2020 – Celonis GmbH introduced AI-assisted process mining software's next-generation platform. The new release is expected to aid enterprises and clients in developing purpose-built operational apps.

December 2019 – Celonis GmbH established a strategic relationship with Tech Mahindra to use its artificial intelligence-based solution to improve business process services. Tech Mahindra will benefit from AI-based process mining technology as it transitions to a digital company.

List of the Key Companies Profiled:

• UiPath (U.S.)


• Celonis GmbH (Germany)


• Exeura (Italy)


• Fluxicon BV (Netherlands)


• Fujitsu Ltd. (Japan)


• Hyland Software, Inc. (U.S.)


• Minit (Slovakia)


• QPR Software Plc (Finland)


• Software AG (Germany)


• ABBYY Solutions Ltd. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• December 2020 – QPR Software Plc. teamed up with a European logistics firm, the Customer, to deploy its Process Analyzer to enhance its digital transformation and streamline procurement processes like Procure-to-Pay (P2P). The Customer is implementing this software to improve operational efficiency and streamline procurement processes.


• October 2020 – Lana Labs GmbH released LANA Connect, a new software that allows for quick and efficient process analysis without coding knowledge. The software simplifies data processing and provides practical applications.


• August 2021 – Lana Labs, a process mining firm, was acquired by Appian to enable its customers to offer a complete low-code automation suite. A machine learning algorithm in the Lana platform automates and analyses complicated business procedures, making businesses more efficient and intelligent.

REPORT COVERAGE

An Infographic Representation of Process Mining Software Market

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The global process mining software market research report highlights leading regions worldwide to offer a better understanding to the user. Furthermore, the report provides insights into the latest industry growth trends and analyzes technologies deployed at a rapid pace at the global level. It further offers some of the drivers and restraints, trends, and company profiles, helping the reader to gain in-depth knowledge about the market.

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