|Status : Upcoming||Report Code : VRICT5017||Industry : ICT & Media||Available Format :|
The global process analytics market is expected to witness significant growth during the forecast period. The growth of this market is attributed towards increased adoption of digital transformation among various business enterprises and rapid adherence of task level mechanization across the globe.
Process analytics undertakes procedural breakdown of process of an enterprise that helps in conveying effective inputs, operations and outcomes at every single stage. This technique further provides clear understanding regarding effective operation of process and in determining prospective targets for process enhancement through removal of wastage and increment in efficiency. These benefits and features are thereby amplifying the growth of process analytics industry across the globe.
Insight by Process Mining Type
On the basis of process mining type, the process analytics market is segmented into process conformance, process discovery and process enhancement. Among all these segments, process conformance is expected to witness highest growth during the forecast period. In this segment, the data mining software is utilized for the authorizations of process conformance and event logs are patterned against perspective processes. Moreover, with the help of process conformance non-conformities among various business process models and ideal processes can be further analyzed and any deviations can be rectified.
Insight by Deployment Type
On the basis of deployment type, the process analytics market is segmented into on-premises and cloud. Among these two segments, cloud deployment is expected to witness faster growth during the forecast period. Since, organizations are rapidly adopting cloud deployment in order to enable privacy, integration of various cloud applications, and to meet the legal compliances. Moreover, cloud deployment helps the business enterprises in managing cost and thereby helps in improving business agility of an organization.
Insight by Organization Size
On the basis of organization size, the process analytics market is segmented into large enterprises and small and medium enterprises. Among these two segments, large enterprises contribute larger revenue to the market globally, and is further expected to witness significant growth during the forecast period since the technology is enabling business enterprises to control and monitor complex processes of an enterprise.
Insight by Application
On the basis of application, the process analytics market is segmented into information technology process, business process and customer interaction. Among these segments, business process segment is expected to contribute largest revenue to the global market and is further expected to witness high growth during the forecast period. Moreover, the customer interaction segment is expected to witness fastest growth during the forecast period since it helps in identifying purchasing patterns of the consumers across the globe.
Increasing demand of data analytics among process manufacturing organizations is the key trend observed in the process analytics market, globally. The technology is helping the business organizations in recognizing key strength and weakness in business operations that help them in taking informed and effective decisions.
The major factor that is driving the growth of global market include employment of digital transformation that is enhancing awareness among the users helping them to understand and analyze business operations. Furthermore, it has been observed that association between enterprise resource planning (ERP) vendors and increasing adoption of task level automation are other factors pertaining towards the growth of the process analytics market, globally.
Increasing competition from open-source alternatives is hindering the growth and demand of commercial solutions across the globe. Additionally, lack of skills and expertise in operating these techniques along with increased competition achieved from open-source options is expected to further hinder the growth of the process analytics market worldwide.
Globally, industry players are leveraging market growth through new product development, mergers & acquisitions, partnerships, increased investments and technological upgradation that is helping them to increase their market share and to expand geographically.
Geographically, process analytics market in Europe generate the largest revenue and is further anticipated to witness high growth during the forecast period. The growth of process analytics market in this region is attributed to the development of latest process analytics technology among various large enterprises. Furthermore, among various countries the Netherlands and Germany are the major leaders in Europe. The key players operating in this region are adopting this technology in prevailing their analytics portfolio that enables speedy and efficient operations in order to gain competitive advantage. Process analytics is helping the organizations in Europe to classify unexplored trends and arrangements that helps them in becoming technologically effective.
The key players offering their solution in the the process analytics market include Celonis, Kofax, Fluxicon, Minit, Icaro Tech, Lana Labs, Logpickr, Process Mining Group, Software AG, Fujitsu, CA Technologies, Process Analytics Factory, StereoLOGIC, Intellera Monkey Mining, QPR Software, TimelinePI, Scheer, Cognitive Technology, Signavio, and ProcessGold.
Source: VynZ Research