Process Analytics Market - Global Forecast to 2023: Market is Forecast to grow at a CAGR of 50.3%
DUBLIN, June 20, 2018 /PRNewswire/ --
The "Process Analytics Market by Process Mining Type (Process Discovery, Process Conformance & Process Enhancement), Deployment Type, Organization Size, Application (Business Process, It Process, & Customer Interaction) & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global process analytics market size to grow from USD 185.3 Million in 2018 to USD 1,421.7 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 50.3% during the forecast period.
The major growth factors for the market include the implementation of digital transformation that is driving users' awareness for analyzing and understanding business processes, and the advent of the algorithmic business. Moreover, collaborations between process analytics and Enterprise Resource Planning (ERP) vendors, and the rise in the implementation of the task level automation are also driving the market growth. The process analytics market is segmented on the basis of process mining types, organization size, deployment types, applications, and regions.
In the process mining type segment, the process discovery subsegment is expected to account for the largest market share. In the process discovery subsegment, the process data from logs are extracted, cleaned, and formatted for analysis. The data mining software, along with Artificial Intelligence (AI) and machine learning algorithms are used to mine the extracted and cleaned data to create data-driven process models. Moreover, in the process mining type segment, the process conformance subsegment is expected to show the highest growth rate. In the process conformance subsegment, the data mining software is used for process conformance checks, wherein the event logs are checked against ideal processes. The process mining software converts the event logs into a process model and checks them against ideal and pre-defined processes. Hence, deviations between the derived business process model and ideal processes can be diagnosed, and non-conformance can be highlighted and visualized.
The large enterprises segment is expected to account for a larger market share in the process analytics market by organization size. This growth is attributed to the fact that process analytics solutions enable enterprises to monitor and regulate complex business and Information Technology (IT) processes. In the deployment type segment, the cloud subsegment is expected to grow at a higher CAGR during the forecast period. This growth is attributed to the fact that the cloud subsegment enables organizations to manage their costs and helps them ensure improved business agility.
The business process segment is expected to account for the largest market share in the process analytics market. The process mining software provides data scientists and analyst's with enhanced situational awareness for the daily business processes of enterprises. Moreover, the software provides intuitive, graphical, and visual representations of the enterprise's business processes. Furthermore, data-based process discovery enables enterprises to represent their business transactions as a process diagram. Besides, the customer interaction segment is expected to grow at the highest CAGR during the forecast period. The process analytics software enables enterprises to trace the entire customer journey and provides insights into the consumer purchasing patterns. Moreover, it enables enterprises to estimate the stage where consumers are on their journey, which helps the marketing team take more effective and efficient marketing decisions.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Process Analytics Market
4.2 Market By Application and Top 3 Regions
4.3 Market By Region
4.4 Market Investment Scenario
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Digital Transformation Driving Users' Awareness for Analyzing and Understanding Business Processes
5.2.1.2 Advent of Algorithmic Business
5.2.1.3 Rise in the Implementation of Task-Level Automation
5.2.1.4 Generation of Humongous Volumes of Process Log Data Across Business Functions
5.2.1.5 The Need to Enhance Process Auditing and Compliance
5.2.1.6 Collaborations Between Process Analytics and ERP Vendors
5.2.2 Restraints
5.2.2.1 Competition From Open-Source Alternatives Hampering the Demand for Commercial Solutions
5.2.3 Opportunities
5.2.3.1 The Need to Focus on Enhancing the Customer Experience
5.2.3.2 Investments From Leading Analytics Vendors
5.2.4 Challenges
5.2.4.1 Integration of Process Analytics Software With Legacy ERP Software
5.2.4.2 Lack of Skills and Expertise
6 Process Analytics Market, By Process Mining Type
6.1 Introduction
6.2 Process Discovery
6.3 Process Conformance
6.4 Process Enhancement
7 Market By Deployment Type
7.1 Introduction
7.2 On-Premises
7.3 Cloud
8 Process Analytics Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.3 Large Enterprises
9 Market By Application
9.1 Introduction
9.2 Business Process
9.3 Information Technology Process
9.4 Customer Interaction
10 Process Analytics Market, By Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East and Africa
10.6 Latin America
11 Competitive Landscape
11.1 Overview
11.2 Market Ranking Analysis
11.3 Competitive Scenario
11.3.1 New Product Launches and Product Enhancements
11.3.2 Business Expansions
11.3.3 Mergers and Acquisitions
11.3.4 Partnerships, Agreements, and Collaborations
12 Company Profiles
12.1 Celonis
12.2 Fluxicon
12.3 Icaro Tech
12.4 Kofax
12.5 Lana Labs
12.6 Minit
12.7 Logpickr
12.8 Timelinepi
12.9 Scheer
12.10 Monkey Mining
12.11 Worksoft
12.12 Puzzle Data
12.13 QPR Software
12.14 Cognitive Technology
12.15 Signavio
12.16 SNP
12.17 Your Data
12.18 Process Mining Group
12.19 Software AG
12.20 Fujitsu
12.21 CA Technologies
12.22 Process Analytics Factory (PAF)
12.23 Stereologic
12.24 Intellera
12.25 Processgold
For more information about this report visit https://www.researchandmarkets.com/research/qg7xbd/process_analytics?w=5
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