Process Analytics Market: Global Industry Analysis and Key Trends (2023-2029)

Process Analytics Market size was valued at US$ 953.63 Mn. in 2022 and the total revenue is expected to grow at 49.7 % through 2022 to 2029, reaching nearly US$ 16067 Mn.
Process Analytics Market Overview:
Process analytics is a collection of tools and methodologies used to process instances, data, and models in order to support organisational decision making. It is used to gain a better understanding of how a process works and to identify possible targets for process improvement by eliminating waste and increasing efficiency. Process analytics encompasses three types of mining: process discovery, process conformance, and process enhancement.

Business process analytics assists organisations in improving the throughput of their processes and working to optimise these business processes. It also aids in the correlation of data from diverse data sources and the rapid on boarding of new data sources as the underlying process changes. Process analytics provides insight into a complex business process.To know about the Research Methodology :- Request Free Sample Report
Process Analytics Market Dynamics:
The increasing use of task-level automation is likely to drive demand for process analytics. As artificial intelligence and machine learning mechanisms find their way into various data-driven process models, process analytics will see new and interesting opportunities. Furthermore, the need for improved process auditing and compliance in a variety of end-use industries, particularly among businesses in regulated industries, is a key trend driving the Process Analytics Market. Several prominent analytics providers have made significant efforts in developing tools for enhancing business operations.

Furthermore, initiatives to connect old ERP with new process analytics would open up the attractive potential for market participants. Furthermore, the incorporation of modern technologies such as blockchain, AI, machine learning, and deep learning into corporate processes is expected to improve decision-making in firms. The leading Process Analytics Market players are heavily spending in R&D operations to include these advanced technologies into process analytics software in order to improve decision-making outcomes for client enterprises. AI is projected to be the most important technology for optimizing business process flow.

For example, in July 2022, Vodafone Group PLC adopted modern technology such as data visualization tools and artificial intelligence to improve the speed and cost-effectiveness of its worldwide procurement process. The organization plans to increase its tracking and monitoring of procurement activities throughout all operating regions. Furthermore, firms from a variety of industries are refocusing their efforts on speeding digital business transformations in order to establish traction with their customers and drive their growth. This is a significant driver of the demand for process analytics.

One of the key reasons that have fueled the industry's growth is the increased application of market products in the Information Technology (IT), Telecom, and Banking, Financial Services, and Insurance (BFSI) sectors. The market's software and services are mostly used in the IT and telecommunications industries. Emerging markets are heavily investing in the worldwide industry. Canada and the United States are big global adopters of process analytics systems. However, the integration of process analytics software with legacy ERP software, as well as a lack of skills and knowledge, are stifling industry growth.
Process Analytics Market Segment Analysis:
Based on the Process Mining Type, the global Process Analytics market is sub-segmented into Process discovery, Process conformance, and Process enhancement. The Process discovery segment held the largest market share of xx% in 2022 and it remains to maintain its leading position during the forecast period. Process data from logs is extracted, cleaned, and structured for analysis in the process discovery. To generate data-driven process models, data mining tools, together with Artificial Intelligence (AI) and machine learning algorithms, are used to mine the collected and cleansed data.Based on the Application, the global Process Analytics market is sub-segmented into the Business process, Information technology process, and Customer interaction. The Business process segment held the largest market share of xx% in 2022. It is used in business processes to acquire real-time, end-to-end visibility into a variety of business functions.

As a result of digital advancements, users are becoming more aware of the need of studying and comprehending organisational processes. The development of vast amounts of process log data throughout firm activities, as well as the need to improve process auditing and compliance, are key drivers for the industry. The technology also aids in the analysis of client interactions, which leads to better business results such as higher customer loyalty, better customer experiences, and increased overall consumer pleasure.
Global Process Analytics Market Regional Insights:
Europe held the largest market share of 57.9% in 2022. Because of the region's huge number of vendors' general acceptance of innovations and impending analytics technology Germany and the Netherlands are the leading contributors to the European market. Along with these countries, a number of other European countries are implementing process analytics software into their existing analytics portfolios in order to receive quick and actionable executive insights and keep up with their analytics-driven competitors in other regions. Enterprises in Europe are implementing advanced process analytics tools to meet the increased demand for data-driven decision-making across all industries.

North America held the 2nd largest market share of xx% in 2022. Growth in North America will be driven by the interest of commercial entities and government organizations in using process analytics solutions over traditional Business Process Management (BPM) solutions. Rising industrial and IT & telecom industries in the Asia-Pacific region are estimated to propel the industry for the processing analytics market.

The objective of the report is to present a comprehensive analysis of the global Process Analytics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Process Analytics Market dynamic, structure by analyzing the market segments and project the global Process Analytics Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Process Analytics Market make the report investor’s guide.
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Global Process Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 953.63 Mn.


Forecast Period 2023 to 2029 CAGR:
49.7 %
Market Size in 2029:
US $ 16067 Mn.


 Segments Covered:
by Process Mining Type
Process discovery
Process conformance
Process enhancement


by Deployment
On-premises
Cloud


by Enterprise Size
Large Enterprises
SMEs


by Application
Business process
Information technology process
Customer interaction



Global Process Analytics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Celonis
2. Fluxicon
3. Icaro Tech
4. Kofax
5. Lana Labs
6. Software AG
7. Fujitsu
8. CA Technologies
9. QPR Software
10.Cognitive Technology
11.Minit
12.Scheer
13.Worksoft
14.Puzzle Data
15.Your Data
16.Signavio
17.SNP
18.Process Analytics Factory
19.StereoLOGIC
20.Deloitte
21.Broadcom
22.Intellera
23.UiPath
Frequently Asked Questions:
1] What segments are covered in Process Analytics Market report?
Ans. The segments covered in Process Analytics Market report are based on Process Mining Type, Deployment, Enterprise Size and Application.

2] Which region is expected to hold the highest share in the global Process Analytics Market?
Ans. Europe is expected to hold the highest share in the global Process Analytics Market.

3] What is the market size of global Process Analytics Market by 2029?
Ans. The market size of global Process Analytics Market by 2029 is US $ 16067 Mn.

4] Who are the top key players in the global Process Analytics Market?
Ans. Celonis, Fluxicon, Icaro Tech, Kofax, Lana Labs and Software AG are the top key players in the global Process Analytics Market.

5] What was the market size of global Process Analytics Market in 2022?
Ans. The market size of global Process Analytics Market in 2022 was US $ 953.63 Mn.