Process Analytics Market to reach $18.6 billion by 2031- In-depth analysis of the current trends and future estimations
Digital business transformations is a key factor driving the demand for process analytics market.
PORTLAND, PORTLAND, OR, UNITED STATE, August 10, 2022 /EINPresswire.com/ — Digital transformation, rise in adoption of algorithmic business, and increase in implementation of task-level automation drive the growth of the global process analytics market. However, surge in competition from open-source alternatives along with lack of skills and expertise restrains the market growth. On the other hand, the focus on improving the customer experience present new opportunities in the coming years.
According to the report, the global process analytics industry generated $469.86 million in 2021, and is expected to reach $18.6 billion by 2031, witnessing a CAGR of 44.6% from 2022 to 2031.
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Based on deployment mode, the on premise segment held the highest share in 2021, accounting for around three-fifths of the global process analytics industry, and is projected to maintain its leadership status by 2031. This is due to rise in concerns related to security and privacy. However, the cloud segment is projected to witness the highest CAGR of 46.4% from 2022 to 2031. This is owing to digital transformation and cloud adoption trends.
Based on application, the business process segment accounted for the highest market share in 2021, contributing to nearly half of the global process analytics market, and is estimated to maintain its lead status throughout the forecast period. This is attributed to rise in complexities of modern business processes. However, the customer interaction segment is expected to manifest the fastest CAGR of 46.1% from 2022 to 2031, owing to need to offer effective and engaging customer experiences.
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Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global process analytics market, and is projected to continue its lead position by 2031. This is attributed to increase in spending on data analytics and data processing solutions in the region. However, Asia-Pacific is estimated to witness the largest CAGR of 47.0% during the forecast period. This is due to rise in digital and economic transformation of the region.
The key players profiled in the process analytics market analysis are Celonis, Fluxicon BV, Icaro Tech, Kofax Inc., Logpickr, Scheer GmbH, Worksoft, Inc., Minit, Monkey Mining BV, and ABBYY. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Covid-19 Scenario
• The demand for process analytics solutions increased considerably due to changes in work culture during the pandemic. Businesses and organizations adopted the “work from home” culture, and the need to analyze process to improve efficiency and serve the needs of customers increased with changing market conditions.
• Organizations are utilizing process analytics solutions across end user industries to avail benefits such as gaining situational awareness, receiving real-time alerts, and determining areas of improvement. This in turn, is augmenting the growth of the global process analytics market.
Key finding of the study
• By process mining type, the process discovery segment accounted for the largest process analytics market share in 2021.
• By region, North America generated highest revenue in 2021.
• By organization size, the large enterprise segment generated the highest revenue in 2021.
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