Process mining software market is anticipated to grow at a CAGR of 40.9% during the forecast period. The factor that drives the global process mining software market during the forecast period is the rising investment of companies in advanced technology integration to improve the efficiency and capabilities of the software. For instance, in October 2019, UiPath took over ProcessGold, a leading process mining vendor based in the Netherlands. The acquisition assisted UiPath to become the first vendor to deliver a solution that brings together both process mining and RPA capabilities.
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Impact of COVID-19 Pandemic on the Global Process Mining Software Market
COVID-19 pandemic has had a positive impact on the global process mining software as several industries, such as BFSI, retail, and IT & telecommunication, have instantly implemented cloud-based solutions to provide services to their customers during the COVID-19 pandemic. For instance, in July 2020, Tata Consultancy Services teamed up with Celonis GmbH, an Al-based process mining company, to assist its clients in streamlining their business processes for increased efficiency and operational resilience.
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Market Players Outlook
The major companies serving the global process mining software market include ABBYY Solutions Ltd., IBM Corp, UiPath, Inc., Fluxicon BV, and Celonis, Inc. The market players are contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in October 2020, Hyland launched Hyland Experience Capture (HxC), an intelligent, web-based scanning, classification, and data extraction tool, and Hyland RPA, end-to-end robotic process automation (RPA) suite. The launch of these solutions added to Hyland’s content services suite complement Hyland’s mission to be the leading provider of advanced content services solutions leading digital transformation.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global process mining software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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