From the Wires
Process Analytics Market Worth 1,421.7 Million USD by 2023
By: PR Newswire
Jun. 13, 2018 11:00 AM
PUNE, India, June 13, 2018 /PRNewswire/ --
According to a new market research report "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", published by MarketsandMarkets™, the 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.
Browse 41 market data Tables and 39 Figures spread through 126 Pages and in-depth TOC on "Process Analytics Market"
The major growth factors for the market include the implementation of digital transformation that is driving users' awareness for analyzing and understanding business processes, and the advent of the algorithmic business. Moreover, collaborations between process analytics and Enterprise Resource Planning (ERP) vendors, and the rise in the implementation of task level automation are expected to drive the market growth.
The process conformance segment is expected to be the fastest-growing segment during the forecast period.
In the process conformance segment, the data mining software is used for process conformance checks, wherein the event logs are checked against ideal processes. To detail, the process mining software converts the event logs into a process model and checks them against the 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.
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The large enterprises segment is expected to account for the larger market size in the Process Analytics Market during the forecast period.
Enterprises with more than 1,000 employees are considered as large enterprises. Large enterprises are among the early adopters of the process analytics software, due to their complex business processes across business functions. Moreover, large enterprises have huge facility infrastructures, and they rely on manual management processes to carry out daily business activities and coordinate with other geographically dispersed assets.
Europe is expected to account for the largest market share in the Process Analytics Market 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 process analytics into their existing analytics portfolio to receive quick and actionable executive insights to keep pace with their analytics-driven competitors in the other regions. Companies in this region are increasingly adopting process analytics solutions to identify undiscovered patterns and trends in the enterprise processes for becoming more technologically advanced and driving efficient and effective operational processes.
The major vendors in the Process Analytics Market include 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).
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