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Process Mining Software Market Size, Industry Share and Growth Rate 2027

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Samarth J

The global process mining software market size is estimated to showcase robust growth owing to the increasing implementation of artificial intelligence (AI) in the software by leading industry players, observes Fortune Business Insights™ in its report, titled, “Process Mining Software Market Size, Share & COVID-19 Impact Analysis, By Type (Cloud-base, and On-premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End User (BFSI, Healthcare, Retail, Manufacturing, IT and Telecommunication, Logistics and Transportation, and Others), and Regional Forecast, 2021-2028.” As per our findings, the market value stood at USD 421.9 million in 2020 and is anticipated to reach USD 10,383.0 million by 2028, exhibiting a CAGR of 49.3% during the forecast period.

 

Information Technology to Boom amid COVID-19 due to Increasing Demand

 

The COVID-19 pandemic has compelled various industries to establish their presence online owing to prolonged nationwide lockdowns across countries. This has positively impacted the information technology sector. In addition, the sudden increase in demand for digital infrastructure after the rapid adoption of work-from-home settings due to social distancing norms has strengthened the growth of the global IT sector. However, the demand-supply gap amid the crisis has brought fresh challenges to prominent players. At Fortune Business Insights, we are focusing on finding innovative solutions to the current challenges.

 

Drivers & Restraints-

 

Integration of Software with Latest Technologies to Drive Growth

 

Advantages, such as regular insights from real-time analysis and efficient operational business tasks, are the key factors driving developers and leading corporations to integrate artificial intelligence with process mining software. An increasing demand for such software is augmenting the growth. For instance, in April 2020, Automation Hero introduced Hero_Sonar, an AI-enabled intelligent process mining software. The software offers valuable insights from low-quality data, which helps in developing AI decision models. However, the high risk associated with customers’ privacy is predicted to hinder process mining software market growth.

 

Regional Insights-

 

Presence of Key Players to Help Europe Dominate

 

Europe is anticipated to dominate the global market with a value of USD 165.3 million in 2020. Increasing demand for process mining software in the energy space amid the surging digital transformation across industries is projected to drive its growth in the region. In addition, the presence of key players in major countries of the region is estimated to further propel growth.

 

North America is predicted to register a considerable process mining software market share during the projected timeline. One of the major factors set to propel the demand for this software in the region is the increasing adoption of automation in the U.S.

 

A List of Key Manufacturers Operating in the Global Market:

 

UiPath (New York, United States)

Celonis GmbH (Munich, Germany)

Exeura (Italy)

Fluxicon BV (The Netherlands)

Fujitsu Ltd. (Tokyo, Japan)

Hyland Software, Inc. (Ohio, United States)

Minit (Bratislava, Slovakia)

QPR Software Plc (Finland)

Software AG (Darmstadt, Germany)

ABBYY Solutions Ltd. (United States)

Cognitive Technology Ltd (myInvenio) (Italy)

Apromore Pty Ltd (Melbourne, Australia)

BusinessOptix (United States)

EverFlow (NJ, United States)

Kofax (California, United States)

Lana Labs GmbH (Berlin, Germany)

Signavio GmbH (Berlin, Germany)

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