Process Analytics Market expected to be valued at 1,421.7 Million USD by 2023, at a CAGR of 50.3%, during 2018–2023

Process Analytics Market research report by Process Mining Type : Process Discovery, Process Conformance & Process Enhancement | By Deployment Type | Organization Size | By Application : Business Process, It Process, & Customer Interaction | Global Foreca

(EMAILWIRE.COM, July 16, 2018 ) According to a new market research report “Process Analytics Market by Process Mining Type (Process Discovery, Process Conformance & Process Enhancement), Deployment Type, Organization Size, Application (Business Process, It Process, & Customer Interaction), and Region - Global Forecast to 2023", The process analytics market size is expected 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 task level automation are expected to drive the market growth.

Browse 41 market data Tables and 39 Figures spread through 126 Pages and in-depth TOC on "Process Analytics Market"

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The process conformance segment is expected to be the fastest-growing segment during the forecast period.

In the process conformance segment, the data mining software is used for process conformance checks, wherein the event logs are checked against ideal processes. To detail, the process mining software converts the event logs into a process model and checks them against the 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.

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The large enterprises segment is expected to account for the larger market size in the process analytics market during the forecast period.

Enterprises with more than 1,000 employees are considered as large enterprises. Large enterprises are among the early adopters of the process analytics software, due to their complex business processes across business functions. Moreover, large enterprises have huge facility infrastructures, and they rely on manual management processes to carry out daily business activities and coordinate with other geographically dispersed assets.

The major vendors in the process analytics market include Celonis (Germany), Fluxicon (Netherlands), Icaro Tech (Brazil), Kofax (US), Lana Labs (Germany), Minit (Slovakia), Logpickr (France), TimelinePI (US), Scheer (Germany), Monkey Mining (Netherlands), Worksoft (US), Puzzle Data (South Korea), QPR Software (Finland), Cognitive Technology (Malta), Signavio (Germany), SNP (US), Your Data (France), Process Mining Group (Open-Source), Software AG (Germany), Fujitsu (Japan), CA Technologies (US), Process Analytics Factory (Germany), StereoLOGIC (Ontario), Intellera (Canada), and ProcessGold (Netherlands).

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