NEW YORK, June 27, 2022 (GLOBE NEWSWIRE) -- The Global Process Analytics Market size was valued at USD 625 Million in 2021 and expected to grow at a mammoth CAGR of 48.5% over the forecast period to reach the market size of USD 21,918 Million by 2030.
According to our process analytics market forecast, the widespread adoption of numerous automated processes will drive global industry growth. One of the process analytics market trends is the spread of algorithmic business across industries. Process analysis is the process of analyzing processes to find ways to improve how they work. Companies can use process analysis to evaluate their business processes and determine what is and isn't working in their operations.
Companies can use process analysis to re-engineer processes using digital technology, tools, and personnel to simplify how they work while lowering their total cost of ownership. Process analysis can also be used to identify issues throughout an organization as well as opportunities for boosting operational efficiency, customer experience, and customer service and such as where intelligent process automation (IPA) can be used.
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Process Analytics Market Report Coverage:
| Market | Global Process Analytics Market | |
| Market Size 2021 | USD 625 Million | |
| Market Forecast 2030 | USD 21,918 Million | |
| CAGR During 2022 - 2030 | 48.5% | |
| Analysis Period | 2018 - 2030 | |
| Base Year | 2021 | |
| Forecast Data | 2022 - 2030 | |
| Segments Covered | By Process, By Deployment Model, By Organization Size, By Application, By Region | |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | ABBYY, Celonis, Fluxicon BV, Icaro Tech, Kofax Inc., Logpickr, Minit, Monkey Mining BV, Scheer Gmbh, and Worksoft, Inc. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
| Customization Scope | 10 hrs of free customization and expert consultation | |
COVID-19 Impact on the Global Process Analytics Market Value
The COVID-19 pandemic had a positive impact on the growth of the process analytics market due to the increasing implementation of lockdown by the majority of countries to prevent the spread of COVID-19 and the rise in the adaptation of remote working culture throughout various industries during the lockdowns. The current economic slowdown caused by COVID-19 highlights the need for alternative business systems. Businesses must now embrace cloud computing and relocate to cloud process analytics solutions. In order to achieve this, businesses have been converting to process analytics solutions to optimize their business operations. This has allowed the process analytics market to grow even during the current pandemic phase.
Increasing Adoption Of Process Discovery Supports The Process Analytics Market Growth
Process discovery is a set of tools utilized to determine, map, and analyze the workflows in a company. It employs both machine learning and artificial intelligence to record all the possible deviations of the processes and presents suggestions for automation. Moreover, process discovery assists in designing the workflows and implementing automation quickly and efficiently. RPA has grown in popularity in recent years, and it is known to significantly increase productivity and profits. According to an Ernst & Young report, 30 to 50 percent of early-stage robotic process automation (RPA) projects crash due to a variety of unanticipated risks. This is where process discovery plays a crucial role. Process discovery assists MSPs in recognizing the essential processes which are ready to be automated now or in the future by recording all the activities related to data, staff, and technology to comprehend the need for automation. It is the most vital role in successfully automating any process.
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Process Analytics Market Regional Overview
The global process analytics market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. Europe accounted for a commendable market share in the coming years due to increased demand for analytic services and solutions in the manufacturing and healthcare sectors. Throughout the forecast period from 2022 to 2030, the North America region held a growing market share. The region's significant market share is driven by the early implementation of smart process analytics technology throughout all enterprises. Furthermore, process analytics solutions are assisting enterprises in the region in becoming more technically sophisticated.
Process Analytics Market Segmentation
The global market has been divided into five sections: process mining type, deployment model, organization size, application, and region. The market is divided into three process mining types: process enhancement, process discovery, and process conformance. Among them, the process discovery segment achieved a significant process analytics market share in 2021. Process discovery ensures that stakeholders can find the data they need to create an action plan based on the insights. Such a strategy improves performance management by increasing transparency at the process and organizational levels.
The deployment model segment is bifurcated into on-premise and cloud sub-segments. According to our analysis, the cloud sub-segment enables organizations to manage their costs and helps them ensure improved business agility.
Furthermore, the market is divided into application segments such as customer interaction, business process, and information technology process. The business process leads the majority of the segment share in 2021 and is anticipated to continue its trend in the coming years. Process mining software improves data analysts' and scientists' situational awareness of enterprise daily business processes. Furthermore, it enables businesses to estimate where consumers are on their journey, allowing the marketing team to make more efficient and effective marketing decisions.
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Process Analytics Market Players
Some key process analytics companies covered in the industry include ABBYY, Celonis, Fluxicon BV, Icaro Tech, Kofax Inc., Logpickr, Minit, Monkey Mining BV, Scheer Gmbh, and Worksoft, Inc.
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