Process Mining Market
The Asia Pacific process mining market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Enterprises in the region were increasingly adopting process mining solutions. The growing need for process mining solutions across various industries and the rising focus of organizations toward enhancing business processes are a few of the factors driving the process mining market growth in Asia Pacific. Organizations are looking to spend more in 2022 in Asia Pacific. Amid the COVID-19 pandemic, organizations across the region have been looking for new revenue streams through investments in innovation and new business models. With new working ways and massive growth in digitization across industries, there is an increasing need for process mining solutions in the region. All such factors contribute to the significant process mining market share of Asia Pacific.
Inflation is grasping the globe, and businesses everywhere are being impacted. The cost of energy, raw materials, and logistics is continuously rising for all industries. Companies in India are growing increasingly cautious with their expenditures. Indian CFOs and CIOs are increasingly looking to identify and avoid all the wastage, focusing on making their execution as lean as possible. In such a scenario, process mining is the most effective tool. It establishes a direct connection with ERP or IT systems. It retrieves related information such as activity name, timestamp, and case ID, commonly called process event logs. After that, it would use the retrieved data for process mining to find every possible process variation during a specific operation. Process mining is a technology that enables business leaders to achieve lean execution in real-time within hours and to visualize and make data-driven decisions about optimizing their processes in the dynamic business environment. Companies such as Celonis are increasingly accelerating their process mining and execution management leadership in India. All such factors are expected to bring new process mining market trends in India in the coming years
contribute to the significant process mining market share of India.
China has witnessed huge growth in the process mining market. China is the world’s largest manufacturing economy. Chinese firms are the early adopters of technology in Asia Pacific to gain a competitive edge through digitalization and innovation. The COVID-19 pandemic accelerated digital adoption and digital service delivery across the globe. The pandemic brought different work styles to business entertainment. The digital model has become the new normal for customers and businesses of all sizes. This sudden spike in digital activity has created a huge demand for process mining solutions. Moreover, the increasing focus on data-driven decision-making during the pandemic has increased the use of process mining solutions. All such factors contribute to the growth of the mining market in China.
Huge Digital Transformation Across Enterprises Drives Process Mining Market Size
Organizations struggle to be competitive in a rapidly changing and dynamic market. Therefore, through digital transformation, businesses aim to increase their competitive advantage, improve business performance and processes, and achieve business growth. Digital transformation has become a new model for many organizations to gain competitive advantages in the intense and dynamic market competition. Moreover, the pandemic has boosted digital transformation activities by forcing organizations to increase their use of digital platforms for consumers and employees. With rising digitalization due to the increased use of mobile computing devices like laptops, tablets, and smartphones, storage becomes the key component of digital transformation as digital shift generates vast amounts of data. With this huge amount of digital data, businesses are becoming complex day by day. With this digital transformation, determining which operations are ready for transformation, which ones require automation, where to implement new technology, and which projects offer the best return on investment for the company are the key challenges. In such a scenario, process mining helps organizations find, monitor, and improve processes. It enhances competitiveness by improving internal process understanding and using the insights to find possibilities for process enhancement. Thus, huge digital transformation across enterprises drives the global process mining market size.
Global Process Mining Market: Segmental Overview
Based on industry vertical, the market is segmented into IT and telecom, BFSI, manufacturing, retail and eCommerce, healthcare, and others. The IT and telecom segment is expected to dominate the market, and the manufacturing segment is expected to register the highest CAGR in the process mining market during the forecast period.
Process Mining Market Analysis: Competitive Landscape and Key Developments
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 major process mining market 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 can help stakeholders in this marketplace plan their growth strategies. The process mining market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
- In September 2023, QPR Software and Novacon entered into a partnership to transform process mining solutions in Hungary. This partnership combines Novacon’s extensive experience in Lean management and process automation with QPR’s cutting-edge process mining knowledge and software, QPR ProcessAnalyzer.
- In May 2023, Celonis announced the launch of new process mining innovations to deliver fast, substantial value to customers. These new product capabilities enable companies to find and capture business value within their processes rapidly.
- In May 2023, Pegasystems Inc. announced the launch of Pega Process Mining with generative AI-ready APIs to enable continuous workflow optimization. These new process mining capabilities make it easier for Pega users of all skill levels to find and solve process inefficiencies that might be hindering their business operations.
