Process Mining Software Market Size, Share & Trends Analysis Report By Component (Software, Services), By Deployment, By Application, By Industry Vertical, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global process mining software market size was valued at USD 322.02 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 50.1% from 2021 to 2028. The rising need to strengthen process auditing and compliance processes across organizations is fueling the demand for process mining software. Additionally, the growing adoption of cloud solutions and services, digital transformation initiatives, and the rising awareness about understanding and analyzing business processes among organizations are also driving the demand for process mining software and services. A large number of businesses moved from an on-premise approach to the cloud amid the COVID-19 pandemic, thus resulting in the rapid growth of the process mining software industry.

Moreover, despite the challenges and a sharp decrease in revenues of various industries during the peak of the pandemic, most industries managed to recover quickly. This can be mainly attributed to the adoption of cloud solutions and digitization across business processes. However, the availability of open-source alternatives is likely to hamper the market growth. For instance, Apromore Pty Ltd, a Melbourne-based process mining software company, offers an open-source solution along with a collaborative workspace and robust library.

Enterprises are increasingly becoming digitally agile and conscious, adopting technologies and software solutions to boost their business operations and achieve efficiency across various processes. Process mining solutions combine process analytics and data mining to assist organizations in extracting granular level data from their systems of records. This allows organizations to visualize their processes, which, in turn, enables management teams to make the right decisions about current processes and implement better business strategies. In addition, it also helps enterprises recognize opportunities for automation and optimization. Furthermore, the integration of advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI) with process mining software is expected to provide major growth opportunities for process mining software businesses in the near future.

Component Insights

In terms of the component, the process mining software market has been divided into software and services. The software segment dominated the market with a revenue share of over 60% in 2020 and is likely to maintain its position throughout the forecast period. This can be attributed to the increasing demand for solutions that can draw out granular-level data from business systems to get insights and visualization of workflow processes.

The service segment is expected to expand at the highest CAGR of 56% during the forecast period. The demand for process mining services is expected to benefit from the adoption of cloud-based software solutions and frequent updates required to keep the software running securely and smoothly.

Application Insights

The transactional procurement segment accounted for the largest revenue share of over 20% in 2020 and is likely to maintain its position throughout the forecast period. The dominance of this segment can be accredited to the increase in demand for better procurement solutions and services from enterprises owing to complexities associated with transactional procurement processes.

The category management segment is expected to register the highest CAGR over the forecast period. The growth of this segment can be primarily attributed to the growing demand from businesses for external marketplace analysis, category planning & strategy, and spend data management and analytics.

Industry Vertical Insights

The BFSI segment accounted for the largest revenue share of around 30% in 2020 and is expected to maintain its position throughout the forecast period. The dominance of this segment can be accredited to the intense competition among global banking and financial service organizations and their efforts to enhance customer experience and offer better services. Moreover, due to restricted budgets, BFSI organizations are shifting toward solutions that are robust yet cost-efficient, driving the demand for process mining software across the industry.

The consumer goods & services segment is projected to register the highest CAGR of around 56% over the forecast period. The growth of this segment can be attributed to the growing demand from consumer goods manufacturers to discover flaws in manufacturing processes and improve financial impact.

Deployment Insights

In terms of deployment, the market has been divided into on-premise and cloud. The cloud segment dominated the market with a revenue share of more than 55% in 2020 and is expected to maintain its position throughout the forecast period. The segment is also likely to expand at the highest CAGR during the forecast period. This can be attributed to the increasing demand from organizations of all sizes for cloud-based process mining software solutions that offer flexibility, scalability, and complete visibility over every process, along with cost-efficiency.

The on-premise segment accounted for a significant market share of over 40% in 2020 and is projected to retain its position throughout the forecast period. The market growth of this segment can be primarily attributed to the demand for on-premise process mining software from large organizations owing to security concerns related to critical business data.

Regional Insights

Europe accounted for the largest revenue share of around 49% in 2020 and is expected to maintain its dominance over the forecast period. The region is renowned for the early adoption of advanced technology and the highest adoption of digital and automation tools and services. Additionally, the increasing demand from various enterprises for robust process analysis software solutions is also driving the growth of the European market.

Asia Pacific is anticipated to expand at the highest CAGR of over 53.9% over the forecast period. This can be attributed to the increasing need among enterprises to enhance process auditing and compliance. The growing cloud infrastructure spending by large as well as small and medium enterprises and the emergence of many startups are also acting as major drivers for the growth of the regional market.

Key Companies & Market Share Insights

The competitive landscape of the market is fragmented, featuring several global and regional players. Key participants are adopting strategies such as collaborations, partnerships, strategic agreements, business expansion, and mergers and acquisitions to expand their business scope and survive in the highly competitive environment. Moreover, software and service providers are making considerable investments in research and development activities to incorporate new technologies into their offerings and develop advanced products to gain a competitive advantage in the market.

For instance, in July 2020, Celonis GmbH announced a partnership with Tata Consultancy Services (TCS), an India-based information technology consulting company. With the help of Celonis’s process mining expertise, TCS aims to help its customers in achieving better operational efficiency and flexibility. Some of the prominent players operating in the global process mining software market are:

• ABBYY Solutions Limited

• Celonis GmbH

• Fluxicon BV

• Hyland Software, Inc.

• Minit

• myInvenio, an IBM Company

• QPR Software Plc

• Signavio

• Software AG

• UiPath, Inc.

Process Mining Software Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global process mining software market report based on component, deployment, application, industry vertical, and region:

• Component Outlook (Revenue, USD Million, 2016 - 2028)

  • Software

  • Services

• Deployment Outlook (Revenue, USD Million, 2016 - 2028)

  • On-premise

  • Cloud

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Strategic Sourcing

  • Contract Management

  • Category Management

  • Transactional Procurement

  • Supplier Management

• Industry Vertical Outlook (Revenue, USD Million, 2016 - 2028)

  • Manufacturing

  • Healthcare

  • BFSI

  • Consumer Goods & Services

  • Telecommunications & IT

  • Logistics & Transportation

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa