The Global Process Analytics Market size accounted for USD 625 Million in 2021 and is projected to reach USD 21,918 Million by 2030 growing at a CAGR of 48.5%.
Growth in digital transformation is one of the primary factors that is boosting the global process analytics market revenue. According to our worldwide process analytics industry analysis, the growing adoption of task-level automation will fuel market growth in the coming years. Additionally, alliances between ERP and process analytics vendors is one of the process analytics market trends multiplying the industry demand throughout the forecast timeframe from 2022 to 2030.
Process analytics is an organized review of all procedures and methods taken to complete a specific activity. It is a description of how a specific task is carried out within an organization. Process analysis is a continuous improvement process in which organizations examine how they do things in an attempt to discover more efficient ways to complete a specific task. This analysis relies on any activity's three components: input, process, and output. Process analytics is concerned with how input is shaped into the expected outcome. One goal of this analysis is to lessen the number of resources, along with time, required to produce the desired output.
Global Process Analytics Market DRO’s:
|Market||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|
|Forecast Data||2022 - 2030|
|Segments Covered||By Process Mining Type, By Deployment Model, By Organization Size, By Application, And By Geography
|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|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The global process analytics market value is driven by the upsurging digital transformation. The intense transformation of business and organizational processes, activities, competencies, and models in order to entirely leverage the possibilities and developments of a mix of digital technologies and their advancing impact across society in a decisive and prioritized manner, with present and future shifts in mind. As a result, extracting maximum value from data will be difficult until the process industries consider better data integration, architecture, and the use of advanced big data analytics tools to handle (unused) data.
Increased use of technologies such as artificial intelligence (AI), industrial internet of things (IIoT) devices, machine learning, 5G, digital twins, robotics, and the cloud can assist process manufacturers in sensing and providing data for applications to analyze and manage in order to digitally transform their businesses. IIoT works to collect massive amounts of data from a plant's industrial data sources and assets as process manufacturers progress to incorporate operational technology (OT) with information technology (IT) to enhance tools and techniques. Complex algorithms are now required by businesses to help them interpret the big data collected in their plants and use it to optimize value chains and enhance product quality.
In addition, the increasing demand for data analytics among process manufacturing organizations is also fueling the process analytics industry demand. However, the presence of open-source alternatives and the lack of skilled process analysts across the world are the two leading aspects that hinder the market growth. Furthermore, growing investments from leading analytics vendors are expected to generate numerous growth prospects in the coming years.
Process Analytics Market Segmentation
The worldwide process analytics market is split based on process mining type, deployment model, organization size, application, and geography.
Market by Process Mining Type
Based on our analysis, the process discovery segment accumulated a prominent process analytics market share in 2021. Process discovery employs a variety of techniques and tools to determine how a business process is carried out. By identifying unknowns, process discovery provides stakeholders with a complete picture of a process. Process mining is a subcategory of process discovery. Many process mining solutions also include process discovery capabilities.
Market by Deployment Model
Out of these, the cloud segment witnessed a growing market share in the coming years. Process analytics delivered via the cloud lowers hardware acquisition and maintenance costs. Process analytics, when deployed in the cloud, allows small and medium-sized businesses to focus on research & development activities. However, primary challenges for the process analytics market are data privacy and security. One of the challenges for process analytics, when deployed in the cloud, is bandwidth limitation.
Market by Organization Size
Among the organization size, the large enterprises occupied a noteworthy amount of market share during the projected timeframe from 2022 to 2030. This expansion can be attributed to the ability of process analytics solutions to monitor and regulate complicated business and information technology (IT) operations. Furthermore, the segment is expected to grow significantly during the forecast period as technology enables business enterprises to monitor and control complex enterprise processes.
Market by Application
According to our business process market forecast, the business process segment dominated the maximum market share and is expected to continue its trend from 2022 and 2030. Business process analysis tools use process analytics to assist businesses in improving their core processes. The process optimization software is a representation of a business process analysis tool that allows firms to generate data-driven visibility into process efficiency and findings. The insights gained from this data can then be used by organizations to make smart business decisions, ultimately improving performance.
Process Analytics Market Regional Outlook
The Middle East & Africa (MEA)
Rapid adoption of process analytics in European organizations fuels the regional market growth
According to the process analytics market regional analysis, Europe is considered as a prominent market for process analytics due to the upsurged awareness of process analytics. Additionally, the North America region is anticipated to witness substantial market growth over the forecast timeframe. This is attributed to the extensive presence of IT, AI, and Data Analytics companies in countries like the US and Canada. As a result, several government organizations and commercial entities in these countries have been focusing on the rapid uptake of process analytics across business processes.
Process Analytics Market Players
Some of the top process analytics companies offered in the professional report includes ABBYY, Celonis, Fluxicon BV, Icaro Tech, Kofax Inc., Logpickr, Minit, Monkey Mining BV, Scheer Gmbh, and Worksoft, Inc.
The global process analytics market size in 2021 was accounted to be USD 625 Million.
The projected CAGR process analytics market during the analysis period of 2022 to 2030 is 48.5%.
The prominent players of the global process analytics market are ABBYY, Celonis, Fluxicon BV, Icaro Tech, Kofax Inc., Logpickr, Minit, Monkey Mining BV, Scheer Gmbh, and Worksoft, Inc.
Europe held the dominating process analytics during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for process analytics during the analysis period of 2022 to 2030.
Growth in digital transformation, raise in the implementation of task-level automation, and advent of algorithmic business drives the growth of global process analytics market.
Based on process mining type, process discovery segment held the maximum share process analytics market in 2021.