Global Process Mining Software Market to Grow at a CAGR of 40.2% During 2024-2032, Aided by Rising Need to Strengthen Audit and Compliance Processes Across Organisations

As businesses strive for digital agility and awareness, they are adopting technologies and software solutions to enhance business operations and gain efficiencies across multiple processes. Process mining solutions fuse process analytics and data mining to help organisations extract granular data from their systems of record. These solutions provide insight into work performance, bottlenecks and inefficiencies, and process optimisation. By leveraging process mining, companies can identify opportunities to automate routine tasks, streamline workflows, and improve compliance.

The increasing need for organisations to enhance process auditing and compliance is aiding the process mining software market growth. The adoption of cloud solutions, digital transformation efforts, and greater awareness of business process analysis are also propelling demand for process mining software and related services. By visualising organisational processes through process mining software, management teams gain the insight needed to make informed decisions about current workflows and implement optimised business strategies.

Process mining also helps enterprises identify opportunities to automate routines and increase efficiency. Integration of emerging technologies such as machine learning and artificial intelligence within process mining solutions is poised to significantly expand opportunities for process mining software vendors in the forecast period.

In December 2023, International Business Machines Corporation (NYSE: IBM), released version 1.14.3 of its IBM Process Mining software, delivering enhanced capabilities that provide more intuitive and actionable insights. This update focuses on usability and performance to better meet the evolving needs of business leaders. By uploading process data, IBM Process Mining automatically performs a comprehensive analysis that identifies issues, suggests solutions, and predicts potential benefits. Insights are clearly communicated in natural language for easy understanding. This streamlined approach effortlessly transforms data into strategic guidance.

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Market Breakup by Component, Deployment Mode, Application, Industry Vertical, and Region:

• On the basis of the component, the market is bifurcated into software and services.

• The market is segmented based on deployment mode into on-premise and cloud.

• On the basis of the application, the market is classified into strategic sourcing, contract management, category management, transactional procurement, and supplier management.

• The market is segmented based on industry vertical into manufacturing, healthcare, banking, financial services and insurance, consumer goods and services, telecommunications and IT, and logistics and transportation, among others.

• By region, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The need to strengthen audit and compliance processes across organisations is growing, driving demand for process mining software. The adoption of cloud solutions and services is also rising along with digital transformation initiatives. Additionally, organisations' awareness of business process understanding and analytics is expanding, contributing to the process mining software market expansion.

• Companies across multiple sectors are leveraging technologies to decrease capital expenditures and boost output. Robotic process automation helps organisations enhance productivity and performance by automating repetitive and rule-based processes. An increasing number of businesses are now combining robotic process automation with process mining solutions to maximise the benefits of both approaches.

• The market share is dominated by North America. Several factors have driven the growth of this regional market, including increased digital transformation efforts and the adoption of process mining solutions across key verticals such as manufacturing, financial services, and government organisations. Additionally, the presence of major industry players in the region has created substantial opportunities for further market expansion. With ongoing technological advancements and a growing understanding of process mining's value among end users, the North American market is expected to continue flourishing.

Key Offerings of the Report:

• The EMR report gives an overview of the global process mining software market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the components, deployment modes, applications, industry verticals, and major regions of process mining software.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global process mining software market are IBM Corporation, ABBYY Solutions Ltd, Celonis SE, Fluxicon BV, Hyland Software, Inc., Microsoft Corporation, QPR Software Plc, Soroco, UiPath Inc., and Fujitsu Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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