Process Analytics Market by Process Mining Type (Process Discovery, Process Conformance & Process Enhancement), Deployment Type, Organization Size, Application (Business Process, It Process, & Customer Interaction), and Region - Global Forecast to 2023
The process analytics market is projected to grow at a Compound Annual Growth Rate (CAGR) of 50.3% during the forecast period.
The global process analytics market size is expected to grow from USD 185.3 million in 2018 to USD 1,421.7 million by 2023, at a Compound Annual Growth Rate (CAGR) of 50.3% during the forecast period. The implementation of digital transformation that is driving users’ awareness for analyzing and understanding business processes, and the advent of the algorithmic business are the major driving factors for the process analytics market. Collaborations between process analytics and Enterprise Resource Planning (ERP) vendors, and the rise in the implementation of the task level automation are also driving the process analytics market growth. However, the competition from open-source alternatives could be a major restraining factor for the market growth.
The process conformance subsegment is expected to grow at the highest CAGR during the forecast period.
In the process conformance subsegment, the data mining software is used for process conformance checks, wherein the event logs are checked against ideal processes. The process mining software converts the event logs into a process model and checks them against ideal and pre-defined processes. Hence, deviations between the derived business process model and ideal processes can be diagnosed, and non-conformance can be highlighted and visualized.
The on-premises subsegment is expected to account for the larger market size in the deployment type segment during the forecast period.
The on-premises deployment type refers to the installation of the software in premises of an organization. The software is delivered on a one-time license fee, along with an annual services agreement, which includes free upgradation and installation of new functionalities. The deployment of on-premises process analytics software requires dedicated infrastructure and servers. Organizations that can afford managing dedicated servers, usually deploy the on-premises software.
Europe is expected to account for the largest market size, and North America is projected to show the highest growth rate during the forecast period.
Europe is the largest contributor to the process analytics market, due to the widespread acceptance of innovations and the upcoming analytics technology among the large numbers of vendors operating in the region. Germany and the Netherlands are the top countries contributing to the process analytics market in Europe. Along with these countries, several other European countries are also incorporating the process analytics software into their existing analytics portfolio to receive quick and actionable executive insights to keep pace with their analytics-driven competitors in the other regions. Enterprises in the European region are adopting the advanced process analytics software to fulfill the growing needs for the data-driven decision-making across all verticals.
North America accounts for the largest opportunity in the process analytics market. The region is expected to offer a huge market scope for the adoption of the process analytics software during the forecast period. Commercial entities and government organizations have expressed an interest in implementing process analytics solutions over the traditional Business Process Management (BPM) solutions.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The break-up of profiles of the primary participants is as follows:
By Company: Tier 1 - 30 %, Tier 2 - 40%, and Tier 3 - 30%
By Designation: C-Level - 72%, Director Level - 14%, and Others - 14%
By Region: Europe - 57%, North America - 14%, and APAC and RoW - 29%
The process analytics market includes various major vendors, such as Celonis (Germany), Fluxicon (Netherlands), Icaro Tech (Brazil), Kofax (US), Lana Labs (Germany), Minit (Slovakia), Logpickr (France), TimelinePI (US), Scheer (Germany), Monkey Mining (Netherlands), Worksoft (US), Puzzle Data (South Korea), QPR Software (Finland), Cognitive Technology (Malta), Signavio (Germany), SNP (US), Your Data (France), Process Mining Group (Open-Source), Software AG (Germany), Fujitsu (Japan), CA Technologies (US), Process Analytics Factory (Germany), StereoLOGIC (Ontario), Intellera (Canada), and ProcessGold (Netherlands).
The report includes an in-depth competitive analysis of the key players in the process analytics market, along with their company profiles, recent developments, and the key market strategies. The report segments the process analytics market by process mining type, deployment type, organization size, application, and region.
Reasons to buy the Report:
The report is expected to help the market leaders/new entrants in the process analytics market in the following ways:
1. The overall process analytics market revenue stream has been estimated based on the license and, rental and maintenance revenues generated by vendors, which offer process analytics software. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split into applications and regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on the key market drivers, restraints, challenges, and opportunities.
3. The report would help stakeholders understand competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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