Process Mining Software Market Size, Share & COVID-19 Impact Analysis, By Type (Cloud-base, and On-premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End User (BFSI, Healthcare, Retail, Manufacturing, IT and Telecommunication, Logistics and Transportation, and Others), and Regional Forecast, 2021-2028

The global process mining software market size was USD 421.9 million in 2020. The impact of COVID-19 has been unprecedented and staggering, with process mining software witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the market will exhibit a growth of 48.6% in 2021. It is projected to grow from USD 627.0 million in 2021 to USD 10,383.0 million in 2028 at a CAGR of 49.3% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Process mining software analyzes insights from the event log to understand the business operation and helps in improving the process by identifying inefficiencies and bottlenecks. The increasing adoption of automation, information technologies, and digital transformation across businesses is driving the demand for this software. Companies that are focusing on enhancing customer experience to boost their sales are implementing process mining software. For instance, in 2019, the German pharmaceutical company Sartorius implemented Celonis GmbH process mining to improve its customer experience and delivery performance.

COVID-19 Impact

Growing Uncertainty during COVID-19 Pandemic to Boost Demand

The coronavirus pandemic has drastically changed customer behavior and company operations across industries. It has largely affected the manufacturing and logistics & transportation industry owing to the shortage of resources as geographic boundaries were closed. This is likely to hamper the market growth for a short period. However, factors, such as disruption in supply-chain, low sales, remote working environment, and limited workforce, have boosted the adoption of digital and automation technologies.

Industries, such as BFSI, retail, and IT & telecommunication, have instantly implemented online digital solutions to provide services to their customers during the pandemic crisis. For instance, in July 2020, Tata Consultancy Services partnered with AI-based process mining provider Celonis GmbH to help its clients streamline their business processes for greater efficiency and operational resilience. Thus, during the post-pandemic period, the demand for this software is expected to showcase exponential growth. 

LATEST TRENDS

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

Companies across industries are heading toward digital transformation with the support of automation. They are searching for technologies that can help in optimizing productivity and decreasing the cost of investment. This rapid expansion is propelling the demand for Robotic Process Automation (RPA) for enhancing performances and productivity. Further, to maximize the automation impact, businesses are integrating RPA with process mining software. The software can offer key insights, such as strategy planning, required improvements, innovative solutions, and others, throughout the RPA application.

The integrated solution can be applied to both human-driven and 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 segmental analysis of the operation. For instance, 

• In May 2020, a full-cycle automation provider, Kryon, announced a partnership with Software AG to integrate the process mining ARIS platform with a process-driven RPA solution. Together, the platform offers real-time user behavior insights and automation suits to the client.

DRIVING FACTORS

Implementation of AI to Drive the Demand for Process Mining Software

Software providers are highly investing in implementing artificial intelligence along with process mining. This integration is expected to offer real-time analysis and more opportunities to enhance businesses' operation capabilities. AI techniques, such as machine learning and deep learning, offer multiple benefits such as bigger datasets, business intelligence, and enriched event logs. As per the Accenture Process Reimagined report 2018, 88% of companies that implemented machine learning in the business process witnessed 200% improvement. Further, the implementation of AI technology with process mining is expected to offer enhanced customer services and boost business sales.

• In April 2020, Automation Hero launched AI-enabled intelligent process mining, named Hero_Sonar to support automated business processes. The Hero_Sonar provides valuable insights from low-quality data, which helps in developing an AI decision model.


• In March 2020, Celonis GmbH announced a partnership with SourceCode Technology Holdings to support customers with AI technology. Customers can extract information from the system and leverage AI and ML to accelerate and optimize the business process.

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

RESTRAINING FACTORS

Privacy and Security Issues are likely to Hamper Market Growth

The software utilizes real-time and historical data of the business to provide efficient operations. It has access to the company’s business and customers' private and confidential data. This data is critical and might attract hackers. Further, the software collects customer’s data that can violate the privacy of the user. It lacks the safety and security of the user’s data. This is estimated to hamper the market growth.

SEGMENTATION

By Type Analysis

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

Based on type, the market is segmented into cloud-based and on-premise. 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 are investing in this technology.

By Enterprise Size Analysis

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

Based on the enterprise size, the market is bifurcated into large, small, and 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, those with the huge client and large business data.

The small and medium enterprises segment is likely to showcase remarkable growth during the forecast period owing 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 and medium enterprises is expected to rise, which in turn, will help the market to grow.

By End User Analysis

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High Emphasis on Automation to Boost Software Adoption in BFSI

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

The BFSI segment is expected to gain maximum revenue share during the forecast period. The increasing adoption of automation and a vast client base is likely to drive the demand for process mining 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 constantly updating regulations and compliances require the software to keep the services in-line. Similarly, the manufacturing industry is expected to rank second in the revenue share of the segment owing to the increasing adoption of automation 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 is boosting the demand for the software to gain related insights. The software supports improving patients 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, by implementing process mining software, Walmart reduced its customer waiting time. This is projected to surge the demand for the software across the industries.

REGIONAL INSIGHTS

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By region, the market has been analyzed across five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

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

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 is fueling the demand for the software to handle the vast data. The U.S. is likely to gain maximum revenue share in the region owing to the presence of well-established industries such as BFSI, retail, and healthcare among others. These industries are focusing on improving operational efficiency by increasingly integrating advanced technologies such as AI, internet of things, and machine learning. This is expected to fuel the market growth in the region.

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Asia Pacific is expected to gain steady growth during the forecast period owing to the increasing business competition in the region. With the growing automation, countries including China, Japan, and South Korea are showing substantial potential for the process mining automation market in the upcoming years. Further, a significantly increasing demand for cloud-based software is forecast to fuel 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.

KEY INDUSTRY PLAYERS

Prominent Players Are Entering into Partnership and Collaboration to Expand Business

Key players such as Celonis GmbH, QPR Software Plc, Software AG, ABBYY Solutions Ltd., Cognitive Technology Ltd, UiPath, Kofax, Lana Labs GmbH, and others, are focusing on expanding their product offerings. These companies are investing in integrating advanced technologies to improve software capabilities and efficiency. They are acquiring, partnering, and collaborating with the service industry to provide advanced solutions for the digital transformation of businesses.

April 2020 – Celonis GmbH announced the launch of the next-generation platform of its AI-assisted process mining software. The new launch is expected to help businesses and clients in developing purpose-built operational applications.

December 2019 – Celonis GmbH announced a strategic partnership with Tech Mahindra to improve business process services with its artificial intelligence-based solution. AI-based process mining technology is expected to help Tech Mahindra in transforming into a digital business. 

LIST OF KEY COMPANIES PROFILED:

• UiPath (New York, United States)


• Celonis GmbH (Munich, Germany)


• Exeura (Italy)


• Fluxicon BV (The Netherlands)


• Fujitsu Ltd. (Tokyo, Japan)


• Hyland Software, Inc. (Ohio, United States)


• Minit (Bratislava, Slovakia)


• QPR Software Plc (Finland)


• Software AG (Darmstadt, Germany)


• ABBYY Solutions Ltd. (United States)


• Cognitive Technology Ltd (myInvenio) (Italy)


• Apromore Pty Ltd (Melbourne, Australia)


• BusinessOptix (United States)


• EverFlow (NJ, United States)


• Kofax (California, United States)


• Lana Labs GmbH (Berlin, Germany)


• Signavio GmbH (Berlin, Germany)

KEY INDUSTRY DEVELOPMENTS:

• December 2020 – QPR Software Plc. partnered with a European logistics company named The Customer, to deliver its ProcessAnalyzer to support the latter’s digital transformation, and optimize procurement processes such as Procure-to-Pay (P2P). The Customer is implementing this software to increase its operational efficiency and optimize procurement processes.


• October 2020 – Lana Labs GmbH launched new software named, LANA Connect that offers fast and efficient process analysis with no requirement for coding skills. The software reduces the data processing complexities and offers tangible

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

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