Process Mining Market is expected to reach US$ 22.64 billion by 2030
Emergence of Advanced Technologies such as AI and ML to Provide Opportunities for Global Process Mining Market Growth During 2022–2030
According to our latest market study on Global Process Mining Market Forecast to 2030, Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Deployment, Enterprise Size, Industry Vertical, and Geography,” the market is expected to grow from US$ 1.21 billion in 2022 to US$ 22.64 billion by 2030; it is estimated to record a CAGR of 44.2% from 2022 to 2030.
Process mining is a dynamic and revolutionary field that is garnering increasing attention. It has enormous potential to transform organizational understanding through data-driven insights. However, despite its remarkable growth process, mining faces four main challenges: how quickly actionable insights can be obtained, accessibility of these insights to various stakeholders, how to convert insights into realized value, and how to guarantee security and trust in all processes. The integration of process mining with artificial intelligence (AI), particularly large language models (LLMs), offers innovative solutions to overcome these challenges. Process mining providers are increasingly looking toward implementing AI and machine learning technologies into their solutions to allow organizations to understand their processes better. Integration of AI and ML capabilities in process mining tools allows to visually watch processes and carry them out independently, without human intervention. Process mining tools leveraging artificial intelligence features such as machine learning and deep learning automate the collection, discovery, visualization, and monitoring of process data in IT systems. AI-enabled process mining enhances the features of different applications, such as digital twins and predictive analytics, which rely on regular process mining capabilities. ML can be leveraged in process mining applications such as digital twins where businesses simulate products to estimate success and error rates. Therefore, the growing demand for process mining solutions in companies is expected to bring new process mining market trends in the coming years. However, AI and ML use cases in process mining are still in the early stages, and they are already starting to impact the industry significantly. Thus, the emergence of advanced technologies such as AI and ML will provide opportunities for the process mining market share expansion from 2022 to 2030.
Process Mining Market Analysis– by Geography, 2022 to 2030
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Source: The Insight Partners Analysis
Celonis SE; IBM Corporation; Software AG; QPR Software; Hyland Software, Inc.; UiPath; Cloud Software Group, Inc (TIBCO Software); ABBYY; Microsoft; and Fluxicon BV are among the key players profiled in the process mining market report. Several other players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The process mining market report provides detailed market insights, which help the key players strategize their growth.
The North America process mining market size was valued at US$ 0.38 billion in 2022 and is projected to reach US$ 8.36 billion by 2030; it is anticipated to record a CAGR of 47.1% during the forecast period. North America is one of the fastest-growing regions in terms of both technological innovations and the adoption of advanced technologies. North America has witnessed huge adoption of technologies such as artificial intelligence, AI, ML, and blockchain in the past three years across all the major industry verticals. With the increasing penetration of digitization in various industries, process mining has become a vital component of business.
In North America, the US is expected to hold the largest process mining market share and record the highest CAGR during 2022–2030. The high rate of digitization in various industries in the US fuels the market growth. In addition, the rise of hybrid and remote-work models has changed how professionals and managers evaluate the performance of organizational processes. Therefore, factors such as a rise in the adoption of digital tools and high technological spending by government agencies are expected to fuel the process mining market growth in the US during the forecast period. Moreover, the US has a large number of market players who have been increasingly focusing on developing innovative solutions. A few of the key players operating in the US are IBM Corporation; Hyland Software, Inc.; Cloud Software Group, Inc. (Tibco Software); and UiPath.
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