Process Analytics Market To Reach USD 2.95 Billion By 2027 | CAGR of 47.7%
Rise in the implementation of task-level automation is propelling the market growth.
Market Size – USD 500.3 Million in 2019, Market Growth – CAGR of 47.7%, Market Trends– Collaborations between process analytics and Enterprise Resource Planning (ERP) vendors.
The Global Process Analytics market is forecast to reach USD 2.95 Billion by 2028, according to a new report by Reports and Data. Process analytics is the combining process of tools and methods implemented to process data, instances, and models to help decision making in various organizations. It is utilized to improve understanding of how a process works and to focus on potential targets for its improvement by eliminating waste and surging efficiency. The market is influenced by the rise in the implementation of the task level automation.
The above-mentioned factors collectively create opportunities for market growth while factors such as competition from open-source alternatives hindering demand for commercial solutions, which is posing limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the information and communication technology market owing to innovative efforts have enhanced the efficiency of the market.
North America is a key region for the process analytics market and is likely to witness consistent growth during the forecast period. Government organizations, as well as commercial entities, have shown interest in adapting process analytics solutions over the traditional Business Process Management solutions. These factors will affect the growth of the market positively in the North American region.
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Celonis, Fluxicon, Icaro Tech, Kofax, Lana Labs, Minit, Logpickr, Timelinepi, Scheer, and Monkey Mining, among others.
Further key findings from the report suggest
- Process Discovery segment held the largest market share of 40.9% in the year 2019. In this method, the processed data from logs are extracted, cleaned, and formatted for analysis. The data mining software, along with machine learning and artificial intelligence techniques, are used to mine the extracted and cleaned data to build data-driven process models.
- The on-premise segment held a larger market share of 57.5% in the year 2019. The on-premises deployment refers to the installation of the software on the premises of the company, which in general, deployed within the companies who can afford managing dedicated servers. Safety, annual service agreement, which include free up-gradation and installation of new functionalities, are some factors that are responsible for the adoption of on-premise deployment.
- The business process segment held the largest market share of 40.6 in the year 2019. The process mining software helps data analyst’s with enhanced situational awareness for day to day business processes of organizations. Furthermore, the software provides graphical, intuitive, and visual representations of the organization’s business process.
- North America region is forecasted to grow with the highest CAGR of 50.5% during the forecast period. Countries like the United States and Canada have a higher demand for process analytics software due to the growing BFSI and IT and Telecom industries in the region, which is driving the market growth in the region.
For the purpose of this report, Reports and Data have segmented into the global Process Analytics market on the basis of process mining type, organization size, deployment type, application, and region:
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/process-analytics-market
Process Mining Type Outlook (Revenue, USD Million; 2017-2027)
- Process Discovery
- Process Conformance
- Process Enhancement
Organization Size Outlook (Revenue, USD Million; 2017-2027)
- Small and Medium-Sized Enterprises
- Large Enterprises
Deployment Type Outlook (Revenue, USD Million; 2017-2027)
Applications Outlook (Revenue, USD Million; 2017-2027)
- Business Process
- Information Technology Process
- Customer Interaction
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Key questions addressed in the Report:
- Which key factors are expected to hamper global market growth during the forecast period?
- Which application segment revenue is expected to expand at a rapid CAGR between 2021 and 2027?
- Which regional segment is expected to account for largest revenue share over the forecast period?
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