Global Process Mining Software Market Report and Forecast 2024-2032

Global Process Mining Software Market Outlook

The global process mining software market size reached USD 1,200.11 million in 2023. The market is expected to grow at a CAGR of 40.2% between 2024 and 2032, reaching almost USD 25,116.20 million by 2032.

Key Takeaways:

• Canada's ICT industry heavily depends on trade, importing $43.2B and exporting $12.5B globally in 2022. The US, a major supplier and top export market, shipped $8.1B in 2022, fuelling global process mining software market growth.

• In 2022, the National Bureau of Economic Research highlighted China's insurance sector's growth, reaching 4,695 billion CNY, fuelling the global process mining software market.

• Process mining software aids companies by analysing data like event logs, transactions, and orders to optimise processes, ensure compliance, improve supply chain efficiency, and automate tasks.

Process mining software, a tech tool for businesses, extracts insights from IT systems by analysing diverse data like event logs, transactions, orders, and configurations. It optimizes processes, ensures compliance, boosts supply chain efficiency, and aids in fraud prevention and automation.

According to the global process mining software market report, its advantages include improved performance, customer satisfaction, productivity, cost savings, and risk management. Widely used in BFSI, retail, telecom, IT, logistics, and manufacturing, it aids in understanding operations and mitigating financial and security risks.

As per the International Trade Administration, Canada's ICT sector relies heavily on trade, importing $43.2 billion and exporting $12.5 billion globally in 2022. The United States is a major ICT supplier to Canada and its top export market, with $8.1 billion shipped in 2022, boosting the global process mining software market growth.

Key Trends and Developments

Analytical integration, process mapping, real-time monitoring, and user-friendly interfaces are driving the growth of the global process mining software market.

November 2023

Celonis, a worldwide leader in process mining, announced its acquisition of Symbioworld GmbH, an inventive provider of AI-powered Business Process Management (BPM) software.

July 2023

Microsoft had launched Power Automate Process Mining with next-generation AI. This updated version allows businesses to gain comprehensive insights, simplify processes, and drive operational enhancements through automation and low-code apps.

May 2023

Pegasystems launched Pega Process Mining to streamline the identification and resolution of process inefficiencies for users of all expertise levels, integrating seamlessly into the Pega Platform.

May 2023

Mindzie, Inc., a leading provider of AI-driven process mining and business optimization software, unveiled its innovative Business Process Mining platform, now enhanced with Generative AI.

Analytical integration

The integration of advanced analytics such as machine learning and AI algorithms drives the global process mining software market developments. This integration enhances capabilities, offering deeper insights, predictive analysis of process behaviour, and efficient anomaly detection for improved decision-making.

Process Mapping

As per the global process mining software market analysis, the industry is witnessing a rise in the trend of mapping processes across multiple systems. This trend enables a holistic view of end-to-end processes, covering diverse IT systems and departments, thereby enhancing optimization and identification of bottlenecks.

Real-time monitoring

Real-time monitoring is now a standard offering, delivering immediate insights into process performance. This capability enables swift responses to anomalies, thereby enhancing operational efficiency and adaptability in addressing dynamic circumstances.

User-Friendly

The industry is witnessing a focus from software developers on developing user-friendly interfaces for process mining tools. This shift aims to democratize access to these robust analytical tools, catering to business users with limited technical expertise.

Global Process Mining Software Market Trends

According to the global process mining software market report, the use of process automation tools is on the rise, as process mining software now identifies tasks ideal for automation, streamlining workflows and boosting operational efficiency.

Moreover, there's an increasing emphasis on regulatory compliance and risk management in these tools, with tailored features like compliance tracking, audit trails, and risk analysis, ensuring organizations meet industry standards.

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Market Segmentation

Global Process Mining Software Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Software

• Services

Market Breakup by Deployment Mode

• On-Premise

• Cloud

Market Breakup by Application

• Strategic Sourcing

• Contract Management

• Category Management

• Transactional Procurement

• Supplier Management

Market Breakup by Industry Vertical

• Manufacturing

• Healthcare

• Banking, Financial Services and Insurance

• Consumer Goods and Services

• Telecommunications and IT

• Logistics and Transportation

• Others  

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Software components drive growth in the global process mining software market by automating data collection, analysis, and visualization processes, thereby saving valuable time and effort

Software drives cost savings through automated data analysis and streamlined processes, cutting down on manual labour, errors, and inefficiencies. This results in optimized resource utilization and lower operational costs.

Services promote innovation within organizations, helping them maintain competitiveness by enhancing processes, introducing new products/services, and swiftly adapting to market dynamics.

Based on application, the global process mining software market share is led by strategic sourcing as it enables organizations to make informed decisions about supplier selection by analysing historical sourcing data.

Strategic sourcing uses process mining software to optimise supplier selection for cost reduction, enhances performance-based decisions, monitors relationships, mitigates risks, automates processes for efficiency, facilitates data-driven choices, and ensures compliance transparency.

Integration of contract management into process mining software provides advantages such as improved contract visibility, efficient lifecycle management, cost savings, compliance assurance, risk mitigation, and enhanced supplier relationships through real-time monitoring and analysis.

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Competitive Landscape

Market players are driving the global process mining software market growth by offering a strong platform that provides actionable insights to improve efficiency, lower costs, and foster innovation on a global scale.

IBM Corporation, founded in 1911, is a global technology giant with its headquarters in New York. Recognized for its groundbreaking work in cloud computing, AI, and blockchain, IBM offers an extensive array of products and services tailored to businesses worldwide.

ABBYY Solutions, established in 1989, stands out as a leading provider of intelligent document processing and text recognition solutions. Based in California, ABBYY delivers state-of-the-art software solutions designed to automate data extraction, document classification, and streamline workflows across diverse industries.

Celonis SE, founded in 2011, leads the way in process mining technology, revolutionizing how organizations optimize their operations. Headquartered in Germany, Celonis provides a robust platform that delivers actionable insights to enhance efficiency, reduce costs, and drive innovation globally.

Fluxicon BV, founded in 2009, specializes in cutting-edge process mining software solutions from its base in the Netherlands. It is a pioneer in tools like Disco, enabling businesses to visualize, analyse, and optimize their processes for increased efficiency and productivity.

Other key players in the global process mining software market are Hyland Software, Inc., Microsoft Corporation, QPR Software Plc, Soroco, UiPath Inc., and Fujitsu Limited among others.

Global Process Mining Software Market Analysis by Region

The North American market is growing with the increasing demand for advanced technologies to enhance business operations. Automation is driving the need for software that can handle large data volumes. In the U.S., sectors like BFSI, retail, and healthcare are focusing on efficiency improvements with AI, IoT, and ML.

Asia Pacific is set for steady growth due to rising competition. China, Japan, and South Korea exhibit potential for process mining automation market growth, backed by automation initiatives. Additionally, a rise in cloud-based software demand is projected to boost market expansion in the region.

According to the National Bureau of Economic Research in 2022, the substantial growth of China's insurance industry, reaching 4,695 billion CNY, significantly contributes to the expansion of the global process mining software market.

Key Highlights of the Report